Baked Snacks Market

Baked Snacks Market - An Overview

The global baked snacks market is expected to witness strong growth during the forecast period between 2021 and 2031.

Baked snacks have become a popular part of day-to-day life, with more human beings preferring to consume these products between two meals in a bid to increase their nutritional intake.

Some of the commonly-consumed baked snacks include biscuits and chips. Baked snacks are gluten-free, contain a minimal quantity of oil, and are available in different flavors.

The COVID-19 pandemic adversely impacted the baked snacks market. With governments imposing lockdowns and strict social distancing regulations, supermarkets and departmental stores were forced to operate for reduced number of hours every day.

This led to a decrease in the number of consumers visiting to purchase the products physically and negatively impacted the overall market.

Baked Snacks Market - Trends and Opportunities

Rising consumer demand for healthy snacks which combine nutrition and convenience worldwide is expected to be the key growth driver for the baked snacks market.

Also, increasing need to maintain healthy body metabolism among various population sections globally is also anticipated to fuel baked snacks demand, in the coming years.

Baked snacks have also proven useful in reducing the hunger levels between two meals and this aspect of them is expected to bolster product demand and help in the growth of the baked snacks market.

The baked snacks biscuits are expected to make the largest contribution to the overall market due to the high nutritional content of these products.

Supermarkets are anticipated to contribute the most to the overall market due to increased product availability at discounted prices in these stores.

Baked Snacks Market - Competitive Landscape

The global baked snacks market is extremely competitive, with the presence of several well-established players. Many of these players are expected to hold a large share in the overall market, in the upcoming years.

Growth strategies such as novel product launches could help well-established players gain a competitive edge over the other players.

In 2019, ITC decided to launch a new line of baked snacks called 'Bingo Starters' in a bid to expand their product portfolio.

Leading market players are expected to collaborate with lesser-known players in a bid to expand their market presence and increase their revenue share.

Prominent market players could look to engage in research and development undertakings in a bid to expand their product range and functions.

A few leading players in the global baked snacks market include The Kelloggs Company, ITC Limited, PepsiCo Ltd., Nestle S.A., and General Mills Inc.

Baked Snacks Market - Regional Assessment

The global baked snacks market is divided into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.

North America is expected to be the dominant region in the global baked snacks market owing to the increasing consumer preference for healthy snacks among large population sections, in countries such as US and Canada.

Asia Pacific is expected to offer profitable growth opportunities for the overall market due to the growing product demand, particularly among the millennial population in countries such as India and China. Rapid urbanization in countries such as India is also expected to contribute to market growth in Asia Pacific.

Leading market players could establish manufacturing facilities in countries such as India, owing to ease of availability of resources such as land. This could help propel the growth of the market player in the region.

Europe is anticipated to witness substantial growth in the years ahead because of rising consumer preference for low calorie, reduced-fat food products among large population sections in countries such as Germany and UK.

The rest of the world is expected to witness moderate growth in the overall market, in the coming years.