The market is driven by the growing demand for ready-to-eat food products with a tendencyto ignore snack options, especiallythe growing preference for meat-based snacks. The makers of savory snacks have come up with a variety of products in new forms and flavor profiles to capture the attention of consumers. There aregreatopportunities among companies with new product developments and innovations. In addition,businesses in the region are expected to increase their market penetration through improved retail landscape and marketing strategies.
The global savory snacks market continues to grow in the North American region as consumers continue to appreciate the portability, convenience and enjoyment of savory snacks. The development of salty snacks is driven by consumers who want to be offered delicious products without worryingabout the nutritional value, such as crisps, snacks or crackers. Consumer preferences for snacks in Western Europe have changed over the years, with a growing preference for healthy snacks.
COVID-19 Impact analysis
- Forcedshutdownsglobally leading to a constantstorage of food and beverage products on the shelves, includingsaltysnacks, which end upincreasing the consumption of salty snacks. As consumers eat more at home during the shutdown and buy more food online, food, beverage and logistics companies have changed their operations.
- Due to lockdown, people are more focusing on maintaining healthy lifestyle and majorly concerns are over medical issues such as obesity, food sensitivity, and others. Hence, with the rise in health and wellness awareness among the population, the demand for healthy food has increased substantially.
- Additionally, the pandemic has forced companies in the global transportation and logistics industries to face economic stress due to cash flows, labour shortages, fewer contracts and otherproblems,which has resulted to the reduction of salaries for employees and a seriousdrop in worldtrade volume.
Top Impacting Factors
- In today’s world, the younger generation is consistently gaining interest in nutritious food which is actually booming the demand for sports and nutrition. The concept of healthy food is comparatively new for Indian consumers, but with the gradual increase in its awareness and availability, so the savory industry has witnessed a high rate of growth.
- Over the past of few years, there has been an increase in number of health-conscious customers across the world. Individuals are involved in adopting a healthy and a lively lifestyle, which has increased the demand for health-oriented food products. Healthy lifestyle is becoming a traditional way of life that majorly has concerns over obesity, food sensitivity, and other people suffering from diseases still rise.
- People are spending more time in work and study at home and it has resulted in increased demand for salty snacks, increasing demand for PepsiCo's Tostitos, Cheetos and Doritos from households across North America. . Snack salesat the companies in North American unit grew 7% in the third quarter of 2020, while higher demand for breakfast items led to a 6% increase in the Quaker Foods business.
Market Trends
Surge in the market of Convenience food
The growing health consciousness has led people to consume a diet filled with nutrients, and that too with convenience. Thus, the marketplace for ready meals are anticipated to grow within the years to return. Consumers within some regions are more focused on easy and quick meals than other heavy meals. Thus, the rising adoption of changing lifestyle and healthy eating has led the market to grow moderately. Similarly, there has been a gentle increase in consumption and production of various convenience products, including Savory snacks, and it is anticipated that the multi-decade trend of growth will continue within the near future. The success of technology is boosting these market too. As, these are easily manufactured and supplied. Thus, the revenue has stabilized with the expansion in demand, which successively, has aided within the market growth.
Hence, Digitalization is enabling the health monitoring of Savory snacks, which is further contributing to improve the food supply. The Savory snacks processing sector has been expanding at a pace, and is generating significant demand for healthier products in near future.
Rising Demand for healthy and tasty snacks
In today’s world, the younger generation is consistently gaining interest in those foods which are rich in nutrients and taste better than diet food. So, the concept of healthy food is comparatively facing a gradual increase in its awareness and availability, and due to this food industry especially Savory Snacks Market has witnessed a high rate of growth.
Over the past of few years, there has been an increase in number of health-conscious customers across the world. Individuals are involved in adopting a healthy and a lively lifestyle, which has increased the demand for health-oriented food products. Thus, this snacks acts as an equivalent supplement of the meals for the youngsters. Healthy lifestyle is becoming a traditional way of life that majorly has concerns over obesity, food sensitivity, and other people suffering from diseases still rise.
Hence, with the rise in health and wellness awareness among the population, the demand for healthy food has increased substantially. Therefore, the demand ofSavory Snacks Market has also been increasing, which is further adding to the demand for Food industry within various regions.
Key Benefits of the Report
- This study presents the analytical depiction of the SAVORY SNACKS industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the SAVORY SNACKS market share.
- The current market is quantitatively analyzed to highlight the SAVORY SNACKS market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed SAVORY SNACKS market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Who are the leading market players active in the SAVORY SNACKS market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "SAVORY SNACKS" Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "SAVORY SNACKS" Market?
Savory Snacks Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Distribution Channel |
|
 By Flavor |
|
 By Region |
|
 Key Market Players | Kellogg's, PepsiCo, Mondelez International, Kraft Foods Group, Utz Quality Foods, Frito-Lay, Hershey's, Hostess Brands, General Mills, Mars Inc. |
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