Savory Snacks Market Size to Grow at a CAGR of 5.6% During the Forecast Period 2020-2025

(MENAFN- iCrowdNewsWire) Savory Snacks Market Size to Grow at a CAGR of 5.6% During the Forecast Period 2020-2025
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iCrowdNewswire   Dec 2, 2020  6:00 AM ET

[To enable links contact MENAFN] Savory Snacks Market  size in 2019 is estimated to be $115.05 billion, growing at a CAGR of 5.6% during the forecast period 2020-2025. Savory snacks are prepared using raw materials such as fruits & vegetables, cereal grains, nuts, vegetable oils, and seasonings. Savory food has a salty or spicy flavour rather than a sweet one. Growing consciousness about health and changing consumer food reference are the major factors driving the growth of the market. Moreover, changing lifestyle and increasing investment in R & D activities further enhance the overall market demand Savory Snacks during the forecast period 2020-2025.

Product - Segment Analysis

Based on the Product, Savory Snacks Market is segmented into Potato, Chips, Nuts & Seeds, Popcorn, and Others. The potato segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.9% during the forecast period 2020-2025. This is mainly owing to growing new flavors and roasted potato chips with health benefits. Moreover, less calories, less fat and high potassium are contributing to the growth of this segment.

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Flavor - Segment Analysis

Based on the Flavor, Savory Snacks Market is segmented into Roasted/Toasted, Barbeque, Spice, Beef. In 2019, barbeque held the largest share in the Savory Snacks Market. This is mainly owing to, it provides unique flavours and contain nutrients. Moreover, no butter or oil needed and number of recipes available is also contributing to the growth of this segment.

Geography - Segment Analysis

North America dominated the Savory Snacks Market share accounting for 38% of the market in 2019. This is mainly owing to increasing demand of ready to go and convenience food and increasing consumption of low calories snacks. According to U.S. Food Industry Association, about 68% of savory snacks are consumed in U.S. which increases the demand of Savory Snacks Market.

However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to changing eating habits and rising disposable incomes.

Drivers Savory Snacks Market

Growing Consciousness About Health

Growing awareness regarding the consumption of healthy food and increasing consumption of low calories snacks are some factors driving the growth of Savory Snacks Market. Moreover, increase in demand for packed foods and growing consumption of inorganic food is also set to increase the market growth.

Changing Consumer Food Reference

Changing consumer food reference and food consumption habits are some factors driving the growth of the market. Moreover, rising demand of innovative product with different types of flavors and increasing time saving nature among consumers contributing to the growth of Savory Snacks Market.

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Challenges Savory Snacks Market

Rising alternatives of snacks and growing health problems such as overweight owing to overeating of salt and sugar are challenging the growth of the market. Moreover, high blood pressure and high cholesterol are further restraining its market growth during the forecast period 2020-2025.

Savory Snacks Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R & D activities are key strategies adopted by players in the Savory Snacks Market. Savory Snacks top 10 companies are Calbee Inc., Conagra Brands Inc., General Mills Inc., Hain Celestial, Haldiram's, Intersnack, ITC Limited, Kellogg's, Kraft Foods (Kraft Heinz), Lamb Weston, Mondelez International Inc. (Kraft Foods), Oberto Snacks Inc. (Premium Brands Holdings), and PepsiCo Inc.

Acquisitions/Product Launches

On 9 July 2020, Conagra Launches new product, Birds Eye Meatless Lasagna which are made with Gardein B'ef and pasta.

On 6 January 2017, General Mills has an acquisition with EPIC Provisions for the production of meat snacks which are natural and organic.

Key Takeaways

In 2019, North America dominates the Savory Snacks Market owing to increasing demand of ready to go and convenience food and increasing consumption of low calories snacks.

Growing consciousness about health and changing consumer food reference is driving the market growth of Savory Snacks.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Savory Snacks Market report.

Rising alternatives of snacks and growing health problems are challenging the growth of the market.

Related Reports :

A. Processed Snacks Market

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B. Ready To Eat Snacks Market

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