Sarasota, FL, Dec. 07, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Savory Snacks Market (Potato chips, Extruded snacks, Nuts and seeds, Traditional snacks, Popcorn, Pretzels, Meat snacks): Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 - 2021” . According to the report, the global savory snacks market accounted for USD 94.5 Billion in 2015 and is expected to reach USD 108.5 Billion by 2021, growing at a CAGR of around 2.33% between 2016 and 2021.
Savory snack is a salty food which is smaller than a regular meal. Usually, savory snack is eaten between meals. From past few years, snacks consumption trend have been changed. Consumers prefer more healthy snacks than the fried one. Hence, manufacturer’s venture towards the consumers demands healthy and fat-free snacks have been increasing. This boosts the demand for healthy snacks and in turn helps to grow the snacks market in the coming future. Lay’s, Doritos, Cheetos, Ruffles, and Pringles were the dominating brands with the highest market share in 2015. Demand for such brands increased due to innovative consumption pattern such as potato chips in chocolate chili flavor in France, nacho chips in papdi chaat flavor in India, popcorn in strawberry and cream flavor in the UK and maize snacks in a tangy fruit chutney flavor in South Africa.
Browse through 18 Market Tables and 19 Figures spread over 110 Pages and in-depth TOC on “Global Savory Snacks Market: Industry Analysis, Size, Trends, Growth, Statistics, Segment and Forecast 2015-2021”.
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Increasing urbanization and busy lifestyles are impacting the consumer eating habits. Consumers are gradually replacing main meals with more light, flexible and convenient snacking options. This is expected to be a driving factor for savory snack market. PepsiCo is one of the leading providers of savory snacks in the global market. Their snacks are made with different flavors to capture the region specific taste preferences. For instance, in North America, some of the flavors provided by PepsiCo are sour cream & onion, barbecue, and hidden valley ranch. Due to rising health concerns, producers have altered their manufacturing methods and content in their snacks. This has resulted in low salt content in baked and crispy snacks instead of fried. These alterations from manufacturers according to the consumer demand are projected to drive the market in next future years. However, the high cost of these snacks is one of the factors which are hampering the savory snacks market growth. Furthermore, the growing hypermarkets and supermarkets in the developing economies are boosting growth opportunities for the savory snacks market.
Savory snacks market is segmented into extruded snacks, nuts & seeds, popcorn, pretzels, meat snacks, traditional snacks, potato chips and another type of snacks. A potato chip has been the leading product segment of the savory snacks market over the past few years and this trend is projected to be continued over the forecast period. Traditional snacks segment is projected to witness strong growth in the coming future owing to new innovations in flavors and tastes. Extruded snack is also one of the major product segments of the savory snack market and likely to grow rapidly due to increasing consumers preference towards it.
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The North America savory snacks market is majorly driven by the food habits of the consumers, as snack foods have become the essential part of the daily diet along with meals. With the growing obesity concern, consumers in this region have been giving equal importance to nutritional value and taste profile. With this trend spreading across the region, manufacturers have been rolling out healthy snacks with increased nutritional value. This is expected to again boost the demand for savory snacks market in this region.
UK was a major market for savory snacks in Europe and accounted for approximately USD 4.59 billion in 2015. Whilst the UK is one of the largest purchasers (per capita) of potato chips / crisps, savory snacks, and snack nuts. In Europe, the average purchase of snack food is around 3.6kg per year per capita (According to Europe snacks Association). This trend is likely to boost the savory snack market in Europe.
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In Asia Pacific, savory snacks market is likely to witness significant growth in the next coming years on account of increasing disposable income of consumers in developing economies such as China and India. Moreover, the impact of westernization and changing the life style of consumers are the factors which expected to drive the market in this region. It is estimated that the major future growth will come from the Asia-Pacific region due to two key reasons i.e. an increasing population and increased consumption per capita.
Latin America is anticipated to grow rapidly due to increasing consumption of savory snacks day by day. Latin America was followed by the Middle East and Africa. For instance, in Latin America, sales of savory snacks, which include crackers, rice cakes, and pita chips, increased 21% in 2015. Furthermore, meat snacks, which include jerky and dried meat, grew about 24% in the Middle East and Africa in 2015.
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Some of the key companies operating in global savory snacks market are PepsiCo Inc., AVI Limited, H.W. Lay and Co, Want Want Holdings Limited, Frito-Lay, Kellogg Company, Calbee, Bourbon Corporation, Kraft Foods, Chio Chips, Estrella, General Mills, Greendot Health Foods Ltd, Haldiram`s, Amanoya Kabuki, Kameda, and Tyrrells among others.
This report segments the global savory snacks market as follows:
Global Savory Snack Market: Product Segment Analysis
- Potato chips
- Extruded snacks
- Nuts and seeds
- Traditional snacks
- Popcorn
- Pretzels
- Meat snacks
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Global Savory Snack Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East & Africa
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