The recovery of on-the-go consumption supported snack sales growth in 2022. Leading snack players maintained their positions and growth trajectory in 2022. They are investing in fast-growing categories through the acquisition of new brands, and are expanding to developing markets to benefit from faster growth rates, often incorporating local flavours. Snacks perceived as healthier, but combined with indulgence, and efficient supply chains will define future growth.
This report comes in PPT.
The relaxation of COVID-19 restrictions and the consequent recovery in on-the-go consumption had a positive impact on the global market for snacks in 2022. PepsiCo leads global sales, with an 8% value share. The company also saw the highest growth from market momentum and market share compared to the other top players in 2022.
Leading snacks players are increasing their presence in developing markets to benefit from faster growth. Snack companies are adapting to specific market conditions by incorporating local flavours, optimising pricing strategies and strengthening distribution. For example, Unilever is eyeing Turkey and Brazil for future growth. Mondelez has expanded in developing markets, including the 2022 acquisition of leading Mexican confectionery company Ricolino.
The top 10 players are investing in fast-growing categories through the acquisition of new brands. Ferrero registered the highest growth from M&A over 2017-2022. The company acquired Fulfil Nutrition in 2022, in order to consolidate its presence in snack bars. Mondelez also increased its presence in snack bars with the US acquisition of Clif Bar in 2022.
Leading players are expanding their portfolios of better for you products. New varieties of existing products with less sugar, salt and/or fewer calories are proliferating, as consumers put more focus on their health – particularly triggered by the pandemic. Government regulations, such as those relating to products high in fat, sugar or salt (HFSS) in England, and labelling requirements in Colombia and Argentina, have also encouraged companies to invest in healthier varieties.
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