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Snack Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

Major companies in the snack food market include Calbee Inc. ; ConAgra Foods Inc. ; Ferrero S. P. A. ; General Mills Inc. and Nestle. The global snack food market is expected to grow from $213. 63 billion in 2020 to $230.

New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Snack Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018869/?utm_source=GNW
27 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $307.75 billion in 2025 at a CAGR of 8%.

The snack food market consists of sales of snack foods by entities (organizations, sole traders and partnerships) that produce snack foods. The companies in the snack food industry are primarily engaged in salting, roasting, drying, cooking or canning nuts; processing grains or seeds into snacks; manufacturing peanut butter; or manufacturing potato chips, corn chips, popped popcorn, hard pretzels, pork rinds and similar snacks. The companies package and distribute their products through various distribution channels to both individual customers and commercial establishments. The snack food market is segmented into potato chips; popcorn; processed snacks and other snack food.

Asia Pacific was the largest region in the global snack food market, accounting for 56% of the market in 2020. North America was the second largest region accounting for 25% of the global snack food market. Africa was the smallest region in the global snack food market.

Snack food manufacturing companies are adopting robotics and automation technology to maximize production efficiency. Robotic systems automate batching, conveying, processing, storage and packaging of savory snack products thus decreasing production cycle time and increasing output. Automation enables snack processing companies to improve plant conditions, reduce contamination, minimal human interaction thus making processing safer for workers as well as consumers. Collaborative robots or semi-autonomous robots are used in various automation processes, including packaging. Plants with fixed automation systems increase yields by at least 2-3% over manual labor.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the snack food manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the snack food manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Many countries across the globe are experiencing falling prices of crops due to overcapacity; this is expected result in low raw material costs for food and beverage companies. For example, in 2019, the Indian government spent $873 million to subsidize the export of sugar as a result of overproduction of sugarcane, thereby reducing prices. Thus, overproduction of certain crops is likely to result in higher profit margins for food and beverage companies. Higher profit margins will enable snack food manufacturing companies to increase their production and drive the market going forward.


Read the full report: https://www.reportlinker.com/p06018869/?utm_source=GNW

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