According to the report, the global savory snacks market accounted for USD 94.5 Billion in 2015 and is expected to reach USD 108.5 Billion by 2021, growing at a CAGR of around 2.33% between 2016 and 2021.
Savoriness is a quality of food that deals with a rich, salty flavor. Savory snacks include potato chips, nachos, and tacos. Ingredients used in savory snacks include potatoes, corn, nuts, seeds, wheat, rice, tapioca, and oats. Generally, savory snacks are eaten between meals as breakfast items, after-dinner snacks, and food items at social gatherings and celebrations A large expatriate population from multi-cultural and various socio-economic backgrounds in Asia Pacific and Latin America and the Middle East & Africa is expected to make the savory snacks market highly dynamic and rapidly evolving in the next few years. The savory snacks market is forecast to grow at a robust rate wherein the introduction of premium and indulgent savory snacks is the key motivating factor for the global population.
There has been the growing demand for the healthy snack is increasing day by day. Hence, manufacturer’s response towards the consumers demand healthy and fat-free snacks have been increasing. The developing taste preference is the key driver of savory snacks market growth. Owing to rising health concerns, manufacturers have switched their manufacturing methods and content in their snacks. This resulted in low salt content in baked and crispy snacks instead of fried. These changes from manufacturers according to the consumer demand are expected to drive the market in next future years. In addition, increasing urbanization and busy lifestyles are impacting the consumer eating habits. Consumers are gradually replacing main meals with more light, flexible and convenient snacking options. This, in turn, is expected to fuel the market for savory snacks over the years. However, the high cost of these snacks is one of the factors which may restrain the savory snacks market growth in the near future. Furthermore, the growing hypermarkets and supermarkets in the developing economies may boost growth opportunities for the savory snacks market.
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Savory snacks can be segmented into extruded snacks, nuts & seeds, popcorn, pretzels, meat snacks, traditional snacks, potato chips and other types of snacks. Potato chips have been the leading product segment over the past few years and this trend is projected to be continued over the forecast period. Traditional snacks segment is expected to witness strong growth in the coming future due to new innovations in flavors and tastes. Extruded snack is also one of the major product segments of the savory snack market and expected to grow rapidly due to consumers increasing preference towards it.
North America emerged as the leading regional market for savory snacks in 2015 and this trend is projected to continue in the future. Rising trend of consuming snacks during working hours and between main meals in the U.S. is a major factor which is driving the market growth in this region. North America was followed by Europe in 2015. In Asia Pacific region, savory snacks market is likely to witness significant growth over the next few years on account of growing disposable income of consumers in emerging economies such as China and India. In addition, changing the life style of consumers and impact of westernization on Indian culture is further expected to drive the savory snacks market in this region. Latin America and the Middle East markets are also expected to grow significantly due to consumer preference towards in between meal snacks.
Some of the main companies operating in global savory snack market are PepsiCo Inc., AVI Limited, H.W. Lay and Co, Want Want Holdings Limited, Frito-Lay, Kellogg Company, Calbee, Bourbon Corporation, Kraft Foods, Chio Chips, Estrella, General Mills, Greendot Health Foods Ltd, Haldiram`s, Amanoya Kabuki, Kameda, and Tyrrells among others.