According to a new report published by UnivDatos Markets Insights, the Savory Snack Products Market is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Tortillas, Others); Flavor (Barbeque, Spice, Salty, Plain/Unflavored, Other); Distribution Channel (Retail, Food Services, Others); Region/Country.
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The Savory Snack Products market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Savory Snack Products market. The Savory Snack Products market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Savory Snack Products market at the global and regional levels.
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Market Overview
The savory snack products market is driven by increasing demand for convenience food products with the trend toward low-sugar, high-protein on-the-go snacks. Manufacturers have also offered innovative and diverse product ranges in terms of new flavor profiles, ingredients, shapes, and packaging to attract consumers. For instance, In August 2021, Calbee announced to launch of a new range of plant-based snack products. The vegetable and pulse-based snacks aim to provide a healthy alternative to traditional fried crisps and snacks, being baked, not fried.
The Savory Snack Products Market is expected to grow at a steady rate of around 7% during the forecast period. Major companies in the market opted for a digital shift and launched direct-to-consumer e-commerce platforms. For instance, in May 2020, PepsiCo launched two direct-to-consumer websites in the U.S.-Pantryshop.com and Snacks.com where consumers can order an assortment of the company's products.
Some of the major players operating in the market include PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc, ITC LIMITED, Mondelēz International, Nestle SA, Grupo Bimbo, S.A.B. de C.V., Hain Celestial Group Inc, Blue Diamond Growers.
COVID-19 Impact
The COVID-19 pandemic restrictions have triggered several new trends in the market. As people were stuck at home, snacking became more common, and leading major companies such as PepsiCo and Mondelez International witnessed increased sales in the snack category. The isolation rules have resulted in short supply and even cancellations, which is hampering the local/domestic players in the market. Due to the pandemic, there is a decrease in the manufacturing and supply of ingredients for the food & beverage industry. Moreover, To take advantage of the new opportunities created in the digital space by the COVID-19 pandemic, many businesses have decided to embrace digital transformation and launched consumer e-commerce platforms.
The Global Savory Snack Products Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on product, the market is segmented into potato chips, extruded snacks, popcorn, nuts & seeds, tortillas, and others. Potato Chips category to witness higher CAGR during the forecast period. Potato chips are highly favored by consumers due to their taste, low cost, and availability. However, due to globalization, the increase in the consumption of potato chips in emerging economies is anticipated to boost the market growth.
· On the basis of distribution channel, the savory snack products market has been classified into retail, food services, and others. The retail category is to witness higher adoption of savory snack products during the forecast period. This is mainly due to the growing demand for snack products led to an increase in retail e-commerce sales and door-to-door product delivery, which contributed to sales of savory snack products.
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Savory Snack Products Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the expansion of the retail industry globally by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, flavored snack products are becoming more popular due to busy lifestyles, and consumers are opting for on-the-go and retail products. For instance, In March 2021, Future Group announces its plan to sell U.S.-based Terra Chips in India. For the expansion, Hain Celestial Group entered into a joint venture to manufacture Terra Chips in India.
The major players targeting the market include
· PepsiCo Inc.
· Kellogg Company
· General Mills Inc.
· Calbee Inc.
· ITC LIMITED
· Mondelēz International
· Nestle SA
· Grupo Bimbo, S.A.B. de C.V.
· Hain Celestial Group Inc.
· Blue Diamond Growers
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Savory Snack Products market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the savory snack products market?
• Which factors are influencing the savory snack products market over the forecast period?
• What are the global challenges, threats, and risks in the savory snack products market?
• Which factors are propelling and restraining the savory snack products market?
• What are the demanding global regions of the savory snack products market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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