- North America contributed to 28% of all global snacks sales in 2023
- UK, Singapore, US and Brazil all registered strong increases in the snackification trend; India remains world leader
One in six adult residents of the United States is replacing their daily meals with snacks, data analytics company Euromonitor International has revealed.
According to Euromonitor International's World Market for Snacks 2024 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 favour snacking and consumer purchases continue to be impacted by economic uncertainty.
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."
US and UK increasingly favour 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.
Singapore, Canada and Brazil all registered strong growth in meals being replaced with snacks, showing a 3% increase for each market.
The year-on-year growth underscores a significant shift in consumer behaviour, reflecting changing dietary preferences.
India leads the world in meal replacement with snacks
While many countries are experiencing growth, India showed a notable decline in the percentage of residents replacing meals with snacks, dropping from 21% in 2023 to 18% in 2024. India's snack market is undergoing premiumisation and affordability changes simultaneously.
Despite this, India remained the top country in the study for snacks replacing meals, with almost one in five adults opting for snacks instead of meals.
Global snack sales hit USD680 billion in 2024
The global market for snacks is expected to see sustained value growth, with retail sales projected to surpass USD680 billion in 2024, up 3.7% from 2023 in constant value prices.
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."
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%.
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 urbanisation and disposable incomes, driving demand for a wide range of snack products.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250109340741/en/
Contacts:
Euromonitor Press Office
Press@euromonitor.com
