DUBLIN, July 12, 2019 /PRNewswire/ -- The "Savory Snacks Market - Growth, Trends and Forecasts (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The savory snacks market is forecasted to record CAGR 4.2% during the forecast period (2019-2024).
The market is driven by increasing demand for convenient food products with an on-the-go trend for snacking options, particularly growing preference for meat-based snacks.
Savory snack manufacturers have been coming up with diversified product offerings in terms of new flavor profiles and shapes to gain consumer attention.
There exists huge opportunity among the companies with new product developments and innovations. Also, the regional players are expected to increase their market penetration with improved retail landscape and marketing strategies
Key Market Trends
Growing Popularity for Meat-based Snacks
With the growing consumer awareness regarding healthy snacking habits, consumers are looking for something that has more substance or staying power than chips and candies. This makes way for the inclusion of protein-rich snacks, such as lean beef or turkey, in regular diet, which, in turn, enables the players in the market to come up with more meat-based snacking options.
Traditionally, meat snacks were typically carried in convenience stores, but as more consumers demanded healthier and leaner snacks, the more the retail channels are selling them. High market penetration and growing consumer demand for meat snacks are expected to drive the overall demand for savory snacks.
North America Held the Maximum Share in the Market
Global savory snack market continues to grow in the North American region as the consumers continue to prioritize the portability, convenience, and indulgence offered by the savory snacks. The growth of savory snacks is driven by consumers, who want to be offered tasty products without minding the nutritional value, like potato chips, puffed snacks, or savory biscuits.
The Frito Lay Corporation dominates the savory snack food sector, whereas, Chips/crisps and tortilla/corn chips are the two most popular snack selections of American consumers, with chips/crisps capturing the highest value sales. Consumer preferences for snacking in Western Europe have changed over the years, with a growing preference for health base snacks.
The company continues to innovate with both flavor and texture and has been effective in marketing these innovations to consumers. The major players include General Mills, ConAgra Foods, ITC Limited, The Kelloggs Company, and PepsiCo Inc. In Asia-Pacific, every country in the region has a large concentration of small regional players accounting for the majority of category sales.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Potato Chips
5.1.2 Extruded Snacks
5.1.3 Nuts and Seeds
5.1.5 Meat Snacks
5.2 By Distribution Channel
5.2.2 Specialty Stores
5.2.3 Online Store
5.2.4 Convenience Stores
5.2.5 Other Distribution Channels
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle East and Africa
18.104.22.168 South Africa
22.214.171.124 United Arab Emirates
126.96.36.199 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 ConAgra Brands Inc.
6.4.2 General Mills Inc.
6.4.3 Mondelez International
6.4.4 ITC Limited
6.4.6 The Kelloggs Company
6.4.7 Arca Continental
6.4.8 Calbee Foods Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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