The Worldwide Savory Snacks Industry is Expected to Reach $216 Billion by 2027 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Savory Snacks Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global savory snacks market is expected to grow from US$139.178 billion in 2020 to US$216.416 billion in 2027 at a CAGR of 6.51%.
Due to changes in the lifestyle and hectic schedules of the employed population, there has seen an increasing demand for convenience food products like savory snakes all over the world. This has been attributed to the rise of the slavery snacks market.
Savory snacks usually have a salty or spicy taste instead of a sweet flavour. Several ingredients are used during the manufacturing of Savory snacks, such as vegetable oils and seasonings, nuts, fruits, grains, and vegetables. These ingredients make savory snacks rich in nutrients, minerals, vitamins, and fibers. The most consumed savory snacks include potato and corn chips, salted biscuits, pretzels, popcorn, meat snacks, seeds, and nuts.
The increasing demand for on-the-go snacking options is one of the prime reasons behind the steady growth in the Savory snack market. Additionally, the manufacturers are also modifying their products by introducing gluten-free snacks, low-fat snacks, organic, and protein-rich snacks, keeping in mind the awareness of the increasingly health-conscious population. These products are rapidly increasing in popularity. The market growth is also attributed to the introduction of meat snacks such as turkey or lean beef. Moreover, in terms of taste preferences and dietary requirements, the manufacturers are offering a range of diversified products.
Moreover, little research has taken place on the science of snack consumption. For instance, a qualitative study in 2019 by BMH public health on the factors affecting snack consumption in school students was conducted. One of the factors that affect the consumption of unhealthy snacks is fear of obesity, and illness.
Competitive analysis
Due to the increasing demand by customers to try “something new”, many manufacturers have introduced new products or brands to their existing products. The market players have also introduced many innovations in terms of flavour and texture to attract the customers” attention or attraction.
- Recently, in September 2021, Doritos, in its Dinamita line, launched the Flamin’ Hot Queso flavour. It has also relaunched the Tangy Pickle flavour.
- In June 2021, Lay’s, one of the most famous potato chips brand, launched two new swap flavours. They are Lay’s Doritos Cool Ranch and Lay’s Wavy Funyuns Onion Flavour Chips. In 2020, it also introduced chips flavors like Lay’s Cheddar Jalapeno, Kettle Cooked Flamin’ Hot, and Poppables Sea Salt and Vinegar.
- Whereas in June 2021, Pringles launched new flavours in its Scorchin collection. These new flavoured pringles include classic BBQ taste, chili, lime flavour, and cheddar flavour.
- In the same year, that is June 2021, Terra Chips announced the launch of three new flavours in its chip lines, such as Sea Salt, Vinegar, sour cream and onion flavor, and screamin’ flavor.
- In June 2021, Poppy, the popcorn brand, introduced four new flavours in its BBQ popcorn series. These flavours include Carolina Vinegar-based Popcorn, honey BBQ popcorn, Kansas City BBQ, and Texas BBQ popcorn.
- In May 2021, Herr’s, a chip brand, announced its new chip flavour with the combination of its existing three flavors.
- In April 2021, Bikona, which is India’s leading packaged snacks brand, announced the launch of its six new “masala-based” products. This series includes: “Chutney-Sev”, “Aloo bhujia-lemon Chaska”, “Chatpat Mixture”, “Manpasand Mixture”, “Daal Mixture”, “Lajawaab Mixture” and “Dry Fruit Mixture”.
- In October 2021, Bauli, which is an Italian bakery brand, announced its entry into the Indian savory snacks market under the name “BauliSavoriz”. Soon it will be available in many cities all over India.
Companies Mentioned
- Doritos
- Lay’s
- Pringles
- Terra chips
- Poppy
- Herr’s chips
- Bikona
- Bauli
- Arca Continental
- General Mills Inc.
Market Segmentation
By Product
- Potato chips
- Nuts and Seeds
- Popcorn
- Meat Snacks
- Others
By Category
- Fried
- Baked
- Others
By Distribution Channel
- Speciality Stores
- Supermarkets/Hypermarkets
- Online
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Thailand
- Taiwan
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/d7f95r
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