Savory snacks are gluten-free with low-calorie content, which makes them edible for diabetes and obesity patients. In addition, consumers are conscious of the foods they consume, so they typically spend money on healthy foods that are sugar-free. As a result, the rise in the adoption of convenience food products increases the demand for savory snack products.
The Savory
Snack Products Market is expected to grow at a steady rate of around 7%
during the forecast period (2022-2028) owing to the expansion of the retail
industry globally. Moreover, the retail sector is one of the largest sales channels
for savory snack product sales across the globe. Major companies operating in
the savory snack products market are looking for partnerships to strengthen
their position in the market. For instance, in June 2021, The Kellogg
Company, a US-based savory snack products manufacturing company, partnered with
Wendy's, a US-based holding company for the fast-food chain, in the savory
snack products market.
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Based on product, the market is segmented into potato chips, extruded
snacks, popcorn, nuts & seeds, tortillas, and others. Potato Chips category
to witness higher CAGR during the forecast period. This is largely due to the development of new
flavored and medicinal benefits such as low calorie, low fat, and high
potassium content also contribute to the development of this market region.
Based on the flavor,
the market is categorized into
barbeque, spice, salty, plain/unflavored, and other. Among these, the spice to
hold a significant share in the market in 2020. This is mainly due to the
aromatic taste plays an important role in the snack industry. In addition,
belonging to the spicy flavor category, chili peppers enhance the flavor (heat,
spiciness, warmth, chewiness) and color of cooked foods. For food
manufacturers, these ingredients are often included in extracts. As local
cuisine becomes more globalized, consumer preference for foods containing heat
has increased significantly.
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APAC to witness extensive growth
For a better understanding of the market
adoption of the Savory Snack Products industry, the market is analyzed based on
its worldwide presence in the countries such as North America (U.S., Canada,
Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of
Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of
World. APAC is anticipated to grow at a substantial CAGR during the forecast
period. This is mainly due to the consumers in this region are beginning to
adopt healthier lifestyles due to growing concerns about childhood obesity.
Furthermore, with better snacks becoming more and more available, segments such
as popcorn, which saw strong sales growth, are meeting consumer demand in the
region. For instance, In January 2021, PepsiCo announced to launch
ready-to-eat Cheetos popcorn. The popcorn is infused with “cheetle,” the
brand’s proprietary cheesy orange and red dusting.
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According to UnivDatos Market Insights (UMI)’,
the key players with a considerable market share in the Savory Snack Products market
are PepsiCo
Inc., Kellogg Company, General Mills Inc., Calbee Inc, ITC LIMITED, Mondelēz
International, Nestle SA, Grupo Bimbo, S.A.B. de C.V., Hain Celestial Group
Inc, Blue Diamond Growers.
“Global
Savory
Snack Products Market” provides comprehensive qualitative and quantitative insights on
the industry potential, key factors impacting sales and purchase decisions,
hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’
capabilities on different parameters. This will help companies in the
formulation of go-to-market strategies and identifying the blue ocean for its
offerings.
Market Segmentation:
1. By
Product (Potato Chips, Extruded Snacks, Popcorn, Nuts
& Seeds, Tortillas, and Others)
2. By
Flavor (Barbeque, Spice, Salty, Plain/Unflavored, and
AWD)
3. By
Distribution Channel Retail, Food Services, and Others)
4. By
Region (North America, Europe, Asia-Pacific, Rest of
the World)
5. By
Company (PepsiCo Inc., Kellogg Company, General Mills
Inc., Calbee Inc, ITC LIMITED, Mondelēz International, Nestle SA, Grupo Bimbo,
S.A.B. de C.V., Hain Celestial Group Inc, Blue Diamond Growers)
Key
questions answered in the study:
1.
What are the current and future trends
of the global savory snack products industry?
2.
How the industry has been evolving in
terms of product, flavor, and distribution channel?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global savory snack products industry?
5.
What is the customer orientation,
purchase behavior, and expectations from the global savory snack products suppliers
across various region and countries?
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