Snacks are referred to foods that can be prepared and served within short span of time. The concept of snacks originated from America where people eat on a frequent basis. The Snack Food Manufacturing Market can be segmented on the basis of type and by geography. By type the snack food manufacturing market can be classified into salted snacks manufacturers, bakery snacks manufacturer, frozen snacks manufacturer and others. The salted snack can be further bifurcated into potato chips, meat snacks, popcorn, junk foods and others. The bakery snacks include confectionary snacks. The not so common types of snacks such as drinks, batter and dough based snacks are included in others segment. Geographically the snack food manufacturing market can be segmented into North America, Europe, Asia Pacific and Rest of the World (RoW).
Presently the most important factor preferred by consumers regarding snacks is taste and health consideration. Consumers are unwilling to sacrifice any of them. Over the last few years the fast food manufacturing market is growing extensively. The snacks food manufacturing market is primarily driven by increasing trend of nuclear family coupled with change in lifestyle. The shift towards nuclear family with both parents working has increases the demand for healthy and authentic quick foods. In addition, higher disposable income and inclination towards food habit of western countries are also boosting the demand of snack foods.
However, the increasing incident of obesity in many countries and government regulations regarding procurement of vegetables, meat and other raw materials acts as the restraining factor for the growth of snack food manufacturing industry. In spite of these restraining factors the fast food manufacturing market is expected to stand firm.
In 2014, among the snack types confectionaries accounts for the largest share in Europe and middle east. Whereas in Asia Pacific region refrigerated snacks offer almost one third of the overall snacks sale.
Europe and North America held the largest share of snack food but the growth rate is slow as the market has become saturated since it is dominated by few market leaders such as ConAgra Foods Inc., Frito lay’s and Cadbury Schweppes.. However, annual sales are growing at a faster rate in developing regions like Asia Pacific. The prime factor responsible for this is growing urbanization. With increasing urbanization comes the busy work schedule. Thus there has been a growing trend of people leaning towards fast and healthy snacks for their breakfast and lunch.
There has been a tough competition in the developed market within the large number of snacks food manufacturing industries operating to serve to a smaller population. Majority of the snack food manufacturing companies are keeping an eye on the developing markets in Asia pacific and Latin America. However the expansion must be made judiciously as many snack food manufacturing company are suffering losses due to unplanned expansion.
Some of the Major Market Players of Snack food manufacturing market include ConAgra Food Inc., Kellogg Company, Nestle USA Inc., and Cadbury Schweppes Plc. And Frito Lay’s.
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