Snack products are defined as a portion of food, which is smaller than a regular meal and is consumed between the meals. Increasing demand for packaged and ready to eat food products, owing to busy schedule of the consumers is fueling global growth of the snack products market. Furthermore, portability of food products and innovation in flavors are the factors propelling the demand for snack products market worldwide. For instance, in 2014, PepsiCo Inc. had launched crushed salt & vinegar flavored Smith’s in New Zealand and Australia and hot chili and spicy seafood flavors in Thailand under the Lay’s brand.
However, high cost of the raw materials including butter, whole milk powder, and cocoa butter is hampering the market growth. According to the UN Food and Agricultural Organization, international butter price recorded a substantial hike in June 2017.
Snack Products Market Taxonomy
Based on the product type, snack products market is segmented into:
Based on the distribution channel, snack products market is segmented into:
Among the product type, fresh fruits and vegetables segment dominated the global snack products market in 2016, owing to the increasing health awareness among the consumers. Furthermore, among distribution channel, hypermarket contributed the largest share in the global snack products market in 2016. This is attributed to the wide range availability of products in hypermarket with various discount offers.
Snack Products Market Outlook
Major players are adopting various strategies such as merger and acquisitions and product development to sustain high competitive front of this market. For instance, in 2012, Kellogg Company entered into the snack products market by acquiring Pringles for US$ 2.69 Bn.
The major players operating in snack products market include 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.
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