Global Snack Sales Are on a Roll
GLOBAL SNACK SALES hit $680 billion in 2024, up 3.7% from 2023 in constant value prices.
According to Euromonitor International’s World Market for Snacks 2024 report, the year-on-year growth underscores a significant shift in consumer behavior, reflecting changing dietary preferences. Simply, consumers are replacing meals with snacks.
Singapore, Canada and Brazil all registered strong growth in meals being replaced with snacks, showing a 3% increase for each market. India leads the world in meal replacement with snacks with almost one in five adults opting for snacks instead of meals.
Carl Quash III, head of snacks at Euromonitor International, said, “Consumers have been under unprecedented stress these past few years with the cost-of-living crisis among a number of other challenges. Snacks have been leveraged for comfort and stress reduction by providing consumers entertainment at gatherings, joy as affordable gifts or presents, and pleasure as self-treats or rewards.”
Quash III added, “The motives driving consumers to snack are expanding and manufacturers are intersecting these new occasions and intents with offerings that provide opportunities for broader consumption throughout the day.”
Emerging regions like the Middle East and Africa are forecast to lead snack value growth with a CAGR of 4.6% from 2024 to 2029. These regions are experiencing a rapid increase in urbanization and disposable incomes, driving demand for a wide range of snack products.
North America leads with a 28% share of global snack sales in 2023, owing to a high demand for innovative and convenient snack options. Asia Pacific followed at 24%, with Western Europe at 23%.
One in six adult residents of the United States is replacing their daily meals with snacks.
According to data analytics company Euromonitor International’s report, 18% of adult Indians, 17% of adult Americans and 13 % of adult Britons have been replacing their meals with snacks, as convenience-oriented lifestyle changes favor snacking and consumer purchases continue to be impacted by economic uncertainty.
US and UK increasingly favor snack consumption over meals. In the US, the percentage of residents replacing meals with snacks has risen from 14% in 2023 to 17% in 2024, marking a growth of 3%. The UK has also seen a notable increase, with the proportion of adult residents replacing meals with snacks rising from 10% in 2023 to 13% in 2024.
