According to the latest market study released by Technavio, the global baked savory snacks marketis expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled 'Global Baked Savory Snacks Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global baked savory market into the following four product segments, of which the top three are discussed in detail below:
- Biscuits
- Extruded snacks
- Popcorn
- Others
Global baked savory biscuits market
The global baked savory biscuits market will grow at a CAGR of 4.15% during the forecast period. Health-conscious consumers will be the major consumer base for the baked savory biscuits market during the forecast period. According to Manjunath Reddy, a lead research analyst at Technavio for food research "The growing popularity of breakfast savory biscuits coupled with promotional activity, distribution, and marketing is translating into sales. Baked savory biscuits are the perfect substitutes for chips, as baked products are considered healthier than fried products."
India is the largest biscuit-consuming country in the world. The innovations by the two leading biscuit manufacturers, Britannia and Parle, in the savory biscuits category will fuel the growth of the market during the forecast period. Furthermore, in terms of value sales, this category will show more growth than the plain biscuits category during the forecast period.
Global baked extruded snacks market
The global baked extruded snacks market will grow at a CAGR of 4.26% during the forecast period. Baked extruded snacks are available in different sizes, shapes, and colors. Their appearance, flavors, and packaging are the key differentiators for consumers. Baked extruded corn snacks have no artificial preservatives, zero trans fats, and low sodium and do not contain MSG (monosodium glutamate). Easy availability and low cost of ingredients have helped the baked extruded corn snacks manufacturers to invest heavily in expanding the product segment. For instance, Puffcorn, made with corn meal, is one of the successful extruded snacks available in the market. Puffcorn is marketed by several manufacturers such as Frito-Lay (PepsiCo).
Likewise, indulgence in baked extruded rice snacks is high, as these snacks are produced with natural ingredients and do not contain artificial flavors or gluten. Nutrition is the key reason behind the consumption of baked extruded rice snacks. In general, one of the reasons augmenting the market growth is that snacks are significantly consumed when people are on a break. Approximately 65% of the snack eaters, eat snacks to improve their mood, 55% as a reward for themselves, 46% owing to stress, and around 40% consume these snacks to manage their weight.
"The increasing availability of small stocking units in the developing countries in the extruded snacks category will fuel the growth during the forecast period. The lower priced packs are consumed as impulse products and widely available in traditional grocery outlets and kiosks," says Manjunath.
Global RTE (ready to eat) popcorn market
The global RTE popcornmarket will grow at a CAGR of 4.32% during the forecast period. The demand for this market segment is expected to increase during the forecast period. Several vendors have entered the market and the existing vendors have expanded their offerings under the RTE popcorn category to capitalize on convenience and taste. Some of the vendors in the RTE popcorn market include Quinn, 479 degrees, Angie's BOOMCHICKAPOP, and Skinny Pop. Apart from taste, these vendors focus on packaging to attract customers. For example, Rob Brand's Sexy Pop has a vibrant packaging that often attracts the customers to buy impulsively.
Also, the increasing varieties and flavors such as caramel, cashew, cheese, and beer drive the sales of the market. Rising interest in ethnic and exotic flavors has also compelled the vendors to experiment with interesting and innovative flavors. Popcorns are being offered in new packaging such as plastic bottles and cans by vendors such as Finger Foods and Crazy Foods to make them more appealing and thus increase sales. Changing consumer lifestyles and the resulting shifts in consumption patterns are also important market drivers.
The top vendors highlighted by Technavio's food and beverage research analysts in this report are:
- American Pop Corn
- Calbee Foods
- ConAgra Foods
- Diamonds Foods
- Kellogg
- PepsiCo
Browse Related Reports:
- Global Processed Snacks Market 2016-2020
- Global Popcorn Market 2016-2020
- Global Potato Chips Market 2016-2020
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