The global savory snacks market was valued at USD 100 billion in 2019 and is expected to reach USD 140 billion by 2026, expanding at a CAGR of around 7 % during the forecast period, 2020–2026. The global savory market is heavily influenced by the changing attitudes of customers towards healthy food and snacks. The global savory snacks have witnessed considerable growth during the last few years owing to growing popularity of healthy snacks. Older generation tends to see snacking as a treat while younger generation sees snacks as a source to get energy between meals. By offering various low fat, gluten-free, and low-calorie products the producers and manufacturers are catering the demand of customers to consume healthy products due to the rising awareness of health and well ness among customers.
Savory snacks are processed and instant food that is made from foods such as grains, starch, vegetables, seasonings, and vegetable oils. Corn chips, puffed snacks, popcorns, baked snacks, meat snacks, savory biscuits, peanuts, potato chips, and other nut snacks are included in savory snacks. As eating on the go and meal accompaniment the savory snacks are consumed at different occasions. Growing interest in packed food products is expected to fuel the growth of the market during the forecast period.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing popularity of meat-based snacks is expected to fuel the growth of the market during the forecast period.
- Rising awareness regarding healthy snacking habits and benefits related to it among consumers is driving the growth of the market.
- Significant changes in lifestyle and eating habits of consumers are positively influencing the demand for savory snacks.
- Increasing disposable income and consumer spending are the major factors contributing to the growth of the market.
- Companies are offering various customised products which can be carried conveniently which is further influencing the demand for the product.
- Reduction in households’ size in the country has propelled the trend for snacking which is expected to drive the demand of the product during the forecast period.
- Various regulations related to manufacturing of savory snacks may hamper the growth of the market.
Major companies in the global savory snacks market include PepsiCo, Kellogg, Lamb Weston, McCain Foods, Calbee, Aviko, Intersnack Group, Haldiram Foods, Hormel Foods, Tyson Foods, ITC, Conagra Brands, and Kraft Heinz. The competition in the global savory snacks market is highly intense and competitors use strategies such as collaborations, ventures, partnerships, acquisitions, and agreements to gain new market share. Companies are coming up with new customized products with different flavors and are adopting various pricing strategies to remain competitive in the market.
The global savory snacks market has been segmented on the basis of
- Potato Chips
- Extruded Snacks
- Nuts & Seeds
- Supermarkets & Hypermarkets
- Independent Retailers
- Convenience Stores
- Service Station
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Savory Snacks Market Overview
- Global Savory Snacks Market Analysis and Forecast by Type
- Global Savory Snacks Market Analysis and Forecast by Application
- Global Savory Snacks Market Analysis and Forecast by Sales Channel
- Global Savory Snacks Market Analysis and Forecast by Region
- North Savory Snacks Market Analysis and Forecast
- Latin Savory Snacks Market Analysis and Forecast
- Europe Savory Snacks Market Analysis and Forecast
- Asia Pacific Savory Snacks Market Analysis and Forecast
- Middle East & Africa Savory Snacks Market Analysis and Forecast
- Competition Landscape
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