Newark, NJ, May 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global savoury snacks market is expected to grow from USD 62.55 billion in 2020 and to reach USD 101.25 billion by 2028, growing at a CAGR of 6.2% during the forecast period 2021-2028.
Over the projected era, rising awareness about the consumption of nutritious foods is expected to fuel market growth. Most consumers nowadays enjoy snacks between meals, which, together with the customer awareness of health issues caused by inorganic food intake, is expected to drive demand growth over the projected period. Over the projected period, the market is expected to rise due to an increase in demand for packaged food goods. Diabetes, stomach diseases, asthma, and obesity have both increased dramatically in the global population over the last few decades. With the prevalence of health-related conditions on the rise, most consumers have actively begun to choose balanced eating plans. As a result, in the health-conscious market group, there has been a rise in the intake of foods with less calories and the best balance of vital nutrients.
The global market for savory snacks is fiercely competitive and rapidly evolving. Savory snacks are foods that have a spicy, rich flavor. Potato chips, fries, tortillas, savory cookies, and other baked snacks are examples of savory snacks. Savory snacks also include vegetable oil, almonds, rice, seasoning, citrus, tomatoes, and tree nuts. Snacking is a common pastime among millennials and a significant contributor to the global savory snack industry. Savory snacks are a major segment of the food and beverage industry, and they are popular with people of all ages all over the world. Customers are gradually looking to snacks as a time-saving alternative to meals and snacks in between meals as travel times in cities lengthen and the number of working women grows.
The industry is being driven by an increase in the number of people preferring to snacking between meals, a growing preference for snacks over sit-down meals, customer proactivity against health issues, rising urbanisation, societies drifting into dynamic food practices, the party culture, and a shift from conventional baked snacks to savory snacks, as well as the disposable income. Strong Savoury snacks prices, lack of information about savoury snacks items, low per capita income of the middle and lower-middle classes, and out-of-pocket spending in pet healthcare in developing regions are all factors limiting market growth. Business development prospects can be provided by advanced monitoring pet wearables.
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Key players operating in global savoury snacks market include The Kraft Heinz Company (US), PepsiCo (US), Inc. (US), Diamond Foods LLC (US), CALBEE, Inc. (Japan), General Mills, Inc. (US), The Lorenz Bahlsen Snack-World GmbH & Co KG (Germany), ConAgra Foods Inc., Intersnack Group GmbH & Co. KG (Germany), Kellogg Co. (US), Parle Products Pvt. Ltd., Orkla ASA (Norway), Mondelez International (US), Nestle SA (Switzerland), ITC Limited (India), JACK LINK'S, LLC. (US), Premium Brands Holdings Corporation (Canada). To gain a significant market share in the global savoury snacks market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Pepsi Co. and General Mills are some of the key manufacturers operating in Savoury snacks market.
- In 2014, PepsiCo introduced many new savory treats, including Tostitos Rolls, a tube-shaped chip dipping snack, and Cheetos Bag of Bones, a skeleton-shaped snack. This increased the products available in the market.
- In January 2015, General Mills announced the introduction of 50 new products, including a gluten-free snack bar called Food Can Taste Good Real Good Bar. This helped expand the market.
Chips segment dominated the market and held the largest market share of 18.9% in the year 2020
On the basis of type, the global Savoury snacks market is segmented into chips, nuts & seeds, biscuits & cookies, popcorns and others. Chips segment dominated the market and held the largest market share of 18.9% in the year 2020. This growth is attributed to the taste ingredients available in this segment. They provide a range of tases from sweet to spicy and are also easy to consume and affordable.
Baked segment dominated the market and held the largest market share of 37.15% in the year 2020
On the basis of category, the global savoury snacks market is segmented into baked, fried and others. Baked food segment dominated the market and held the largest market share of 37.15% in the year 2020. This growth is attributed to the fact the baked goods help take care of health by provided a non-oily alternative. The increasing health conscious in the millennial are also driving the demand of this segment.
Supermarkets/Hypermarkets and Convenience Stores segment dominated the market and held the largest market share of 25.15% in the year 2020
On the basis of category, the global savoury snacks market is segmented into supermarkets/hypermarkets, independent retailers, convenience stores, service stations, specialists and others. convenience store and supermarket/hypermarkets segment dominated the market and held the largest market share of 25.15% in the year 2020. This growth is attributed to the changing consumer and a wide variety of items are now available in these formats.
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Regional Segment of Savoury Snacks Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global savoury snacks market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific and North America regions held the largest market share of 41.16% in the year 2020. Countries like Japan and China are helping in driving Asia Pacific's rise. This growth is attributed to the growing fears about childhood obesity, consumers in these countries have begun to embrace healthy lifestyles. The European region is expected to have the fastest growth. In Europe, savory treats are in high demand, and they are consumed at a number of times by the general public. On-the-go eating is pushing the demand in countries like the United Kingdom and Spain, where consumers see it as an instant energy boost instead of whole meals.
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About the report:
The global savoury snacks market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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