Market Overview:
The savory snacks market is growing at an incremental pace globally. Market Research Future, a firm which specializes in market reports related to the Food and Beverage sector among others, recently forecasted in its report on ‘Global Savory Snacks Market Research Report- Forecast to 2023’ that the market will grow exceptionally during the forecast period.
Growing consumer pro-activeness towards health problems has boosted the demand for savory snacks as they comprise essential ingredients and possess familiar taste. Changing approaches of the customers towards snacks and healthy food has heavily influenced the global savory snacks market. Increasing consumers’ inclination towards healthy snacks has led the global savory snacks witness a strong growth over the past few years. Teenagers are identified to consume savory snacks more between the meals while others tend to consume the product more as a treat. Growing health consciousness has enforced manufacturers and producers to deliver to this demand, by offering various low calorie, low fat, and gluten-free products. Availability of a huge number of existing flavors along with increasing research and development by key market players to innovate new flavors is further projected to drive the market over the forecast period.
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One of the modern trends gaining grip in the market is the rise in the number of marketing and promotional campaigns. The industry key players are centering on advertising their product offerings on the online platform with the help of e-retailers. Manufacturers are focusing more on strengthening their product offerings in various price segments through their own online shopping portals to increase their sales and generate revenues. Social media platforms are also identified to have become a strong source for product promotion, which will further add fuel to the sales of savory snacks over the coming years.
Competitive Analysis:
Entry of new players in the savory snacks market with their unique product-line has created competitive environment on the global platform. Continuous innovation and new product launches are the major strategies followed by the established players in order to sustain their consumer base and capture the attention of mass consumers towards their offerings. Each player is coming up with new ideas to surge their market share against others. With companies aiming to capture a significant share of the market as early as possible, they are also undergoing strategic business moves to expand their production along with geographical presence. Technological advancements and innovative product offering is the long-term growth opportunity for this sector.
The key players profiled in global savory snacks market report is PepsiCo (U.S.), Kraft Foods Group, Inc (U.S.), ConAgra Foods, Inc (U.S.), CALBEE, Inc (Japan), Diamond Foods, Inc (U.S.), General Mills, Inc (U.S.), Intersnack Group GmbH & Co. KG (Germany), Lorenz Bahlsen Snack-World Group (Germany), Kellogg Company (U.S.), and Orkla ASA (Norway) among many others.
Latest Industry Updates:
Nov 2017 Leading companies engaged in manufacturing savory snacks such as General Mills, Kellogg, Mondelēz International are focusing on oat-based savory snacks to provide a healthy edible to the consumers.
Sept 2017 Calbee, the Japanese snack maker has planned to boost the output of domestic potatoes for chips by 10% to 320,000 tons by 2022 by introducing new, more productive breeds it has developed. This will help them stabilize the supply of potatoes for its chips.
June 2017 Pepsico launched US snacks brand Off The Eaten Path in UK. The range marketed in the UK include Sea Salt Crispy Rice & Pea Chips and Caramelised Onion and Balsamic Vinegar Crunchy Pea & Pinto Bean Sticks. These products are made from vegetable-based ingredients. By this launch, the company wanted to expand its geographical presence and target vegan population in U.K
April 2017 Orkla ASA, a leading supplier of consumer goods removed palm oil from 98% of its products. Instead they replaced it with mixtures of various oils such as sunflower, coconut and shea nut oil, which together make better products in terms of health. These innovations is to come up with healthier products for the consumers in the competitive market.
Market Segments:
The global savory snacks market has been divided into type, distribution channel, and region.
On The Basis Of Type: Potato Chips, Processed Snacks, Popcorn, Nuts, and Others
On The Basis Of Distribution Channel: Store Based, and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
The global savory snacks market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global savory snacks market is highly dominated by Asia Pacific and North America in terms of revenue. Japan and China together accounted the major share in Asia Pacific. The consumers in developed countries of North America have started adopting healthier lifestyles because of rising concerns about obesity. Savory snacks account high demand in Europe as these products are consumed at various occasions by the population in this region. The market is driven by countries such as the UK and Spain in Europe as the consumers tend to highly consume “on-the-go” snacks such as instant energy booster in place of whole meals. The demand for savory snacks is also rising rapidly in countries such as Netherlands, Norway, and Germany. However, India, China and Mexico are expected to be the most lucrative market during the forecast period.
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