The global cookie and cracker market is currently valued at $100.2 billion in 2023, and it is projected to reach approximately $122.45 billion by 2030. The market is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030.
Consumer behavior is shifting towards snacking rather than traditional meal consumption, especially among younger demographics. The State of Snacking Report 2023 from Mondelēz International reveals that 60% of global consumers prefer smaller, more frequent meals over larger ones. This trend reflects the changing preferences of consumers across different age groups, where snacking has become a regular part of daily life.
Despite economic pressures, the snacking industry remains resilient, with two-thirds of consumers reporting no significant changes in their spending on snacks. This stability sets the snacking industry apart from other sectors that have experienced declines in sales due to reduced discretionary spending. The demand for convenient and enjoyable snack options continues to drive the market.
Recent developments in the industry highlight the competitive landscape, including a potential merger between Mondelēz International and Hershey. This merger, if successful, could create one of the largest confectionery companies globally and strengthen their positions in the broader snacking market. The implications of this merger are significant, especially considering Mars' anticipated acquisition of Kellanova.
As the industry evolves, companies are adapting to changing consumer preferences and market conditions. The focus on health and wellness, as well as the demand for innovative and diverse snack options, is driving companies to rethink their product offerings. The ability to innovate and respond to these trends will be crucial for companies to maintain their competitive edge in the market.
In summary, the cookie and cracker market is expected to experience significant growth due to changing consumer behaviors and preferences. The snacking industry remains resilient despite economic challenges and is viewed as a robust and attractive market. Strategic mergers and acquisitions are shaping the competitive dynamics of the industry, and companies must adapt to evolving trends to maintain their competitive edge.