The global savory snacks market was valued at $111.1 billion in 2014. The market is expected to grow at a CAGR of 7.1% during 2015 to 2020, to reach $166.6 billion by 2020. The global savory snacks market is being driven by the rising urbanization, increasing per capita income (especially in developing countries), and changing food culture.
The high growth in Asia-Pacific region is mainly coming from the increasing demand from China and India, as they constitute large part of the global and regional population.
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The healthier alternatives to savory snacks, such as bakery products, fresh fruits, and juices, are hindering the savory snacks market growth; which is compelling companies to offer healthier snacking options.
The global savory snacks market has been segmented as potato chips, processed snacks, popcorn, nuts and others. The processed snacks accounted for the largest share, with market size of $41,572.3 million in 2014, in global savory snacks market and it is expected to grow at a CAGR of 6.5% during 2015–2020.
Globally, the Indian savory snacks market is expected to witness highest growth, 16.6% during the period 2015–2020, among all the countries. The U.K. is the forerunner in snack consumption across Europe. According to a food research company, the U.K. people snack 825 times a year as compared to the 807 times of the European consumers’ average.
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The global savory snacks market has a fragmented structure with a large number of companies operating in the market. Some of the major companies include PepsiCo., Kraft Foods, ConAgra Foods, CALBEE, Diamond Foods, General Mills, Intersnack Group GmbH, Lorenz Bahlsen, Kellogg company, and Orkla ASA.
Savory Snacks Market Segmentation
Savory Snacks by segment
- Potato Chips
- Processed Snacks
- Popcorn
- Nuts
- Others
- Supermarkets/ Hypermarkets
- Independent Retailers
- Convenience Stores
- Service Stations
- Specialist
- Others
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