According to the latest report by IMARC Group, titled "Savory Snacks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global savory snacks market grew at a CAGR of around 5% during 2014-2019. Savory snacks are food products that are characterized by rich, salty or spicy flavor. They are widely consumed as a snack and food item during social gatherings and celebrations. These foods are either baked or fried and are made from a variety of ingredients, including corn, potatoes, oats, grains, nuts, oil, seeds, vegetables, wheat, tapioca and rice. They are also seasoned with salt, spices, garlic powder, pepper and small quantities of sugar. A rich source of fibers, minerals and vitamins, they are widely preferred by the masses due to their long shelf life and convenience of usage. Some of the most common savory snacks are potato chips, salted biscuits, tacos, tortillas, nachos and pretzels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Savory Snacks Market Trends:
The global market is primarily driven by the increasing demand for convenient food products across the globe. This, in confluence with the rising trend of on-the-go snacking, especially among the youth and working professionals, is contributing to the market growth. This can be attributed to changing dietary preferences, and hectic lifestyles of the masses, which have bolstered the sales of ready-to-eat food products, such as savory snacks, across the globe. Along with this, the rising health-consciousness among individuals has led manufacturers to introduce healthier and value-added product variants with reduced fat and calorie content. These snacks are also fortified with natural, organic and gluten-free ingredients due to which they are widely gaining popularity worldwide. The growing preference for meat-based snacks, such as lean beef or turkey, along with their easy availability across numerous retail outlets, is acting as another major growth-inducing factor. Furthermore, extensive research and development (R&D) activities by key players have led to the launch of snacks with experimental flavors in an effort to expand their product portfolio. Some of the other factors contributing to the market growth include advancements in production facilities and the rapid expansion of organized retail and e-retail portals across the globe. On account of the aforementioned factors, the market is expected to exhibit moderate growth during 2020-2025.
- On the basis of the product, the market has been divided into potato chips, extruded snacks, nuts and seeds, popcorn, meat snacks, and others.
- Based on the category, the market has been classified into baked, fried and others.
- On the basis of the distribution channel, the market has been categorized into supermarkets/hypermarkets, specialty stores, online stores, convenience stores, and others.
- Based on the sales, the market has been bifurcated into the retail and foodservice sectors.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Arca Continental, S. A. B. de C. V., Calbee, Inc., Conagra Brands, Inc., General Mills Inc., Hain Celestial Group, Inc., HALDIRAM FOODS INTERNATIONAL PVT. LTD, Intersnack Group, ITC Limited, Kellogg Company, Kraft Heinz Company, Lamb Weston Holdings, Inc, Premium Brands Holdings Corporation, and PepsiCo, Inc.
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