Press release
Savory Snacks Market Phenomenal Growth 2020 | Size, Value Share, Latest Trend, Global Analysis and Key Players by Forecast to 2024
Savory Snacks Market
Savory Snacks Market is projected to grow at a significant rate of 4.5% from 2019 to 2024 to reach a market value of USD 154.56 billion by the end of 2024. The growing popularity of baked foods among consumers and increasing consumption of low-calorie snacks items are the major drivers propelling the growth of savory snacks market globally. The majority of snacks manufacturers are focussing on advertising their product offerings on the online platform with the help of e-retailers, which is further helping in the growth of the savory snacks market. In addition to that, market players are offering customized products which are convenient to carry. Increasing customer spending on convenient food items is also driving the market growth of savory snacks globally during the assessment period.
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Segmentation
The global savory snacks market has been segmented based on category, type, distribution, and region.
By type, the global savory snacks market has been categorized as chips, nuts & seeds, biscuits & cookies, popcorns, and others.
The global savory snacks market has been segregated based on distribution channel into, store-based and non-store-based. The store-based segment is further segregated into supermarket & hypermarket, convenience store, and others.
The global savory snacks market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American savory snacks market has further been segmented into the US, Canada, and Mexico. The European savory snacks market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe.
Key Players
The Kraft Heinz Company (US), PepsiCo (US), Conagra Brands, Inc. (US), Diamond Foods LLC (US), CALBEE, Inc. (Japan), General Mills, Inc. (US), The Lorenz Bahlsen Snack-World GmbH & Co KG (Germany), Intersnack Group GmbH & Co. KG (Germany), Kellogg Co. (US), Orkla ASA (Norway), Mondelez International (US), Nestle SA (Switzerland), ITC Limited (India), JACK LINK'S, LLC. (US), Premium Brands Holdings Corporation (Canada)are the major players in global savory snacks market.
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Regional Market Summary
North America is anticipated to garner the largest market share in the savory snacks market during the forecast period. The region’s dominance can be attributed to various factors such as the presence of several prominent market players offering various savory snacks and increasing the inclination of consumers toward convenience food products.
The market in Asia-Pacific is projected to register the highest CAGR in the savory snacks market during the assessment period. There is a change in eating habits of consumers in this region. Consumers prefer ready-to-eat food items such as low-calorie snacks.
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