The global processed snacks (savory snacks) market is projected to gain lucrative revenues by 2020, according to a report on Radiant Insights, Inc. It is expected to exhibit a respectable CAGR over the forecast period (2011 to 2020). It is driven by changing consumer habits regarding foods. Increasing population and demand fornon-perishable foods have led to the continuous success of these foods globally.
Processed snacks are designed to be packaged in portable packets for convenience of users. They contain appealing ingredients as well as preservatives to keep the food fresh. Increasing demand due to rising expendable incomes of consumers and sedentary lifestyles can contribute to market growth. In light of growing health-consciousness among consumers, manufacturers are focusing on research and development to create healthy snacks. One trend that has gained traction is the innovation of baked chips, which contain less fats and more nutritional value.
Processed foods can comprise ready-to-eat meals as well as reheating meals. Some of the foods are canned or refrigerated to extend their shelf life. Innovations in technology have led to sustainable packaging formats as well as increased sales of these foods in Switzerland and Japan. PepsiCo, one of the leaders in the market, has registered healthy revenue in sales and demand in 2017. It is planning to invest in unsweetened tea and products with low caloric value.
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The worldwide processed snacks market is segmented according to product and distribution channel analytics. Types of products encompass potato chips, corn chips, tortilla chips, pork scratchings, and extruded snacks. Potato chips are expected to garner high demand, followed by popcorn and traditional nut snacks. The tortilla chips segment is the second largest after potato chips, due to their preference by the working population. Tortilla chips are differentiated according to price, packaging, and promotion. Texture innovation is a key area experimented by players to attract more consumers.
Distribution channel analytics are dollar stores, drug stores andpharmacies, hypermarkets andsupermarkets, cash andcarries and warehouse clubs, food anddrinks specialists, health andbeauty stores, convenience stores, variety stores, general retailers, and others. Hypermarkets andsupermarkets are expected to form the biggest distribution channel being an omni-solution for all foodshopping. Convenience stores and other general retailers are also expected to equally contribute to market growth thanks to their growing presence in neighborhoods.
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North America, Western Europe, and Japan are markets that have reached saturation. Other markets such as India, China, Indonesia, and the Middle East & Africa have high growth potential. The U.S. is the largest market in North America, followed by Spain, Germany, and the U.K. in Europe. Companies are resorting to advertising and other digital channels to revamp their brand and entice future consumers. Others are creating supply chain partnerships to expand their reach.
Notable market players include Mondelez International Inc.; ConAgra Foods Inc.; PepsiCo; Calbee Foods Co Ltd.; and Intersnack GmBH & Co. Launch of innovative flavors, mergers, and acquisitions are business strategies adopted by these players to sustain their market hold. New players can easily penetrate the market due to shifting consumer preferences and low brand loyalties.However, functional foods are expected to be an imminent threat to market growth in the forthcoming years.
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