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(MoneyNewsWire.Net, February 28, 2018 ) The Global Savory Snacks Market was valued at USD 96 billion in 2016 is expected to reach USD 138.90 billion by 2023 at a CAGR of 7.20%. Savory snacks are the emerging fast food category in the global market. PepsiCo is the leading player in the snacks category.
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Changing consumer food preferences
The global savory snacks market is largely driven by, changing lifestyles, food consumption habits; rise in disposable incomes and increasing food convenience. Mounting health concerns among consumers and food ingredient regulations by governments may restrain the savory snack market growth. The rising popularity of innovative products with different types of flavors and organic based savory products are market capturing opportunities.
Asia-Pacific is the fastest growing market
The various products include potato chips, extruded snacks, nuts, and seeds, traditional snacks, popcorn, pretzels, meat snacks, etc. Potato chips are highest in demand, followed by popcorn, traditional and nut snacks. The distribution channel is segmented into hypermarkets, supermarkets, convenience stores, departmental stores, specialty stores and online purchases.
The global savory snacks market is dominated by North America with 27% of total market share followed by Europe, Asia Pacific with 23%, South America and Africa. In North America, the USA is the largest consumer of savory snacks. Europe is the second largest consumer of savory snacks with the U.K., France, Germany, Spain and Italy being the major consumers. China and India are not only the largest consumer market in the Asia-Pacific region but are also the fastest growing market for savory snacks globally. These countries are supported by their large population, rapid urbanization, and increasing disposable income.
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There is high competition in the global savory snacks market as the market is highly fragmented. The top ten global players have only 16% share of the overall savory snacks market. The local and regional snacks manufacturers cater to area-specific taste, which is very difficult for global players to capture. The entry for new players is easy because of the large number of alternatives in the same snacks category, low customer loyalty and high shifting habits in the market. Product launches of innovative flavors, organic and gluten-free products and mergers and acquisitions with local players have been the major business strategies for market growth.
Major players: CALBEE FOODS CO LTD., CONAGRA FOODS Inc., ITC, INTERSNACK GMBH & Co, MONDELEZ INTERNATIONAL Inc., PEPSICO, KELLOGG Co., MONDELEZ INTERNATIONAL Inc., GENERAL MILLS Inc.
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Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
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