The global savory snacks market grew at a CAGR of around 5% during 2014-2019. Savory snacks are food products that have a salty or spicy flavor instead of a sweet profile. They are manufactured using various ingredients such as vegetables, fruits, nuts, grains, vegetable oils and seasonings. They are rich in nutrients, minerals, vitamins and fibers. Usually consumed in-between meals in small quantities, the most prevalent variants include salted biscuits, potato and corn chips, popcorns, pretzels, meat snacks, nuts and seeds.
The growing food and beverage industry, along with an increasing preference for on-the-go snacking options, is one of the key factors driving the growth of the market. Owing to the changing lifestyles and hectic schedules of the working population, there has been a rise in the adoption of convenience food products such as savory snacks across the globe. Furthermore, owing to the growing consumer awareness for healthy snacking habits, manufacturers have introduced low-fat, gluten-free, organic, and protein-rich snacks, which are rapidly gaining popularity among consumers. The introduction of various meat-based snacks such as lean beef or turkey has also favored the market growth. Manufacturers are also offering a diversified product range to expand their consumer base and meet individual requirements in terms of flavor preferences and dietary needs. Factors such as rising disposable incomes and extensive research and development (R&D) activities to improve the production process and the quality of the product, along with convenient and attractive product packaging are also contributing to the growth of the market significantly. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players being Arca Continental, Calbee Inc., Conagra Brands Inc., General Mills Inc., Hain Celestial, Haldiram's, Intersnack, ITC Limited, Kellogg's, Kraft Foods (Kraft Heinz), Lamb Weston, Mondelez International Inc. (Kraft Foods), Oberto Snacks Inc. (Premium Brands Holdings), PepsiCo Inc., etc.
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