Posted29 September 2023

In today's fast paced world, the importance of snack food products continues to rise, becoming an increasingly integral part of consumers' daily routine. People turn to snacks for a range of reasons from a treat to satisfying a craving, cheering themselves up or just relaxing.

The global snack food market grew from $237.65 billion in 2022 to $256.5 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. It is expected to grow to $333.12 billion in 2027 at a CAGR of 6.8%.

There have been many deals that were transformative, let’s delve into some of the most notable:

  • In June 2022, Mondelēz International agreed to pay at least $2.9 billion for Clif Bar & Company to further expand its reach into the high-growth bar business.
  • Confectionery giant Ferrero Group announced in December 2022 a deal to acquire ice cream maker Wells Enterprises, giving it ownership of some of the biggest brands in frozen treats, including Blue Bunny and Halo Top.
  • Hormel Foods’ snack brands acquired Planters for $3.35 billion, the largest deal in the Minnesota company’s 131-year history. The acquisition, which also included Cheez Balls and Corn Nuts, instantly made Planters the biggest brand in Hormel’s portfolio.
  • J&J Snack Foods acquired Dippin’ Dots, a producer of flash-frozen beaded ice cream treats, for $222 million.

Furthermore, Kellogg’s announced they will split into two companies named Kellanova and WK Kellogg Co by the end of the year. Kellanova will feature a growth-oriented portfolio that is weighted toward snacks and emerging markets and will be led by highly differentiated brands with considerable opportunity for expansion – the MorningStar Farms label, along with Pringles, Cheez-It, Pop-Tarts and other snack brands. The business will also oversee international cereal brands like Frosties/Zucaritas, and Tresor/Krave.