According to the latest market study released by Technavio, the global savory snacks market is expected to reach USD $175.85 billion by 2021, growing at a CAGR of more than 5%.
This research report titled ‘Global Savory Snacks Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the revenue generated through the sales of different types of savory snacks through various retail outlets and foodservice establishments, which include but not limited to hypermarkets, supermarkets, convenience stores, independent retailers, discount stores, warehouse clubs and others.
Snack items are largely being consumed as replacements for breakfast especially nuts and seeds — a factor that is helping to create a massive opportunity for global players to introduce innovative product offerings, keeping in mind the nutrition and taste preferences of consumers. An increasing number of snackers, primarily in the North American and European markets, and the preference for snacks as breakfast items have increased the sales of savory snacks.
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends and more.
Technavio’s analysts categorize the global savory snacks market into eight major segments by product type. They are:
Nuts and seeds
Frozen potato chips
Other savory snacks
The three major product segments for the global savory snacks market are:
Global potato chips market
The global potato chips market had been witnessing a steady growth rate over the past few years. The increasing per capita consumption in developed regions like North America and Europe is the major growth driver for this product segment. In addition, the changing taste preferences have encouraged the sales of potato chips and lead to an increased demand for newer flavor varieties.
According to Manjunath Reddy, a lead food research analyst from Technavio, “In September 2016, PepsiCo launched Swiss Chalet sauce-flavored LAY’S potato chips. The company partnered with the Swiss Chalet chain of dine-in and takeaway restaurants to launch these products.”
Global extruded snacks market
Extruded snacks are available in different shapes, sizes, and colors, and their packaging acts as a key differentiator for consumers. The rising disposable income, especially among middle-class consumers, will spur the growth of the market during the forecast period. Other significant drivers for this segment include the burgeoning marketing activities and increased focus of players on product innovations.
“Extruded snacks with no artificial preservatives, zero trans-fats, and low sodium content are gaining rapid popularity. Various new technologies, such as the twin-screw extrusion technology, have emerged in the market to help improve the operational efficiency of vendors,” said Manjunath.
Global nuts and seeds market
The global nuts and seeds market is expected to grow at a moderate pace during the forecast period. The increasing consumption of nuts and seeds as breakfast items has been accelerating the segment’s growth. However, the rising prices of almonds could hamper the growth of the market in the coming years.
Peanuts constitute one of the most popular products in Europe, Asia, and Latin America, while almonds are widely consumed in North America, Australia, and New Zealand. The consumption of almonds in Asia is rising at present, mostly due to the growing awareness of the health-related benefits of almonds.
The top vendors highlighted by Technavio’s research analysts in this report are: