Global Snack Food Products Market to Reach $620B by 2021

Product innovations and a growing assortment of options are expected to drive global growth of the snack food products market in the coming years, which is expected to reach a value of $620 billion by 2021, according to a report by Irish firm Research and Markets released Wednesday. Through now and the end of the forecast period, the market is expected to grow at a compound annual growth rate (CAGR) of 5.8%.

“Snack food has emerged as an alternative to full-fledged meals with the paradigm shift in consumer behavior patterns. The higher disposable incomes as a result of growing urbanization and increasing preference for convenience food have triggered growth in the snacks industry,” the report’s authors said in a press release.

Research and Markets said that new products with “functional ingredients” have been a major trend in the past five years, citing Boulder Canyon Foods’ Protein Crisps and General Mills’ gluten-free snack bars as examples.

“The rising health consciousness among consumers and government regulations regarding procurement of raw materials like vegetables, meat, etc. are restraining the growth of snack food consumption to some extent. Innovative product offerings with regards to functional ingredients and organic foods may provide a future growth opportunity in the sector,” the company’s release said.

Calbee Inc., Conagra Brands, Ferrero S.P.A., General Mills, Nestle, Kraft-Heinz, and Tohato Inc. were identified as major global players in the market during the forecast period.

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