Global snack market grows as consumer conditions change

[Photo by Yonhap]

The worldwide snack market is experiencing rapid growth, with snack items packaged in bags, commonly known as “bagged snacks,” seeing an increase in sales, particularly amid sustained inflation. The surge in popularity is also attributed to the prevalence of online streaming services such as Netflix, with snacks becoming a must-have companion for binge-watching content during the Covid-19 pandemic.

According to global market research firm Statista, the global snack market is projected to grow 7.2 percent in 2024 from the previous year to hit $578.1 billion.

South Korea’s snack market is following this global trend, showing clear signs of growth. According to SPC Samlip Co., snack products like NUNEDDINE, Baked Garlic Baguette, and Mini Honey Yakgwa saw sales increase by over 30 percent compared to 2023. With the expansion of the global snack market, exports have also risen by about 10 percent, positioning snacks as lucrative products.

Recent trends in embracing both pleasure and health, known as “Healthy Pleasure,” have also played a role in the increased sales of snacks. Food companies are introducing snacks with added protein content, broadening their consumer base from children to the elderly.

Pulmuone introduced the healthy snack brand ‘Soya Snack’ in September 2023, attracting attention by using domestically sourced soybeans bean curd and natto water extract. Similarly, Haitai Confectionery is targeting the Healthy Pleasure market by launching ‘Snack Pea Crisp,’ a baked pea snack, and riding the wave of the health-conscious movement.

Convenience stores are also capitalizing on the surge in snack consumption by introducing various collaboration products. As snacks remain a staple for the 10 to 20 age group, particularly among those frequenting convenience stores, GS25 collaborated with Netflix in June 2023, releasing the ‘Netflix Truffle Popcorn.’ This snack was an instant hit with about 300,000 units sold within just over a month.