Snacking Closeup: 2024 State of the Industry Report | SNAC Intl (2024)

FAQs

What is the future of the snacking industry? ›

The snack world might see some big changes. We could get snacks tailored to our personal health needs, or packaging that's kinder to the planet. Companies might need to juggle taste, health, and price in clever new ways. The future of snacking could be a mix of familiar flavors and surprising innovations.

According to a Mordor Intelligence report, the snack food market is projected to grow significantly. Its size is expected to increase from USD 256.26 billion in 2023 to USD 559.26 billion by 2028. This represents a compound annual growth rate (CAGR) of 16.

Top snack and bakery companies worldwide in 2023

Nestlé S.A. had sales of approximately 103.9 billion U.S. dollars in 2023, making them the leading snack and bakery product company in the world by a comfortable margin.

Revenue in the Snack Food market amounts to US$51.63bn in 2024. The market is expected to grow annually by 3.25% (CAGR 2024-2029). In global comparison, most revenue is generated in the United States (US$52bn in 2024).

Unwanted weight gain if portions or frequency of snacking is too much, adding excess calories. Too much snacking can reduce hunger at meal times or cause one to skip a meal entirely, which increases the risk of losing out on important nutrients.

The biggest product in the savory market are potato chips. Not only do consumers eat multiple kilograms of potato chips, but they also spend billions on them. The worldwide potato chip market has reached a size of over 35 billion U.S. dollars.

California (519 businesses), Texas (236 businesses) and Pennsylvania (223 businesses) are the States with the most number of Snack Food Production businesses in the US.

The global snack food products market size was valued at USD 557.85 billion in 2021. The market is projected to grow from USD 584.58 billion in 2022 to USD 838.60 billion by 2029, exhibiting a CAGR of 5.3% during the forecast period.

The winner? Rice Krispies Treats. The study showcased which snacks were most sought after in each given state.

What is the most successful snack company? ›

Nestlé rocked the snack market in 2023 with sales hitting around $103.9 billion. So, after Nestlé in the snack and bakery realm, we've got PepsiCo strutting their stuff, earning $86.4 billion in the same year.

Diverse Audience: Snacks appeal to a wide range of customers, from children to adults, making it possible to target various demographics. Innovation Potential: The snack industry allows for creativity in terms of flavours, ingredients, and packaging, which can help you stand out from competitors.

York County, in particular, has become known as the “Snack Food Capital of the World,” given its concentration of popular brands and food production facilities, including Martin's Potato Chips and Snyder's of Hanover.

I write about food tech and science. If you reach for a bag of chips before lunch or grab a candy bar between meals, you are among the millions of Americans who snack throughout the day. It is estimated that more than 90% of all Americans eat one to three daily snacks.

These trends include alternative proteins, 3D food printing, personalized nutrition, food robotics & more. The food industry trends indicate a shift towards sustainable and personalized food choices, including alternative protein sources, local foods, nutraceuticals, and personalized nutrition.

2024 Snacking Market Overview

Today, snacking accounts for $135B+ annually, with remarkable growth occurring in the omnichannel space. This growth is fueled by several factors, including increased urbanization, busy lifestyles, and the rising demand for convenient and on-the-go food options.

The digitalization of the food supply chain through Industry 4.0 technologies offers excellent potential to address the challenges and enhance traceability, transparency, and food safety while optimizing supply chains, reducing food loss and waste, and promoting food security at the same time.