Global Savory Snacks Market To Witness Impressive Growth, Revenue To Surge To USD 124.83 Billion By 2028
Perspectives from the Industry
The global savoury snacks market was estimated at USD 94.30 billion, and it is predicted to develop fast as demand for healthier foods rises. Consumer awareness of health issues is increasing, which has raised demand for these products, which contain important nutrients and have a recognisable taste.
Because millennials prefer snacks to traditional sit-down dinners, the savoury snacks sector in the United States is quickly expanding. The country’s snacking trend has been encouraged by the country’s falling family size, which is likely to fuel demand for these items over the forecast period.
One of the key variables affecting market players is the numerous rules governing the manufacturing of savoury snacks. Because these rules vary greatly depending on the place in which the product is created, producers invest considerably in research and development in order to achieve the food requirements.
The market is distinguished by the presence of both established and emerging competitors. The presence of private label products in this market has grown as the number of local companies has increased. Savoury snacks are now being sold under the names of major stores. The low pricing of these products in comparison to other locally accessible products in the market is likely to boost demand.
Potato chips, extruded snacks, nuts & seeds, and popcorn are among the market’s product segments. In 2015, potato chips were the most popular product, with a market value of USD 31.38 billion. The introduction of new flavours and health-beneficial roasted potato chips is projected to boost the industry’s growth.
Because of the increased fortification to include healthy elements, the market for extruded snacks is likely to develop fast. Over the projection period, demand for these items is likely to rise due to an increase in the use of local savoury snacks.
Insights into Flavor
Roasted/toasted, barbecue, spice, and beef are the most common flavours found in savoury snacks around the world. As key industry players aim to differentiate on the basis of flavour, flavour is a crucial component of any savoury food.
Roasted/toasted, barbeque, and spice flavours are the most popular on the market. Barbeque was the most popular taste in North America and Europe in 2015, with a market share of more than 23%. In Asia Pacific, demand for this flavour is gradually increasing, and it is predicted to expand moderately throughout the forecast period.
Insights into Distribution Channels
With market shares of over 30%, convenience stores and supermarkets/hypermarkets are the primary distribution channels. Changing consumer preferences and the availability of a diverse range of items in these formats are expected to boost demand.
In terms of revenue, Asia Pacific and North America had the highest geographic share of the savoury snacks market. Countries like Japan and China are driving Asia Pacific’s growth. Because of increased worries about childhood obesity, people in these countries have begun to embrace healthier lives.
Savory snacks are in high demand throughout Europe, where they are enjoyed at a variety of times by the people. Consumers in nations like the United Kingdom and Spain use on-the-go dining as a fast energy boost instead of entire meals, driving the sector. In nations like the Netherlands, Norway, and Germany, the desire for savoury snacks is constantly expanding.
Insights into the Market for Savory Snacks
Because of the enormous number of small and large competitors, the industry is extremely competitive. PepsiCo, Kraft Foods, Kellogg, and CALBEE are among the major industry players. ConAgra Foods, Diamond Foods, The Hain Celestial Group, General Mills, Arca Continental, and Blue Diamond Growers are the other manufacturers.
The savoury snacks industry’s members are continually working on new product development and flavour introductions. Effective marketing, a well-trained sales team, and efficient operations are all important factors in a company’s profitability. Due to increased customer health concerns, manufacturers are broadening their product lines.