Snack products are defined as food portions that are smaller than a regular meal and are consumed in between meals. Due to consumers' busy schedules, there is an increasing demand for packaged and ready-to-eat food products, which is fueling global growth in the snack products market. Furthermore, the portability of food products and flavour innovation are driving the global demand for snack products. PepsiCo Inc., for example, launched crushed salt and vinegar flavoured Smith's in New Zealand and Australia in 2014, as well as hot chilli and spicy seafood flavours in Thailand under the Lay's brand.
The
multibillion-dollar global Snack
Products Market is
thriving, particularly as an alternative to full-fledged meals. The market is
primarily driven by changes in consumer behaviour patterns. Because of our
hectic lifestyle, there is a greater demand for snacks and convenient food than
ever before. According to a recent Transparency Market Research study, is the
primary driver of the snack products market.
Factors such as improved lifestyle and increased willingness to spend have aided the growth of the snack products market. Snack Products Market's changing lifestyle has tipped the scales in favour of ready-to-eat meals, which have dominated the snack products market in recent years.
While the growing emphasis on a healthy lifestyle may
pose a threat, manufacturers are looking to mitigate the risk through product
launches. Furthermore, the introduction of healthier snacks in popular
categories has helped the Snack Products Market maintain its momentum in
recent years.
During the pandemic, demand increased significantly as
mandatory stay-at-home directives prompted companies to encourage remote
working arrangements, while public dining establishments were forced to remain
closed. Several dry snack providers effectively used online platforms to market
their products, resulting in a significant increase in demand.
Why are manufacturers focusing on the production of
nutritional snacks?
Demand for healthy snacks has increased as people
become more aware of their health benefits. Changes in lifestyle and eating
habits have increased market demand for snacks. Several chronic diseases
compelled people to develop healthy eating habits in order to live a healthy
lifestyle.
Major
Players
PepsiCo Inc., Mondelez International Inc., Kellogg
Company, Lamb Weston Holdings Inc., McCain Foods Ltd., Intersnack Group, Calbee
Inc., Aviko B.V. General Mills Inc., and McDonald's Corporation are the major
players in the snack products market.
0 Comments