Snack Food - LATAM | Statista Market Forecast

Revenue in the Snack Food market amounts to US$22.40bn in 2024. The market is expected to grow annually by 6.51% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$52bn in 2024).
In relation to total population figures, per person revenues of US$35.23 are generated in 2024.
In the Snack Food market, volume is expected to amount to 5.20bn kg by 2029. The Snack Food market is expected to show a volume growth of 6.1% in 2025.0.
The average volume per person in the Snack Food market is expected to amount to 6.9kg in 2024.

Definition:

The Snack Food market covers food products that are typically eaten in between meals or as a quick bite. These meals are frequently created to be portable, simple to prepare, and easy to consume. Snack foods can be either salty or sweet. This market is divided into three submarkets: cookies and crackers, potato chips, tortilla chips, flips, and pretzels.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Potato chips
Extruded and expanded snacks (e.g. Cheetos, Wotsits)
Cookies and crackers
Pretzels

Dried fruit snacks
Nuts
Out-of-home consumption

The Snack Food market in LATAM has seen steady growth due to factors such as increasing demand for convenient and on-the-go snack options, rising health consciousness, and the popularity of online food delivery services. However, the minimal growth rate can be attributed to changing consumer preferences and the economic impact of the pandemic on purchasing power.

Customer preferences: As consumer awareness of health and wellness continues to rise in LATAM, there has been a notable shift towards healthier snack options in the Snack Food Market of the Confectionery & Snacks Market within The Food market. This includes a growing demand for plant-based, gluten-free, and low-sugar snacks. Additionally, there has been an increase in the use of natural and functional ingredients, such as superfoods, to cater to the growing demand for functional snacking. This trend is driven by the influence of health-conscious millennials and the aging population seeking healthier and more nutritious snack options.

Trends in the market: In LATAM, the Snack Food Market of the Confectionery & Snacks Market within The Food market is experiencing a surge in demand for healthier snack options. This trend is driven by the increasing health consciousness among consumers and their desire for convenient, yet nutritious snacks. As a result, there has been a rise in the availability of organic, gluten-free, and low-sugar snacks in the market. This trajectory is expected to continue, with industry players investing in research and development to meet the evolving preferences of consumers. This trend has significant implications for stakeholders, including food manufacturers, retailers, and distributors, as they need to adapt to changing consumer demands and preferences to remain competitive in the market.

Local special circumstances: In Mexico, the Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by the country's love for spice and flavor. This has led to the popularity of locally-produced snacks such as chili-covered fruits and vegetables, as well as traditional snacks like chicharrones (fried pork rinds). Additionally, the country's growing tourism industry has created a demand for snack items that cater to international tastes, resulting in the introduction of new flavors and packaging. Government regulations also play a role in the market, with strict labeling laws and restrictions on the use of certain ingredients.

Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending habits, disposable income levels, and population growth. Countries with a growing middle class and increasing disposable income levels are experiencing higher demand for snack food products, leading to market growth. Additionally, as more consumers seek healthier snack options, manufacturers are investing in research and development to meet this demand. Economic policies and trade agreements also impact the market, with countries with favorable business environments and trade partnerships seeing higher market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.