The global snacks foods market will reach over $300 billion by 2015, according to a new report available on companiesandmarkets.com.
Growth in the snack foods industry will be due to busy lifestyles and new advances in packaging, flavorings, and an increasing range of convenience foods.
Snack food markets in Asia Pacific and Latin America experienced growth, with nuts, tortilla and corn chips snacks showing strong growth rates of between 6% and 7%.
The baked snacks category is the largest global product segment, with salted snacks showing strong growth. Within the salted snacks product group, potato chips, tortilla and corn chips and meat snacks are the largest product segments.
Furthermore, an emerging trend in the global snack food market is the evolution of fruit snacks and nuts, as consumers become increasingly aware of the health benefits of snacks.
According to the report, Europe is the largest global snacks market in terms of value, with the United States and Latin America as other significant markets. The Asia Pacific snacks foods market will post the highest growth rates, at 6% per year until 2015.
The snack foods market contains many global players as well as regional private label companies, including General Mills, ConAgra Foods, Group Danone, Kellogg Company, Kraft Foods, Nestle, Nabisco, PepsiCo, Walkers Snack Foods and many other snack food manufacturers.
The US snacks market is not as fragmented and is characterised by the importance of innovation, the domination by one company - PepsiCo's Frito-Lay division and by the dominant product groups of potato chips, tortilla chips, snack nuts and corn snacks. PepsiCo is a leading player in the global snack foods market with a convenience foods business (Frito-Lay) that generates $13 billion in sales.
The Snack Foods: A Global Strategic Business Report market research report provides a detailed assessment of the global snack foods market. The report provides market trends, growth drivers, product launches and detailed company profiles of leading companies operating in the snack foods market.