Savory Snacks Market Trend | COVID – 19 Outbreak, Value Share and Forecast to 2024
Market Overview
Global Savory Snacks Market is stemmed from changing food consumption patterns, growing popularity of convenience food items, and rise in disposable income.
The consolidating trend of healthy snacking has compelled food manufacturers to turn to healthier snack manufacturing. With a substantial base of global population embracing heather diet options, manufacturers are increasingly innovating healthy snacks. Baked savory items have gained massive popularity and new product launches are estimated to influence the growth of the market.
The prolific growth of the retail industry has been a key factor influencing the growth of the savory snacks market. The retail industry is shifting to lager formats such as supermarkets and hypermarkets. These places accommodate a variety of snacks of varying range and types. Moreover, attractive discounts offered by these stores encourage consumers to purchase larger quantities of savory snacks, which in turn, is propelling the growth of the market. The rise in disposable income, especially in the developing countries of APAC has also stimulated the growth of the market. Rapid urbanization and growth in the number of retail outlets have also resulted in accelerated sales.
Competitive Landscape
Kellogg Company (U.S.), CALBEE, Inc. (Japan), Lorenz Bahlsen Snack-World Group (Germany), Diamond Foods, Inc. (U.S.), General Mills, Inc. (U.S.), ConAgra Foods, Inc. (U.S.), Kraft Foods Group, Inc. (U.S.), PepsiCo (U.S.), Orkla ASA (Norway), and Intersnack Group GmbH & Co. KG (Germany) are the notable players in the global savory snacks market.
Segmentation
Global Savory Snacks Market Trend has been segmented based on type and distribution channel.
By type, the savory snacks market has been segmented into potato chips, processed snacks, popcorn, nuts and others. The potato chips segment is dominating the market. Potato chips is highly preferred among consumers due to its taste, low price, and easy availability. Moreover, any flavor or spices can be added to potato chips without ruining its taste. The processed snacks segment is anticipated to capture the highest CAGR over the forecast period due to shifting consumer preferences.
By distribution channel, the savory snacks market has been segmented into store-based and non-store based. The store-based segment is dominating the market as it provides convenience and one-stop shopping experience. Changing global scenario and rapid technology adoption is anticipated to spur the sales of savory snacks through e-commerce platforms.
Regional Analysis
Region-wise, the savory snacks market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America is the largest savory snack market followed by Europe. Various multinational food corporations are based in the US, which gives the region unprecedented leverage over others. Given the high disposable income of consumers in the region, the savory snacks market bodes well in the region. Moreover, the presence of consumers who are inclined towards on-the-go and convenience food items has been beneficial for the growth of the market. Product innovation by market players to survive the tide of growing health consciousness is also expected to support the growth of the market in coming years.
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Europe too accounts for an advantageous share of the global savory snacks market. Expanding bakery industry and rise in disposable income is aiding the growth of the market. Europe too has a substantial presence of leading market players in Germany and Norway.
The APAC Savory Snacks Market is likely to exhibit the highest CAGR over the forecast period. Burgeoning population growth, rise in disposable income, and surging demand for convenience food are factors supporting the growth of the market. Moreover, a number of small market players have cropped up in the region, which acts as an advantage for the market. Surging sales of savory snacks through e-commerce portals is also a key factor enhancing the market growth.
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