The global processed snacks market is anticipated to grow significantly over the forecast period. Change in eating habits of consumers has been one of the major factors driving the demand for processed snacks around the world. Processed snacks are generally designed to be more portable and less perishable than prepared foods. Processed snacks usually contain appealing ingredients such as special flavors, peanuts, and chocolates in addition to preservatives and sweeteners which enables them to be consumed during any time of the day and get an edge over prepared food.
Growing population coupled with increasing per capita food consumption mainly emerging economies such as China, India, Brazil, Russia, and South Africa has also been driving the demand for processed snacks. The demand for processed snacks in these countries have been experiencing double digit growth rates since the last few years and is expected to drive the overall market over the next decade. However, the growing health concerns arising due to the consumption of such snacks have been inhibiting the market growth. Shifting trend towards dieting and weight control limits processed snacks such as potato chips to be added in daily eatables list of consumers. In order to minimize this effect, the industry is constantly involved in product differentiation by conducting exhaustive R&D activities. One such fine example is the introduction of baked potato chips which has been gaining a considerable amount of market share owing to its health advantages over fried potato chips.
The market for processed snacks in developed economies of North America, Western Europe, and Japan has almost reached its saturation owing to which the demand is expected to grow at a relatively sluggish rate over the forecast period. Companies operating in these regions have been creating USPs for their products in order to increase their market share and sustain in the global market. In addition, companies are looking to improve their supply chain by maintaining relationships with the retailers.
This research report analyzes various factors, which has been driving and inhibiting the global processed snacks market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for the market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.