Technavio Announces the Publication of its Research Report – Global Savory Snacks Market 2017-2021
Technavio recognizes the following companies as the key players in the global savory snacks market: Aviko, Calbee, Intersnack Group, Kellogg, Lamb Weston, McCain Foods, and PepsiCo.
Other Prominent Vendors in the market are: Arca Continental, Blue Diamond Growers, Burts Potato Chips, Conagra Brands, Haldiram Foods International, Hain Celestial Group, Herr Foods, Hormel Foods, ITC, JFC International, Link Snacks, Mars, Mondelēz International, Old Dutch Foods, Orkla, The Lorenz Bahlsen Snack-World, Kraft Heinz, Tyson Foods, Tyrrells Potato Crisps, and Want Want Holdings.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is technological innovations. With the food industry constantly evolving, manufacturers are focusing on providing their customers with better-quality products by using more efficient processing equipment. For instance, on October 27, 2016, Florigo Industry, a renowned and reliable partner of various potato processing companies with customers in over 80 countries, launched a continuous potato chip fryer with the patented Opti-Flow technology to enhance frying performance. This Opti-Flow technology reduces the occurrence of turbulence as it removes 99% of cyclone dead spots at the beginning of the fryer. This aids in ensuring the nominal flow speed all along the fryer by preventing the settling of debris and helps in assuring that the potato slices do not absorb any excess oil. Potato chip manufacturers can lower the level of acrylamides and reduce the number of rejects by using this technology, thereby enhancing both product quality and yield.”
According to the report, one driver in market is evolving taste preferences. Taste preferences for savory snacks are evolving, as consumers, especially the youth, are eager to experiment and constantly seek different products. Manufacturers strive to meet this demand through product innovation, brand extension, and the introduction of new brands. Continuous product development and innovation are essential for the sustainability of any industry, and the global savory snacks market is no exception. Therefore, manufacturers have been focusing on launching several product varieties in terms of ingredients and flavors. Most manufacturers especially target the millennials, a growing health-conscious consumer segment, especially in Europe and the Americas. For example, on July 18, 2016, PepsiCo launched four popular global potato chip flavors — Brazilian Picanha (skewered-grilled steak with chimichurri sauce), Chinese Szechuan Chicken (inspired by Sichuan peppers), Kettle Cooked Indian Tikka Masala (a tomato-based dish with turmeric and cumin), and Wavy Greek Tzatziki (flavored with dill, garlic, and other spices) — under its LAY'S brand. These flavors have been made available through retail stores across the US 25 July 2016 onward. On September 6, 2016, PepsiCo partnered with CARA in Canada to offer its limited-edition potato chip flavor, Chalet sauce, for Canadian consumers. In 2013, the company launched chocolate-covered potato chips to primarily attract the millennial women consumer segment.
Further, the report states that one challenge in market is growing popularity of alternative snack products. Frozen yogurt, cereal bars, and fruit-based snack products are some of the most popular substitutes for savory snack products such as potato chips and extruded snacks. A wide variety of options are available in the market, and hence, consumers can easily switch between products. Moreover, most consumers in this space are price-sensitive and do not have brand loyalty. Substitutes like cereal bars are attracting more consumers owing to their high nutritional value. The sales of cereal bars globally accounted for $11.49 billion in 2015 and will reach $13.84 billion by 2020, growing at a CAGR of 3.79%. Similarly, the global packaged yogurt sales reached $68.01 billion in 2015, growing at a CAGR of 6.72%. Newer varieties of snacks are also emerging and giving tough competition to savory snack products. One example is fruit crisps, provided by Nims Fruit Crisps, a 2010 start-up that uses air-drying to produce fruit snacks without the use of additives or preservatives. One serving of the company's fruit crisps contains 52 calories, which is significantly lower than the 171-calorie content in an average bag of salted potato chips. Thus, the growing popularity of competitive products is hindering the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- http://www.technavio.com/report/global-food-global-savory-snacks-market-2017-2021
Technavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit- http://www.technavio.com/industries/food
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