Savory Snacks Market Growth, Trends, Absolute Opportunity and Value Chain 2016-2026
Changing attitudes of the customers towards snacks and healthy food has heavily influenced the global savory snacks market. On account of growing popularity of healthy snacks, the global savory snacks have been witnessing a strong growth over the past few years. Younger generation tends to get energy in between meals while older generations see snacking as more of a treat. The growing awareness of health and wellness among the customers has forced manufacturers and producers to deliver to this demand, by offering various low calorie, low fat, and gluten-free products. The savory snacks are enjoyed by all age groups across Europe as they consume it in various occasions. For instance, in Germany people eat savory snacks as a part of a meal or on social occasions with family and friends. In the UK these savory snacks are eaten for a quick energy boost on the go during the day. Among European region UK is the largest market for savory snacks.
Availability of a large number of existing flavors along with increasing research and development by key market players to innovate new flavors is further anticipated to drive the market over the forecast period. In some regions the consumers growing inclination towards the organic foods is compelling the manufacturers to innovate their products for company retention. From the past few years, potato chips segment is on the lead, and this trend is likely to continue over the forecast period. Manufacturers have not only changed their manufacturing methods but also altered some contents in their snacks because of the increasing health concerns among the consumers.
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Based on the segment type the global savory snacks market is segmented into:
- Potato Chips
- Processed Snacks
Based on the distribution channel the global savory snacks market is segmented into:
- Supermarkets/ Hypermarkets
- Independent Retailers
- Convenience Stores
- Service Stations
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In terms of geography, the global savory snacks market has been divided in to five key regions including North America, Latin America, Europe, Asia-Pacific and the Middle East & Africa.The global savory snacks market is expected to register healthy CAGR during the forecast period. North America is anticipated to be the dominant market for global savory snacks market followed by Asia Pacific and Europe. The UK is the largest market for savory snacks in Europe, however, the per capita consumption of savory snacks is more in countries like Netherlands, Spain, and Norway. The savory snacks market in Asia-Pacific region is expected to grow at highest CAGR over the forecast period.
Some of the key players in the global savory snacks market are PepsiCo., Kraft Foods, ConAgra Foods, CALBEE, Diamond Foods, General Mills, Intersnack Group GmbH, Lorenz Bahlsen, Kellogg company, and Orkla ASA etc.