The global savory snacks market is expected to reach USD 218.44 billion by 2025, according to a new report by Grand View Research, Inc. The rising health awareness coupled with growing consumption of healthy snacks is expected to drive demand for the product.
Savory snacks are majorly categorized as snacks that are not sweet in taste. The market growth of these products is driven by health considerations and consumer taste. The presence of numerous flavors coupled with rising R&D investment by major industry players in order to introduce new products is further expected to propel growth over the coming years.
The industry is highly competitive owing to a large number of small and big players. The key industry participants are PepsiCo, Kraft Foods, Kellogg, and CALBEE. The other manufacturers are ConAgra Foods, Diamond Foods, The Hain Celestial Group, General Mills, Arca Continental and Blue Diamond Growers.
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The savory snacks industry in U.S. is growing rapidly on account of millennials consuming snacks over traditional sit-down meals. The shrinking size of households in the country has boosted the snacking trend in the country which is expected to drive the demand for these products over the forecast period.
Further key findings from the report suggest:
- Nuts & Seeds are expected to be the fastest growing segment with a CAGR of 9.4% from 2016 to 2025 on account of rising demand from Japan and Brazil
- Convenience stores are expected to be the highly preferred distribution channel in 2025 with a share of over 33% on account of easy availability of the products
- The roasted/toasted flavored savory snacks are the largest flavor segment in the market growing at a CAGR of over 8.0% from 2016 to 2025. The familiarity of taste and availability of a large number of products in this flavor are expected to drive the demand.
- Asia Pacific is the fastest growing regional segment with market share of over 30% in 2015. The growing demand from developing countries such as India, Indonesia, and Thailand is expected to propel the demand over the next nine years.
- The industry participants are constantly engaged in improving their operations and introduction of new flavors to gain market share. The industry is characterized by high marketing costs and rising investments in order to improve the supply chain of the company.
Numerous regulations regarding the manufacturing of savory snacks are one of the major factors concerning the industry players. These regulations undergo a lot of variation according to the region in which the product is manufactured due to which manufacturers spend heavily on research and development to meet the food standards.
The market is characterized by the presence of established as well as local players. The increase in the number of local players has augmented the presence of private label products in this market. Major retailers have started selling savory snacks under their own brand name. The relatively low price of these products as compared to locally available products in the market is likely to drive their demand.
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The major products in the market are potato chips, nuts & seeds, extruded snacks, and popcorn. The growing consumption of convenience food is expected to fuel the demand for the product. The changing retail landscape and the rise of e-commerce are expected to have a positive impact on the growth over the next nine years.
The product segments in the market comprise of potato chips, extruded snacks, nuts & seeds, and popcorn. Potato chips were the dominant product segment with a market size of USD 31.38 billion in 2015. The introduction of new flavors and roasted potato chips with health benefits is expected to have a positive impact on industry growth.
The demand for extruded snacks is expected to grow rapidly on account of rising fortification to include healthy ingredients. The increasing utilization of local savory snacks is expected to propel the demand for these products over the forecast period.
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The major flavors in which savory snacks are offered around the world are roasted/toasted, barbeque, spice, and beef. The flavor is an important component of any savory snack as major industry players try to differentiate on the basis of flavor.
The flavor segments in the market are dominated by roasted/toasted, barbeque and spice. Barbeque was the predominant flavor in North America and European regions with a market share of over 23% in 2015. The demand for this flavor is slowly picking up in Asia Pacific and is expected to grow moderately over the forecast period.
Convenience stores and Supermarkets/Hypermarkets are the preferred distribution channels with market shares of over 30%. Changing consumer preferences and availability of wide range of products in these formats is anticipated to have a positive impact on the demand.
Grand View Research has segmented the global savory snacks market on the basis of product, distribution channel, flavor:
Product Outlook (Revenue, USD Billion, 2014 - 2025)
- Potato Chips
- Extruded snacks
- Nuts & Seeds
- Popcorn
- Others
Distribution Channel Outlook (Revenue, USD Billion, 2014 - 2025)
- Supermarket/Hypermarket
- Independent Retailers
- Convenience Stores
- Service Station
- Others
Flavor Outlook (Revenue, USD Billion, 2014 - 2025)
- Roasted/Toasted
- Barbecue
- Spice
- Beef
- Others
The industry participants in the savory snacks industry constantly engage in new product development and introduction of new flavors. The profitability of companies majorly depends upon effective marketing, well-trained sales force, and efficient operations. Manufacturers are diversifying their products on account of rising health concerns among the consumers.
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Convenience stores and Supermarkets/Hypermarkets are the preferred distribution channels with market shares of over 30%. Changing consumer preferences and availability of wide range of products in these formats is anticipated to have a positive impact on the demand.
Convenience is the major factor driving the demand for savory snacks. The distribution channel which provides consumers the utmost convenience would have the maximum preference. The service station distribution channel is expected to grow rapidly at a CAGR of 9.0% over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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