Global Processed Snacks Market: Market Overview
Processed snacks have a wide range of products including various categories. The processed snacks are offered in various packaging including food items containing various ingredients. Processed snacks offer more convenience for consumers and include food products that are cooked, processed, canned, frozen food products. Many manufacturers offer highly nutritional snacks with the changing consumers’ preference towards healthy food. Processed snacks can be categorized based on the source including plant-based snacks and animal-based snacks. With the increasing demand from consumers for healthy and convenient snacks, the processed snacks market is expected to grow over the years.
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What are some of the recent trends in the processed snacks market?
Snacking is one of the common trends among consumers across the world, with a busy lifestyle and less time for cooking. Snacking is seen as a part of the daily lifestyle among the consumers and incorporating snacking into their daily routine. Consumers are looking at snacking as an important habit for comfort, and consumption of tasty food products. Manufacturers in the segment are focusing on offering high-quality snacks with healthy ingredients with the changing consumer preferences. With the new distribution channels for snacks, consumers are opting for virtual shopping through various online retail channels. Thus with the growing trend for snacking the processed snack market is expected to benefit.
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Why is the Healthy Snacks Preference Increasing sales for Processed Snacks?
Consumers are shifting towards more healthy eating habits with a preference for functional food products. The healthy snacks market is growing in the developed countries such as U.S., U.K. France, Italy, and others with the increasing demand from millennial consumers. Consumers are asking for more natural, non-GMO, vegan, and high-protein snacks. With the growing awareness among the consumers about healthy and non-healthy food products, many manufacturers and foodservice outlets are including healthy, nutritious ingredients in their products. With the adults educating the children about healthy food products the children are likely to go for healthier snack products. This has increased demand for granola bars, protein bars, low-fat snacks, and beverages. Consumers now more often check the ingredients used in the packaged snacks while shopping and are willing to pay a premium amount for the healthy options. With the healthy snacking trend among the consumers the processed snacks market is expected to grow over the years
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What are some restraining factors affecting the processed snacks market?
There are a lot of misconceptions among the consumers about the processed snacks as they go through mechanical processes and lose nutritional benefits. Ingredients including salt, sugar, and fats are added to the processed snacks to enhance their flavor, shelf life, and others that can influence the buying behaviour of the consumers looking for more healthy alternatives. Such food products also are high in calorific value thus seeing fewer sales in the health-conscious consumer markets.
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Key Segments of Processed Snacks Market Covered in the Report
Based on the type, the global processed snacks market is segmented as:
- Plant-Based Snacks
- Animal Based Snacks
Based on the processing type, the global processed snacks market is segmented as:
- Unprocessed/ Minimally Processed Food
- Processed foods
- Ultra-processed foods
Based on the distribution channel, the processed snacks market is segmented as:
- Business to Business
- Business to Consumers
- Specialty Stores
- Convenience Stores
- Online Retail
Based on the regions, the global processed snacks market is segmented as:
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
The key players operating in the global processed snacks market are Kraft Heinz
- Kellogg Co.
- Mondelez International
- PepsiCo Inc.
- General Mills
- Grupo Bimbo
- Campbell Soup Co
- Conagra Brands
- Post Holdings
- B&G Foods
- Blue Diamond Growers
- Arca Continental S.A.B. de C.V.
- The Hershey Co.
- Gruma S.A.B. de C.V.
- The Hain Celestial Group
What are the Strategies Adopted by the Key Players Operating to Increase Their Product Sales?
The manufacturers in the processed snacks market are focusing on improving their product quality and product offering. The companies are launching new flavors, types of products, to attract new consumers. The companies are using different marketing strategies for attracting more consumers, including promotional strategies, events, and others.
- In 2021, Kellogg's introduced crackers in two different delicious including Club Crisps and Town House Dipping Thins. The company is launching a promotional event for customizing popular snacks with the help of consumers. Kellogg’s is one of the leading companies in the processed snack market offering a wide range of products for consumers across the globe.
- Mondelez International focuses on the emotional well-being of the consumers while producing snacks, along with health and nutrition. The company is investing in research and development for offering healthy and nutritional options for their consumers. Thus with the changing consumer's preferences, the manufacturers are introducing new products.
What are the Various Opportunities for Manufacturers in the Processed Snacks Market?
There are wide opportunities for manufacturers to connect with consumers with different options for product types and also marketing approaches. Manufacturers are focusing on offering new and improved types of snacks for consumers. The companies are using various plant-based nutritional ingredients for catering to the vegan consumers’ demand. The consumption of high quality processed snacks also involve emotional wellness, help facilitate social outlets and functional outcome.
Manufacturers are focusing on improving the convenience for consumers about the processed snacks that allow consumers to prefer snacks over the foodservice restaurants. Processed snacks are widely available for consumers in convenience stores, hypermarkets/ supermarkets, online retail, and others. There are a large number of players in the processed snacks market from developed countries to developing economies. The products offered by the companies include nutrition bars, meat snacks, cookies, chocolates, biscuits, and others. Manufacturers in the processed snacks market are expected to incur opportunities for increased sales and expansion.
Why European Market has a Large Share in the Processed Snacks Market?
The widely consumed snacks in the European market are the savoury snacks that are enjoyed by consumers of all age groups. In the U.K. processed snacks are more preferred to be eaten on the go more conveniently. The savory snacks category in the European market accounted for the large share of the increasing consumer demand. Some of the widely consumed snacks in the European market are potato chips, crisps, savory snacks, nuts, biscuits, bakery snacks, and others. Consumers in the countries such as Netherlands, Spain, and Norway consume more chips/crisps, snack nuts, savory snacks.
What are the trends for Processed Snacks in the Asia Pacific Market?
Snacking is one of the traditional habits in the Asia-Pacific, with the increasing purchasing power of the consumers and changing buying behavior. The frequency of snack purchasing in the consumers has increased over the years in the region with the rising household disposable incomes. The retail industry in the Asia Pacific market has grown over with explosive growth in the online retail sector across the region. The lifestyle changes among the consumers have led to an increase in snacking.
The bakery and the confectionery category of the processed snacks are the largest snacks consumed in the region. Processed snacks such as biscuits, cookies, buns acquire the largest share in the market. Cereals snacks are also gaining traction in the Asia Pacific market with consumers looking for convenience. Urbanization in developing countries is attracting large players in the industry to invest in the Asia Pacific market. Such players are investing in expanding their distribution in the Asian market.
What will be the Impact of COVID-19 on the Global Processed Snacks Market?
The pandemic situation had distributed the supply chain of the food products in the market. With the lockdown situation across the globe, the consumers stockpiled food products such as packaged and processed foods. The consumers preferred food products that had a longer shelf life and can be stored. The manufacturers also choose to improve their supply chain and invested more in online retail to reach a wide range of consumers. The companies also ensured a steady pace of processed snacks for consumers along with safety during the pandemic.
With the ease in the restrictions of the pandemic and markets recovering the snacking trend keeps on increasing and is offering a large revenue for the companies. The consumer’s preference has now shifted more towards nutritional products with the increased awareness during the pandemic. Manufacturers have also launched a wide range of options for consumers working from home in the pandemic and used various marketing strategies for increasing their sales. The work from the home situation has also helped the processed snack market to grow in this pandemic. Thus COVID-19 had a low impact on the processed snack market and is expected to recover over the next two to three terms.
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