The Global Savory Snacks Market size is expected to reach $171. 9 billion by 2027, rising at a market growth of 7. 5% CAGR during the forecast period. Food products with salty or spicy flavors rather than sweets are known as savory snacks.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Savory Snacks Market By Product, By Distribution Channel, By Flavor, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131634/?utm_source=GNW
Various components such as vegetables, fruits, grains, nuts, seasonings, and vegetable oils are used in the production of these snacks. These snacks are nutrient, mineral, vitamin-enriched, and fibrous. The most common savor snacks are potato and corn chips, salted biscuits, pretzels, popcorns, meat snacks, nuts, and seeds. Savory snacks should be consumed between the meals in small portions.
Factors such as the rise in consumption of low-calorie snacks and increasing demand for baked food products among customers are eventually resulting in the growth of the global savory snacks market. The savory snacks market is constantly growing with the help of new-age technology. Advertising is the key focus of the producers as they publicize their products through online platforms while collaborating with e-retailers. Moreover, tailored products which are travel-friendly are offered by companies operating currently in the market. The global savory snacks market would experience great heights as consumers are spending more on convenient food items during the forecast period.
The consumption of savory snacks has witnessed a spike due to the stringent lockdown regulations that led to stockpiling of food & beverage products. Due to the lockdown, consumers have started eating completely at home and even inclined towards purchasing food online. So, there has been an abrupt shift in the operations and activities in beverage& food and logistic industry due to the lockdown. North America households have portrayed an increase in demand of savory snacks which eventually fueled the demand for PepsiCo’s Cheetos, Doritos and Tostitos as people are studying and spending considerable time working from home.
There has been an increase in demand for breakfast cereals which led to a major rise at Quaker Foods business. As well as Frito-Lay North America unit has also witnessed significant rise in their revenue in third quarter of 2020 under the sales of snacks.
Based on Product, the market is segmented into Extruded Snacks, Potato Chips, Popcorn, Nuts & Seeds, and Other Products. On the basis of products, potato chips segment acquired the maximum revenue share of the market in 2020. It is anticipated that the launch of roasted potato chips and new flavors with great health benefits would eventually have a favorable impact over the growth of this industry.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Retailers, Online, Supermarket/Hypermarket, Convenience Stores and Other Channels. The supermarket/hypermarket acquired the maximum revenue share of the global savory snacks market in 2020. The segment would showcase a modest growth rate during the forecast period. The existence of various supermarket chains and the shifting retail landscape are the factors responsible for the growth of this segment.
Based on Flavor, the market is segmented into Barbeque, Spice, Beef, Roasted/Toasted and Others. Spice flavor would display fastest growth rate during the forecast period. Some of the major catalysts for the growth of this segment are the rising demand for varied tastes and the growing popularity of spicy flavors.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In terms of revenue, Asia Pacific and North America holds the highest revenue share of the savory snacks market. Countries like Japan and China are driving Asia Pacific’s growth. Because of increased worries about childhood obesity, people in these countries have begun to embrace healthier lifestyle choices.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; PepsiCo, Inc. is the major forerunner in the Savory Snacks Market. Companies such as ITC Limited, General Mill, Inc., and Kellogg Company are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Hain Celestial Group, Inc., PepsiCo, Inc., Campbell Soup Company, Arca Continental SAB de CV, Kellogg Company, General Mills, Inc., The Kraft Heinz Company, Conagra Brands, Inc., ITC Limited, and Kikkoman Corporation.
Recent Strategies Deployed in Savory Snacks Market
Partnerships, Collaborations, and Agreements:
Jun-2020: Kellogg came into a partnership with Wendy’s, an American international fast food restaurant chain. This partnership aimed to unveil Pringles Baconator potato crisps, inspired by Wendy’s signature sandwich. This limited-edition item includes hints of beef, applewood smoked bacon, American cheese, ketchup, and mayonnaise.
Feb-2020: PepsiCo came into an agreement to acquire Hangzhou Haomusi Food from Haoxiangni Health Food. This acquisition will widen PepsiCo’s snacks portfolio and expand its customer base in the Chinese market.
Acquisitions and Mergers:
Mar-2018: Campbell Soup Company acquired Snyder’s-Lance, the second largest salty snack maker in the United States. This acquisition aimed to make a distinct, diversified snacking portfolio of different brands and a huge range of better-for-you snacks for consumers.
Jan-2018: Kellogg Company entered into an agreement to acquire Chicago Bar Company, maker of RXBAR. Through this acquisition, Kellogg will expand its snacks portfolio with the addition of high-protein snacking.
Product launches and Product Expansions:
Mar-2021: Epic, a subsidiary of General Mills released Beef Barbacoa-Inspired Bar. This bar is made with beef sourced from White Oak Pastures, a leader in regenerative farming practices that put carbon underground.
Mar-2021: Kellogg’s Crackers introduced Club Crisps and Town House Dipping Thins. These two varieties are thinner & crispier versions of the brands, which provide snack lovers more opportunities to personalize their snacking experiences all over the day.
Nov-2020: Conagra Brands launched a new line of products. These products include Slim Jim Monster Size Meat Stick: Slim Jim Monster Shortboi Meat Stick: Slim Jim Savage Mild Flavour Smoked Meat Sticks: Slim Jim Monster Size Meat Sticks: Duke’s Beef Original Smoked Shorty Sausages: Gardein Ultimate Plant-Based Jerky: David Roasted and Salted Bacon Mac & Cheese Jumbo Sunflower Seeds: Bigs Takis Fuego Sunflower Seeds: Andy Capp’s Beer Battered Onion Rings Baked Oat and Corn Snacks: Snack Pack Sour Patch Kids Juicy Gels: Act II Llama Party Cotton Candy Flavoured Microwave Popcorn: Angie’s Boomchickapop Salted Maple Flavoured Kettle Corn Popcorn: Orville Redenbacher’s Avocado Oil Microwave Popcorn.
Jun-2021: PepsiCo expanded its business through the investment of $200 million at its facility in Rosenberg, Texas. This investment added two manufacturing lines for Funyuns & tortilla chips, and also boost the capacity at the warehouse.
Feb-2020: PepsiCo India expanded its business by investing Rs514 crore over three years to establish a Greenfield snacks manufacturing plant in Uttar Pradesh, India. This investment complements the company’s strategy to expand its snacking business, which involves brands like Kurkure and Lays in India by 2022.
Scope of the Study
Market Segments covered in the Report:
• Extruded Snacks
• Potato Chips
• Nuts & Seeds
• Other Products
By Distribution Channel
• Convenience Stores
• Other Channels
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• The Hain Celestial Group, Inc.
• PepsiCo, Inc.
• Campbell Soup Company
• Arca Continental SAB de CV
• Kellogg Company
• General Mills, Inc.
• The Kraft Heinz Company
• Conagra Brands, Inc.
• ITC Limited
• Kikkoman Corporation
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