Global savoury market set for growth
The global savoury snacks market will rise from €83.9 billion in 2015 to €122.7 billion by 2020, according to Canadean. This represents a compound annual growth rate (CAGR) of 7.9%.
The report states that such growth is expected to come mainly from developing countries in the Asia Pacific and Eastern European regions, with CAGRs of 13.7% and 7.3%, while the Latin American region is expected to register a more moderate CAGR of 3.2%.
Rashmi Mahajan, analyst for Canadean, says, “Rising urbanisation levels and busier lifestyles are impacting the eating habits of consumers, who are increasingly replacing main meals with more flexible, light and convenient snacking options. Changing consumer preferences and the growing trend of ‘snackification’, which represents a significant portion of everyday eating routines, is driving the demand for portable and on the go formats.”
Big opportunities exist in large, populous developing countries with low per capita consumption levels, such as China (0.8 kg of savory snacks per person in 2015) and India (1 kg), compared to the high levels of consumption in developed countries such as the US (9.5 kg) and the UK (7 kg).
The research reveals that the health and wellness trend has impacted the eating habits of consumers in developed markets, who tend to base their snacking choices on nutritional value and quality. In this way, consumers are trading up and spending more on premium varieties of snacks. Consumers in emerging countries including Brazil, China and India, on the other hand, mostly base their snack choices on value and experimentation.
Mahajan adds, “Despite the regional differences in snacks consumption, innovation in flavours remains an important differentiating factor globally, as consumers across all ages opt for products offering new and unusual consumption experiences.”