The global snack market size is expected to increase by USD260.88 bn between 2020 and 2025, according to a new report by research company Technavio. The market registered year-over-year growth of 5.11% in 2021 and is expected to grow at a CAGR of 5.71% during the forecast period.
The market is driven by rising health concerns along with changing lifestyles and diets and the increasing replacement of meals with snacks. The increasing prevalence of obesity and similar diseases is compelling consumers across the world to adopt healthy lifestyles. This has increased the consumption of healthy snacking habits to improve metabolism rates. These factors have increased the demand for healthier snacks such as multigrain chips and rice snacks. The expansion of the retail industry has significantly increased the number of hypermarkets and supermarkets across the world. This coupled with the rising disposable incomes of consumers has further increased the consumption and sales of healthier snacks, thereby driving the growth of the market, the report shows.
The bakery products segment generated maximum revenue in the market in 2021. The market growth in the segment will be significant during the forecast period. In terms of geography, the APAC region will have the largest share of the market. The region currently holds 35% of the global market share.
Source by: https://www.frozenfoodeurope.com/