North America Sweet and Salty Snack Market: Snapshot
North America is one of the biggest markets for sweet and salty snack market among the developed countries. As per the NCBI report, the United States food consumption includes 25% of daily energy intake coming from sweet and salty processed snacks. According to the 2016 report by Alberta Agriculture and Forestry, Canada’s snack food imports grew by about 75% from $384.6 million to $674.2 million from 2010 to 2014. Furthermore, due to the incessant demands, the imports have been growing thereafter. Now, this is significantly stroking growth of the North America sweet and salty market.
As per the IndustryARC business analysis, the North America sweet and salty snack market size was around $74 billion to $75.5 billion as of 2018. The continued uptake in the North America Sweet and Salty Snack market is anticipated to increase at a CAGR of 2% to 3% during the forecast period of 2019 to 2025. The salty snack segmentation is the most profitable deal for the North America sweet and salty snack market and is expected to escalate at a positive CAGR of 3% to 4% during the aforementioned forecast duration.
Considering geographical distribution, the United States grabs the largest share of the total market demand as of 2018. The key factors augmenting the market growth are the US sweet and salty snacks market demands are greater uptake during events such as a movie, a game, social gathering and outings, and so on. The increased preferences for processed snacks such as croquette, pancakes, baguette, and corn and tortilla chips as a routine among the youth is expected to further boost the market.
According to a research report from IndustryARC on “North America sweet & salty snacks market: by type (chips, extruded snacks, flakes, nuts, popcorn, pretzels, traditional snacks,); by distribution channel (supermarkets/hypermarkets, convenience stores, specialty food stores, online)-forecast (2017-2022)”, the North America Sweet and Salty Snack Market is estimated to flourish in the near future.
North America Sweet and Salty Snack Market Companies: Recent Developments
Some of the key players influencing the global market are: -PepsiCo, Inc., Kellogg Company, ITC Limited, Nestlé S.A., Tyson Foods, Inc., and Conagra Brands Inc.
Kellogg is headquartered in the United States, serving breakfast products in America for more than a century now. The company produces extruded snacks such as nutmeg, fritter snack, and pretzels in numerous flavours. The company has vouched to produce 3 billion better days for people, communities, and the planet by the year 2025 starting from 2016. So far the during journey of this initiative the company has donated 1.1 billion servings of food by engaging 322,000 farmers. The companies intends to compete with its fellow snack manufacturing by supporting the United Nation’s Sustainable Development Goal #2- Zero Hunger by addressing the issue of food security. The company is expected to gain popularity from this initiative which further will help the company to expand its business.
PepsiCo and Frito Lay
Frito Lay made a successful merger with PepsiCo in 1965. Since then Frito Lay has developed popular chips for the global sweet and salty snacks market. The chips, nutmegs, and popcorns manufactured by the company have gained tremendous popularity among the people in North America. The demands of Frito Lay snacks during a sports match, a movie, and while travelling has boosted the sweet and salty snack market in North America. The escalating consumer awareness towards the harmful effects of fried food products has encouraged the company to introduce its baked snacking products fleet. The demands for baked snacks have flourished in the region owing to its oil-free properties. Proliferating production in variants of baked products is expected to induce a significant market growth in the North America sweet and salty snacks market.
The increased consumption of processed food and instant food has fuelled the sweet and salty snack market in North America. The popularity of product at events are also one of the most important factors driving the market. Baked products coming in the market is being anticipated to change the market landscape. North America sweet and salt is projected to witness a considerate growth in the near future.
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