The snacks industry is expected to see an uptick in growth over the forecast period after a tumultuous last several years. Numerous challenges remain weighing on growth however, and success will depend on navigating a complex array of supply chain issues, consumer demands and regulatory concerns.
Delivery
This report comes in PPT.
Key Findings
Slight increase in growth potential for snacks industry after years of turmoil
2026 saw the lowest value growth in real terms for the industry in a decade due to consumer exhaustion with high prices. This is expected to improve into 2027 and beyond as some major supply issues moderate and companies cut prices to win back consumers. Volume growth is expected to be stronger than has been seen for years from this price moderation although still remaining low by pre-pandemic standards.
Developing regions are growing faster but developed ones still drive value growth
North America, Asia Pacific and Western Europe are all projected to grow by at least USD10 billion by 2031, though Latin America and the Middle East and Africa are seeing significantly higher rates of growth. In volume terms, the shift towards developing markets is much more significant and they represent the vast majority of global growth going forwards.
Significant M&A activity leads to major changes at the top of the industry
While the top five companies remain the same today as they were in 2021, one step below that the landscape has changed significantly. Unilever exited the snacks business entirely, most notably spinning off ice cream and selling the rest of its food operations to McCormick, while Kellogg’s split in two before its snack operations were mostly absorbed by Mars.
Historically important channels are ceding sales to e-commerce and value-focused physical retail
Supermarkets, hypermarkets and small local grocers, historically the bulk of snack industry sales, are all gradually losing share. This is flowing mostly to one of two places: the e-commerce segment or to physical retail with a strong focus on value such as discounters. These are proving to be long-term shifts in consumer behaviour that have reshaped how people buy their snacks.
The future outlook for the industry should be steady if unspectacular growth
The last few years for the snacks industry have been chaotic. While global stability can hardly be guaranteed, the expectation is that there will be some moderation and the industry should see less dramatic fluctuations than it has in the recent past.
Snacks industry snapshot
Key findings
The snacks industry struggles for growth in a cost-conscious environment
Our expert’s view of Snacks in 2026
Top five trends in Snacks
Top five trends uncovered
Drivers of consumer markets and impact on snacks
Snacks in the context of the wider consumer landscape
2026 was a challenging year for the snacks industry
The US remains the top market despite numerous struggles
Similar growth, similar pressures across the world’s regions
Younger generations are more likely to snack outside the home
The world’s largest snacking companies are losing share
List of fastest-growing companies dominated by Turkish firms
Snacks is a much more consolidated industry than the rest of packaged food
Sustainability claims struggle in a cost-focused environment
Cost pressures are reshaping the snacks industry
The dominant channels are seeing eroding share of industry sales
The US and China retain their control of the e-commerce space
The largest snacks markets are contributing less to growth than they used to
The Middle East and Africa has the highest growth rates of any region
Fluctuating effect of prices has done more than any other driver to affect growth
Asia holds most of the world’s unmet market potential
A period of change ahead for the snacks industry
Threats and opportunities in the changing world of global snacking
Opportunities for growth
Our expert’s view of the Snacks industry to 2031
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!