Savory snacks market is expected to witness significant growth over the forecast period owing to rising demand for healthy snacks along with changing food culture. Increasing per capita income coupled with rapid urbanization in developing economies including China, India, Japan, and Brazil is anticipated to act as a key driver for market growth. Moreover, the growing demand for natural and additive free food is expected to propel the demand for savory snacks over the next seven years.
Furthermore, increasing demand for variety in snacks is expected to drive manufacturers to produce products with new flavors, tastes and shapes to maintain and gain market share which in turn is expected to augment market growth. Rising demand for small pack sized products coupled with economical pricing is expected to augment the demand over the upcoming period mainly among the lower income group consumers. Advancements in technology have led to product innovations which are predicted to spur the market growth.
However, threat from substitutes including ice creams and bakery products is expected to restrain the market growth over the forecast period. North America is expected to contribute significantly towards the market growth owing to increasing consumption of snacks between meals and hectic work schedules mainly in the U.S. Asia Pacific is further expected to witness rapid growth on account of rising disposable income of consumers and growing preference for savory snacks including popcorn, potato chips, extruded snacks, pretzels, nuts & seeds, traditional snacks and potato chips as an evening meal mainly in India and China. Changing lifestyle and increasing distribution channels is expected to fuel the demand for savory snacks in Europe over the next seven years.
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Key players of savory snacks market include Kraft Foods, Inc., ConAgra Foods, Inc., PepsiCo, General Mills, Kellogg, Calbee Foods, Blue Diamonds Grower, JFC International, Haldirams, Bikanervala Foods Pvt. Ltd, Oberto Brands, Want Want, Universal Robina, and Wise Foods. Haldirams and Bikanerwala have introduced specialized products for the Indian market. Moreover, companies, owing to advancement in technology are able to reduce salt content so as to provide healthy snack to the market.
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