The snack market value is anticipated to grow by USD260.88bn between 2020 and 2025, accelerating at a CAGR of almost 6% over the forecast period, according to a new report by research company Technavio.
The market is driven by factors such as the rising health concerns along with changing lifestyles and diets and increasing replacement of meals with snacks and the expansion in the retail industry resulting in a huge number of hypermarkets and supermarkets across the globe. However, supply chain disruptions due to COVID-19 will be hindering the market growth. The immense growth in the disposable is expected to open multiple growth opportunities for players in the market. But the consumers demands portability might impact the business of vendors during the forecast period.
The market observed strong growth in the bakery products segment in 2020. The market growth in the segment is expected to be significant over the forecast period. By geography, APAC will have the largest share of the market. The region currently holds 35% of the global market share. China and Japan are the key markets for snacks in APAC.