The Business Research Company’s Snack Food Global Market Report 2020-30: Covid 19 Impact And Recovery
LONDON, GREATER LONDON, UK, June 30, 2020 /EINPresswire.com/ — Major players in the global snack food industry include Calbee Inc., ConAgra Foods Inc., Ferrero S.P.A., General Mills Inc., and Nestle. According to snack food market trends, many manufacturers and producers are increasingly using natural ingredients and have also reduced the use of artificial colors and flavors. Health concerns of consumers is increasing the sales of products with natural ingredients, additives and coloring agents. For instance, Pizza Hut stopped using artificial flavors and colors in its US stores in 2015.
Food and beverage manufacturers should look to gain a stronger foothold in the increasingly popular healthy food products segment, either by introducing products with natural additives and coloring agents or by acquiring smaller firms that produce products with natural ingredients.
The global snack food market size is expected to grow from $210.4 billion in 2019 to $215.9 billion in 2020 at a compound annual growth rate (CAGR) of 2.7%. The slow growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $264.8 billion in 2023.
The snack food market consists of sales of snack foods by entities (organizations, sole traders and partnerships) that produce snack foods. Companies in the snack food industry are primarily engaged in salting, roasting, drying, cooking or canning nuts; processing grains or seeds into snacks; manufacturing peanut butter; or manufacturing potato chips, corn chips, popped popcorn, hard pretzels, pork rinds, and similar snacks. These companies package and distribute their products through various distribution channels to both individual customers and commercial establishments.
The snacks food market is segmented by type into potato chips, popcorn, processed snacks, and other snack food. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, e-commerce, and others. By type, the market is segmented into extruded snacks and non-extruded snacks. By flavor, it is segmented into salty, tangy, spicy, and others.
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Source: EIN Presswire