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Global Industry Insight: Savory Snacks Market Development and Demand Forecast to 2020
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The global savory snacks market was valued at $111.1 billion in 2014. The market is expected to grow at a CAGR of 7.1% during 2015 to 2020, to reach $166.6 billion by 2020. The global savory snacks market is being driven by the rising urbanization, increasing per capita income (especially in developing countries), and changing food culture. The high growth of savory snacks market (https://www.psmarketresearch.com/market-analysis/savory-snacks-market) in Asia-Pacific region is mainly coming from the increasing demand from China and India, as they constitute large part of the global and regional population. The healthier alternatives to savory snacks, such as bakery products, fresh fruits, and juices, are hindering the savory snacks market growth; which is compelling companies to offer healthier snacking options. The demand for small pack sizes have been increasing considerably in certain countries, such as India and Mexico, due to increasing consumption from lower income groups and demographic changes.
People are demanding varieties in snacks, which is encouraging companies to launch new products. Several companies have been announcing the launch of products with new tastes, flavours, and shapes to maintain their competitiveness in the market. Moreover, customers’ increasing inclination towards organic foods is compelling the savory snack companies to innovate their products for customer retention.
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The global savory snacks market has been segmented as potato chips, processed snacks, popcorn, nuts and others. The processed snacks accounted for the largest share, with market size of $41,572.3 million in 2014, in global savory snacks market and it is expected to grow at a CAGR of 6.5% during 2015 – 2020. And based on
Earlier, snacks were considered as a break time light food. However, in the recent times people have been increasingly eating them between the meals. Snacks are being considered as fourth meal of the day in U.S. Americans are forerunners amongst the snack eaters between the meals as they love to snack everywhere from theater, to workplace, to car, and even on the subway. A similar culture exists in Brazil, where snack is a part of breakfast.
Globally, the Indian savory snacks market is expected to witness highest growth, 16.6% during the period 2015 – 2020, among all the countries. The U.K. is the forerunner in snack consumption across Europe. According to a food research company, the U.K. people snack 825 times a year as compared to the 807 times of the European consumers’ average. People in the age group 6years to 24 years are the largest savory snack consumers in U.K. The U.K. leads the savory snacks market in Europe; however, it is not the largest consumer in terms of per capita consumption. Countries such as Netherlands, Norway and Spain have a greater per capita consumption of savory snacks as compared to their British counterparts. According to European Snacks Association (ESA), the average annual per capita savory snacks consumption in Europe is about 3.6 kilogram.
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The increasing numbers of supermarkets and hypermarkets coupled with growing per capita income is encouraging people for bulk buying of savory snacks, which is mostly offered by the large scale retail. Convenience stores are another format which is growing at global level due to peoples’ growing demand for convenience.
The global savory snacks market has a fragmented structure with a large number of companies operating in the market. Some of the major companies include PepsiCo., Kraft Foods, ConAgra Foods, CALBEE, Diamond Foods, General Mills, Intersnack Group GmbH, Lorenz Bahlsen, Kellogg company, and Orkla ASA.
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