Global Savory Snacks Marketis estimated to exceed $152.3 billion in 2027, by growing at a CAGR of 6.7% during the forecast period (2021-2027). The snack food industry has performed well over the past few years, benefiting from the growing demand for snacks among consumers and favorable product pricing. The changing lifestyles and increasing purchasing power of the consumers have been the major factors surging demand for convenience foods, which is expected to increase at a brisk rate during the forecast period, compared to the last few years. But, due to the pandemic, individuals will likely prefer to stay at home and eat there only, which will induce the growth of the market. There were supply chain disruptions across a majority of companies. However, the local companies somehow managed to reach out to the customers. An increase in snacking at homes is expected to increase due to new normal such as ‘Work from Home’.
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Growing Demand for Savory Snacks
There has been extreme growth in e-commerce food and grocery retailing, with governments pushing its use and consumers switching to comply with social distancing/quarantine or to secure groceries that they cannot be sure will be available in store. Retailers are believing that the change will hold once restrictions are lifted, with many expanding their operations. Before the outbreak, e-commerce was the channel with the fastest growth rate; this forced acceleration could result in a paradigm shift in some markets. The closure of non-essential retail outlets and a temporary disruption in supply chains has shifted many sales online, with e-commerce accelerating dramatically and an end to malls insight. All companies will seek new routes to consumers, although issues with lengthy delivery dates and availability along with a desire to recreate the live experience will drive store footfall longer term.
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Further, beverage players are seeking new routes to consumers, including direct-to-consumer (D2C), traditionally the preserve of start-up brands. For instance, PepsiCo has been quick off the mark to launch a D2C website (www.pantryshop.com) to meet consumers’ food and beverage needs directly. The company supplemented this with www.snacks.com, a site dedicated solely to snacks, with the ability for consumers to create so-called “snack packs”.
Scope of the Global Savory Snacks Market
Market Coverage
- The market number available – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Product Type and Distribution Channel
- Regions Covered- North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World (the Middle East and Africa, Latin America)
- Competitive Landscape- Pepsico Inc, General Mills Inc., Kellogg Company, The Kraft Heinz Co., Conagra Brands Inc.
Recent Strategic Initiatives in the Global Savory Snacks Market
- In May 2020, Herr Foods Inc. declared the launch of Herr’s Flavor Mix, a new snack concept featuring two potato chip flavors in one chip. Each 9-oz bag of the limited-time-only offering contains a combination of two best-selling Herr’s potato chip flavors. Varieties include cheddar and sour cream and onion; barbecue and salt and vinegar; and red hot and honey barbecue.
- In November 2019, Haldiram’s has ventured into the US e-commerce market with Amazon’s Global Selling Program. This initiative will support Haldiram’s to expand and enhance its penetration into the US market. As some Indians settled globally, there is an emerging demand for snacks that remind them of India. This collaboration with Amazon’s Global Selling Program will enable Haldiram’s to direct access to the American market.
Global Savory Snacks Market-Segmentation
By Product
- Extruded Snacks
- Potato Chips
- Nuts & Seeds
- Meat Snacks
- Popcorn
- Others
By Distribution Channel
- Conventional Stores (Offline)
- Online Retail
Global Savory Snacks Market– Segment by Country
North America
- United States
- Canada
Europe
- Uk
- Germany
- France
- Spain
- The Netherlands
- Poland
- Ukraine
- Russia
- Romania
- Rest of Europe
Asia-Pacific
- China
- India
- Australia
- Thailand
- Vietnam
- Philippines
- Pakistan
- Rest Of Asia Pacific
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
