Global savory snacks market has been witnessing strong growth over the past few years on account of growing popularity of healthy snacks. Manufacturers’ response towards the consumer demand for fat free, healthy and natural flavored snacks led to the strong growth in savory snacks market in the past six years and trend is expected to continue over the forecast period. Availability of large number of flavors coupled with increasing R&D by major market players to innovate more flavors is further expected to drive the market over the next seven years. Increasing spending on healthy snacks in emerging markets such as China, India and Brazil is a direct consequence of the rising disposable income of consumers. This is further expected to complement the savory snacks market growth over the forecast period.
Economical pricing of these snacks is also one of the drivers augmenting the market growth in near future. Based on type, savory snacks can be segmented into extruded snacks, nuts & seeds, popcorn, pretzels, meat snacks, traditional snacks, potato chips and other snacks. Potato chips have been the leading product segment over the past few years and trend is expected to continue over the forecast period. Extruded snack is the second major product segment for the market. Traditional crisps have been witnessing strong growth over the past few years. Owing to increasing health concerns, manufacturers have altered their manufacturing methods and content in their snacks. This resulted in less salt content in crisps and baked snacks instead of fried. These changes from manufacturers according to the consumer demand are expected to drive the market over the next few years. Increasing innovations in flavors is further expected to complement the market growth in near future. Other snacks such as popcorns and pretzels are expected to witness strong growth over the next seven years. Nuts & seeds snack are also expected to witness strong growth over the forecast period on account of health benefits associated with it. However, high cost of these snacks may hamper the savory snacks market in some regions.
North America emerged as the leading regional market for savory snacks in 2013 and trend is expected to continue over the forecast period. Increasing trend of consuming snacks during evening, working hours and between main meals in the U.S. is a key factor driving market growth in this region. Asia Pacific savory snacks market is expected to witness significant growth over the next seven years on account of increasing disposable income of consumers in emerging regions such as India and China. In addition, changing life style of consumers and impact of westernization on Indian culture is further expected to drive the market in this region. Europe is expected to witness considerable growth owing to increasing demand from U.K.
Savory snacks market is highly competitive wherein, manufacturers compete with each other by improving flavors and added health attributes associated with these snacks. Key players of savory snacks market include ConAgra Foods, Inc., Kraft Foods, Inc., General Mills, PepsiCo, Kellogg and Blue Diamonds Growers.
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