World Market for Snacks

August 2023

The global snacks industry has demonstrated success in overcoming the many challenges faced over the past few years (eg COVID-19 and inflation). Consumers and governments are increasingly scrutinizing snacks’ nutrition. The industry is reinvigorating product innovation to meet reopened society demands. And supply chains are being restrengthened to return volumes to growth. Sustainability, technology and innovation will remain as core pillars needed to transform the industry and realise growth.

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Key Findings

Snacks seen more as staples

Persistent snacking habits from prior years and return to busier lifestyles are pushing forward the need for convenient nutrition that snacks provide. Consumers are expected to further integrate snacks into their diets with the industry’s support of expanded occasions - acting on modified expectations for impulse purchases.

Channel-conscious shopper shifts

With rising costs, the places and ways consumers are seeking out snacks are changing with both affordability and cravings considered. Particular channels, such as warehouse clubs, discounters and e-commerce for their value offerings, are seeing growth spurts.

Guarding core categories

The industry is rapidly evolving category strategies, in part, to maintain momentum while acting on growth opportunities amidst economic headwinds. Brand leverage, strategic partnerships, and mergers and acquisitions are some activities to be seen.

Nurturing nutritional demands

Functional, free from and fibre-filled remain continuing priorities, among others, as healthy snacking develops amidst new regulations and concern from consumers.

Delivering on nostalgia or needed distractions

Whether the snack has pastime particularities or novel sensorial appeal, the dimensions of snacking are expected to stretch further to fill snackers’ value gaps.

Scope
Examining five trends shaping snacks
Snacks prove their importance in modern diets, overcoming numerous growth obstacles
Snack players should remain attentive to cross-industry promotional opportunities
Brands are gaining additional awareness and value by playing across sectors
North Americans keep up spend on snacks while developing regions feed more into the habit
Asia Pacific and Western Europe rival for greater snack category sales
Savoury snacks are growing the fastest, but sweets are still commanding spend
Mixed market plays are becoming a greater necessity for future growth
Bargain shopping behaviours boost growth across key channels
More busy bodies expected to support snack volume recovery
Prices and shifting populations are important considerations for the industry
Recession possibilities and elevated input costs remain foreseeable hurdles to growth
Consumers continue to prefer brands, but the private label offer is highly relevant
Leading snack players seek to sustain the momentum of snack sales
Players are taking a closer look within to ensure operations can withstand future challenges
Premium propositions set to fill consumer value gaps and reconcile shelf prices to a degree
Sustainability initiatives multiply as the industry sees greater pressure to responsibly source
Industry is adopting technology quicker, hoping to smooth some volatile market conditions
Key regional/national brands accelerate growth through international expansions
Examining five trends shaping snacks
Snacks integrate further into dietary occasions
Cash-strapped consumers are being choosier as to how they buy their snacks
Industry concerns for guarding category control rise alongside market uncertainties
Snacks’ nutritional credentials are raising concern from all sides
Innovations are tapping into consumer demand for experiences, old and new
2023 Euromonitor’s head of snacks most innovative snack launch picks
Global snapshot of confectionery
Global snapshot of ice cream
Global snapshot of savoury snacks
Global snapshot of sweet biscuits, snack bars and fruit snacks
Regional snapshot: Asia Pacific
Regional snapshot: North America
Regional snapshot: Latin America
Regional snapshot: Western Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Eastern Europe
Regional snapshot: Australasia
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