Lockdowns associated with COVID-19 will serve as a springboard for the snack products market to expand its footprint across untapped regions and opportunities over the next decade, according to Transparency Market Research.
Snack products have acquired a prominent place in households across the globe due to COVID-19 lockdown implementations and the lockdown extensions. The preference for “indulgence on-the-go” has increased due to more consumers working from home. Furthermore, the change in traditional patterns of food consumption may also open a pathway for innovation across the snack products market.
- Vegan snacks may gain considerable momentum across the forecast period of 2020-2030
- Focus on sustainability and food packaging may increase during the forecast period
- North America may dominate the snack products market through the assessment period
- Asia-Pacific region may expand at a higher CAGR between 2020-2030
- A substantial rise in disposable income across numerous countries, especially densely-populated countries such as India and China
- Collaborations between food delivery partners and players in the snack products market
- Popularity of clean-label and allergen-free food products
- Increasing demand for vegan snacks
- Geographical expansion by snack products market players
Healthy snacking reigns supreme
Sedentary work and being home for longer periods has led to increased body weight among many individuals. This has prompted consumer preferences to switch from unhealthy snacking to healthy snacking. Therefore, snack products market players are adopting this trend and launching new products that are tasty and healthy for the consumer.
Surging popularity of ready-to-eat products
Ready-to-eat products are preferred, especially among the Millennials and Generation Z consumers. Partnerships between online food delivery companies and makers of ready-to-eat products are also boosting growth in the snack products market. At the same time, the players are also forming agreements with hypermarkets and supermarkets around the world to cater to the rising demand.