PUNE, India, May 20, 2020 /PRNewswire/ -- Increased urbanization encourages consumers to eat out more often, with the traditional way of life being replaced by a fast-paced lifestyle. Convenience is of growing importance in food culture, as consumers look for snacking between meals as a result of long working hours, or as consumers replace traditional meal times with other leisure activities. "Sweet and Savory Snacks Market (By Type – Chips, Nuts & Seeds, Biscuits & Cookies, Popcorns, and Others; By Distribution Channel - Supermarkets/hypermarkets, Convenience stores, Online, and Others) Global Industry Analysis, Trends, Size, Share and Forecasts to 2026, published by Infinium Global Research", the reported study estimated the market for sweet and savory snacks to be USD 155 billion in 2019 and will reach up to USD 230 billion in 2026, with a Compound Annual Growth Rate of 6.17%, over the forecast period (2020-2026).
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Manufacturers Adopting Expansion, Acquisition & Product Launch Strategies
Recently, In March 2020, SPARE SNACKS launch kids' range 'SCRAPPLES' with a new brand world and packaging from The Clerkenwell Brothers. These sustainable snacks are made from 100% wonky fruit, are air-dried never fried, with no added sugar, no palm oil, or anything artificial. They come in three apple-solutely delicious flavors: Plain Apple, Apple & Mango, and Apple & Strawberry. Furthermore, in January 2018, Burt's Potato Chips have acquired Leicester's Savoury & Sweet popcorn manufacturer. The first time the company has moved into the popcorn market as the company works towards its stated goal of becoming the biggest player in the premium snacking sector in the United Kingdom. Savoury & Sweet will become part of the Burts business, with the production facility, offices, and warehouse remaining in Leicester, England and all members of staff will be retained in order to meet all current and future orders. Moreover, in December 2019, PepsiCo, Inc. has acquired BFY Brands, which is the maker of PopCorners snacks. This acquisition will expand Frito-Lay's snacking portfolio and further deliver on its Winning with Purpose vision to offer consumers more positive nutritious options. BFY Brands offers distinctive products that deliver great taste and ingredients for the consumers.
The above figure shows the preference of respondents for the product category in the survey conducted for the consumers of sweet and savory snacks. After analyzing it, we came into results that people who like fried snacks are the major consumers of sweet and savory snacks than the baked snacks. Deep-fried snacks have a taste that is definitely unbeatable which is the key growth factor in this category. People who like baked snacks are the second largest consumers of sweet and savory snacks. Increasing health awareness is the primary growth factor in this category. There are few consumers who prefer other categories other than baked and fried snacks.
According to responses collected from consumers across the globe, we conclude that females consume more sweet and savory snacks than males. The majority of consumers belongs to the urban area and highly prefers chips, biscuits & cookies over the other product types. Taste variety and quality are extremely important factors for the consumer while quantity and price are important factors for the consumer. Moreover, sweet and savory snacks are frequently consumed and most consumers prefer the consumer in the afternoon and evening. Consumers also prefer to buy sweet and savory snacks from convenience stores.
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Biscuits & Cookies and Convenience Stores are a Major Revenue- Generating Segment
The report on the global sweet and savory snacks market covers segments such as type and distribution channels. Based on product types, the market is sub-segmented into chips, nuts & seeds, biscuits & cookies, popcorns, and others. Biscuits & cookies segment dominated the sweet and savory snacks market owing to augmenting disposable income along with changing lifestyles in developed and developing countries across the globe. Nuts & Seeds is the fastest-growing product type for the global sweet and savory snacks market. Based on the distribution channel, the market is sub-segmented into supermarkets/hypermarkets, convenience stores, online, and others. The convenience stores segment holds a large market share of the sweet and savory snacks market due to easy availability of the products. Online is the fastest-growing distribution channel for the global sweet and savory snacks market. A newly-emerging retail channel that is seeing rapid growth, internet retailing is predicted to play a more important role.
The North America Region is the Most Lucrative Region for the Sweet and Savory Snacks
Geographically, the global sweet and savory snacks market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominates the global sweet and savory snacks market followed by Europe. The long working hours of millennials are a major demand driving factor in the North America region. The high spending ability of North Americans is contributing to the demand for North America's sweet and savory snacks market. Further, in the Europe region, consumers are snacking regularly which increases the demand for sweet and savory snacks. Growing urbanization and preference for eating on the go, especially among younger people are fueling the demand for sweet and savory snacks in Europe. Hypermarkets & supermarkets are the largest distribution channel in the Europe sweet and savory snacks sector.
The Report Provides:
- Comprehensive analysis of the factors promoting the growth in the sweet and savory snacks market
- Survey results for
- Consumer preferences
- buying patterns
- spending habits
- purchase decision making
- preferred distribution channels
- Choice of alternatives in case of unavailability of the product
- consumer feedback
- Social listening.
- Competitive landscape in the leading country markets in the world
- Worldwide competitive landscape and market trends in the sweet and savory snacks market
- Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix.
Research Methodology and Data Collection Methods for the Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the Sweet and savory snacks market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. While the primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents. The primary respondents generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from LinkedIn, Hoovers, Factiva and bloggers.
Mr. Shrikant Athavale
Infinium Global Research
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SOURCE Infinium Global Research