The global savory snacks market is highly dynamic and is evolving rapidly. Savory snacks include food products that have a salty, rich flavor. Potato chips, tacos, tortillas, savory biscuits, and other baked snacks can be termed as savory snacks. Savory snacks use ingredients such as vegetable oil, nuts, grains, seasoning, fruits, vegetables, and tree nuts. Snacking is a leading trend among millennials, which is a key factor boosting the global savory snacks market. Savory snacks are enjoyed by all age groups across the world, and forms a key segment in the food and beverage sector. With longer travel times in urban areas and a growing number of working women, consumers often seek snacks as a time-consuming alternative for meals and between meals. Consumers are therefore constantly looking for convenient and affordable snacking products.
The report on the global savory snacks market offers illuminating insights into this industry, with focus on the latest trends that are likely to impact market dynamics. The reports discusses some prominent developments in the industry which are likely to influence the global savory snacks market in coming years.
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Global Savory Snacks Market: Notable Developments
Key milestones that are likely to impact the global savory snacks market in the coming years are:
- PepsiCo to Invest in Mexico
PepsiCo has said it will invest $ 4 billion in Guanajuato, its first Mexican plant within two decades, in Mexico, between now and 2020 with a view to creation of 3,000 new jobs and 109 million new. Expansion to emerging regions is expected to emerge as a key trend in the global savory snacks market, with established vendors like PepsiCo taking the lead in such initiatives.
Conagra Partners with Gelit
In order to divest its frozen Italian pasta company Gelit, Conagra Brands Inc. entered into a definitive agreement with an Italian investment company, owning Consilum SGR S.p. A., Progressio SGR S.p. A. and MMM S.r.l. Collaborations and partnerships with local leaders are expected to amplify sales in the global savory snacks market.
Leading vendors in the global savory snacks market are PepsiCo,Kellogg, Kraft Foods, CALBEE, Mondelez International Inc., and Intersnack Gmbh & Co.
Global Savory Snacks Market Dynamics
‘Healthy’ Snacks to be Popular Trend
The important factors that the manufacturers consider while producing savory snacks in present times include health and well-being. They have adapted well to the market for healthier snacks, for instance, in India, where ragi, almonds and flax are their primary ingredient these days. There has been a rising demand for low-calorie, healthy, and gluten free snackables. Research and development have produced several flavors in order to innovate and respond to the demands of local markets. Past trends indicate how potato-based snacks were and remain leading in forthcoming years, boosting the global savory snacks market.
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Premiumization to Boost Market Opportunity
Healthy living and premiumization are prominent trends in the savory snacks market, undoubtedly. Following a global financial crisis, the consumer spends more on products that can make him better with lavish displays of richness: healthier, more unique, more efficient and more prosperous. This promotes demand for products or services that allow them to prove themselves and achieve this better version. This is likely to boost revenues in the global savory snacks market in coming years.
The high cost of these snacks, however, is one thing that can in the near future limit the growth of this savory snacks market. In addition, growing hypermarkets and supermarkets in developing economies can boost market growth.
Europe Savory Snacks Market to Enjoy High Demand
North America is a leading region in the global savory snack market on account of high demand for ‘on-the-go’ and convenience foods. Europe is also a large consumer of savory snacks, as these products are always in demand in the region. Savory snacks are seen as an energy booster in between meals, contributing to its sales.
Further, Asia Pacific is expected to emerge as key regional market on account of high demand from emerging countries such as China, Japan, and India. Concerns regarding childhood obesity drives this regional market, thus generating demand for healthy savory snacks.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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