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Global Savory Snacks Market: Overview 

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. 

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.  

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.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Savory Snacks Market

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