Analysts say snacks sales held up under pressure from higher prices, consumer worries

"Snack trends have held up despite deteriorating macros and price increases,"Morgan Stanley analyst Bill Pecoriello told investors in a research note. He said the sales volume declines in the past four weeks were an improvement over recent period and year-to-date trends.

Goldman Sachs analyst Judy Hong said ACNielsen data showed sales volume fell by a modest 2 percent as snack makers raised prices by 11 percent.

PepsiCo Inc.'s Frito-Lay unit, the biggest multinational snack seller, reported solid sales in October, Hong noted.