The fast-paced lifestyle that has taken hold of society globally has contributed to the development of the savory snacks market. Reports that appraise the food, beverage, and nutrition industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market stands to gain a CAGR of 5.5% approximately while grossing revenues worth USD 50 billion by 2021.
The development of larger retail formats is increasingly motivating the savory snacks market. The presence of a wide range of products being introduced in the savory snacks market is expected to boost the market in the approaching years. Moreover, the development of the convenience product segment is expected to open up new avenues for development in the coming years.
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The upsurge in personal discretionary spending is projected to lead to the development of the market. The improvement of the distribution channels in the market is anticipated to stimulate market growth considerably. The volatility perceived in the forces that are supporting the growth of the market is expected to lead to a rather slow pace of growth. The economies around the world are responding to the market forces by applying advantageous policies and cutbacks so as avert a slowdown in the advancement of the market. The variations in the income levels globally are backing the growth of the market substantially. The beneficial nature of the monetary and fiscal policies is expected to tip towards strong growth in the market. Moreover, the escalation in international transactions is estimated to reinforce the development of the market noticeably. The optimistic effect exerted by governments in the progress of the market is anticipated to direct the market towards robust development in the approaching years.
The prominent contenders in the savory snacks market are:
Kraft Foods Group, Inc. (U.S.),
ConAgra Foods, Inc. (U.S.),
CALBEE, Inc. (Japan),
Diamond Foods, Inc. (U.S.),
General Mills, Inc. (U.S.),
Lorenz Bahlsen Snack-World Group (Germany),
Intersnack Group GmbH & Co. KG (Germany),
Kellogg Company (U.S.),
Orkla ASA (Norway)
The segmentation of the Savory Snacks Market is conducted on the basis of type, region, and distribution channel. Based on the type, the savory snacks market is segmented into popcorn, processed snacks, potato chips, nuts, and others. Among all these segments, the potato chips segment is controlling the market due to its elevated preference by the consumers. Though the processed snacks segment is expected to observe a high growth rate through the forecast period due to the move in consumers’ food likings. Based on the distribution channel, the savory snacks market is segmented into non-store based and store-based. Between these segments, the store-based segment is governing the market due to increased demand for one-stop shopping and convenience shopping experience. Though, the altering global scenario and speedy implementation of technology by the consumers will back the sales of the savory snacks through e-commerce on a global platform. Based on the regions, the savory snacks market is segmented into Europe, Asia Pacific, North America, and the rest of the world (RoW).
Detailed Regional Analysis
The regional assessment of the savory snacks market includes regions such as Asia Pacific, North America, Europe, and the rest of the world (RoW). The North American region is found to be dominating the savory snacks market trailed by the European region. The presence of the U.S., in the North American region, is observing an elevated demand for savory snacks from the convenience food products producers. Besides, augmented consumption for savory biscuits, processed snacks, and chips in India, China, and Japan is reinforcing the development of the savory snacks market in the APAC region. The Asia Pacific region is the fastest increasing region for savory snacks market due to the growing demand for the product in the markets of Indonesia, India, and Japan.
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