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Global Research and Market Analysis on Snacks

09 Jan

Global Research and Market Analysis on Snacks

by Food Research Lab

in New Food Product Development

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Introduction

In the midst of COVID-19 crisis, the world marketplace for Snack Foods calculable at US$493.4 Billion within the year 2020, is projected to succeed in a revised size of US$776.6 Billion by 2027, growing at a CAGR of 6.7% over the amount 2020-2027[1].. Growing global health concerns coupled with changing lifestyles and eating habits have fueled demand for a wide selection of snacks[2]. Food product development would be aided by innovative concepts, versatile offerings that meet customer demands, and busy lifestyles.

In comparison to traditional treats, vegan snack foods like potato chips, tortilla chips, corn chips; baking goods like biscuits, bagel, pretzels, cookies; and confectionery like candies, chocolates, raisins, and so on, contain organic ingredients that are healthier and gluten-free. Organic snack foods are traditionally designed to be compact, healthy, tasty, and taste pleasing. The industry is being forced to produce nutritious and calorie-reduced snacks that still deliver in flavour. Snack food companies are applying robotics and automation to maximize production efficiency. Robotic systems automate the dosing, transportation, processing, storage and packaging of savoury snacks , reducing production cycle times and increasing yields. Automation facilitates fast food processors to improve factory conditions, reduce pollution and operate with essential human interaction, making processing safer for workers as well as consumers. This blog shows different types of snacks and their growth in the market.

Snacks Category

Today’s consumers focus on nutrition information on snack packages and look for clean labels, such as gluten-free, non-GMO, and hypoallergenic. Consumers are also looking for food’s rich in protein and fiber, providing a great opportunity for manufacturers to add new flavors and shapes to their product portfolio[3].



Source: Grandview Research

With Increase innovation in snacking, consumers are expecting new, unusual and addictive flavours and seasoning, and different shapes that can go in hand with the snacks. Some of such flavours are bacon flavoured chips, wasabi flavoured wafers, uneven shaped chips, donut shaped biscuits, animal crackers.

snack Category

Trending Snacks products in the market

Extruded Snacks Product Insights

Increased health consciousness has increased the popularity of the development. Consumers have begun to flavor snacks that are primarily grilled or roasted. Many ingredients, such as corn, grains, and rice, are used to make these snacks. These eatables are low in weight and are popular as healthy, high-fiber, low-calorie snacks [4]. In country like Europe and North America, the extruded snacks market is inspecting a shift towards healthier products offered in the extruded snacks market. Growing health keen population drives the market growth. These crucial market participants are focusing on the production of inventive snacks using wheat and other nutrient-rich grains [5]

Ought to the increase in demand of consumers to try something unique has led the manufacturers to popularize something new from their existing product. Other market players have also introduced different varieties of flavour and texture to allure the consumers attention [6]. They are low in sugar and calories, as well as being fat and gluten-free. With the rising prevalence of celiac disease, sales of rice snacks are expected to skyrocket. Extruded snacks can be classified into many classes. Most extruded snacks, such as puffed snacks, are classified as directly extended snacks (also known as second-generation snacks or collets).

Vegan Snacks

Innovation in the snacks industry had led to opening of new sector for people with different dietary practices. Due to its exponential growth in the market has led to increasing demand for high quality blast full and ready to go products. The steady broadening of the market has posted to have a growth from 2022 and 2032 at 8.7% CAGR comparing it to the CAGR of 6.4% from 2017 and 2021. Increase in population has also paved way for spending capacity of individual, increasing in the awareness towards health and sustainability towards environment has been considered as a driving factor for growth of vegan products [8].

Organic snacks

In the Practice of eliminating synthetic substance and fertilizers, harmful colouring substances, organic products are gaining more popularity among the consumers.

According to a study the market is expected to grow a value of US$ 18.67 Billion by 2027

Nutritional awareness, lifestyle modification has, Easy Availability in the market access are possible driver for growth the market. [8]

Gluten-free snacks

Gluten-free diets have become very approved in recent years due to a boost in health-conscious end user. Since these foods are an integral part of the celiac diet, the demand for gluten-free foods have increased significantly. Increase in promotion among young people, inclination towards healthier lifestyle opting for nutritious food.[7].

Conclusion

The COVID pandemic has paved way for creative and new snack products to match the lifestyle of hectic and health-conscious consumer in both developed and developing countries. With a projected growth of CAGR 3.37% for the next five year, the market has immense potential in creating new snack products meeting different dietary requirements.

Our Food Research Lab experts have developed different category of snacks such as Low fat, high protein, Dehydrated fruits and vegetables, extruded, functional snacks. We assist you to develop the products and also provide you the market analysis geographically.