According to a new report published by KD Market Insights, titled, “Snacks Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the global snacks market size is anticipated to witness moderate growth during the forecast period i.e. 2021-2026.

Rapid urbanization, changing consumer’s lifestyles and the increasing replacement of meals with snacks are the primary factors augmenting the demand for various snacking options globally. Furthermore, the rising preference among consumers for convenient and healthy eating on-the-go, the increasing availability of snacks products through different distribution channels and the growing online retailing industry are expected to encourage the growth of global snacks market in near future.

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The North American region held the largest market share in the global snacks market in 2020 and is expected to account for a significant portion of market share by the end of the forecast period 2021-2026. The Asia Pacific region is projected to grow at the highest CAGR over the forecast period owing to the easy availability of raw materials and the presence of a huge consumer base in the region. The European region is also anticipated to grow at a substantial growth rate during the forecast period.

According to distribution channel, the supermarket/ hypermarket segment accounted for more than half of the total market share in the global snacks market in 2020 and is estimated to continue with the trend over the forecast period as well. However, the convenience stores segment is expected to grow at the fastest growth rate during the forecast period.

The global snacks market is segmented into product type, distribution channel and region. Based on product type, the market is bifurcated into salty snacks, refrigerated snacks, confections, vegetables & fruit snacks, bakery snacks and others. Salty snacks sub-segment is further categorized into potato chips, tortilla chips, popcorns and other salted snacks. Refrigerated snacks sub-segment is further categorized into yogurt, cheese snacks, pudding and others. Confections sub-segment is further categorized into chocolate confectionery, sugar confectionery, gum, cereal bars and others. Based on distribution channel, it is classified into supermarket/hypermarket, convenience stores, independent retailers, online stores and others.

The global snacks market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). The Asia Pacific snacks market is dominated by countries such as India, China and Japan. The North America snacks market is dominated by the U.S. and Canada.

Key Insights of Snacks Market

  • On the basis of distribution channel, the supermarket/ hypermarket segment accounted for more than half of the total market share in the global snacks market in 2020 and is estimated to continue with the trend over the forecast period as well.
  • On the basis of distribution channel, the convenience stores segment is expected to grow at the fastest growth rate during the forecast period.
  • On the basis of region, the North American region held the largest market share in the global snacks market in 2020 and is expected to account for a significant portion of the market share by the end of the forecast period of 2021-2026.
  • On the basis of region, the Asia Pacific region is projected to grow at the highest CAGR over the forecast period.

Some of the major snacks companies profiled in the report include Ferrero Group, Nestle SA, Hershey Food Corp., Mars Incorporated, Parle Products, Cadbury, MondelAz International, Petra Foods, Crown Confectionery and Brookside Foods.

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By saddam

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