Report: Snackification to drive growth in the global savoury snacks market

The global savoury snacks market is projected to grow at a compound annual growth rate (CAGR) of 7.9% by 2020, according to a report by Canadean.

Titled “Global Savory Snacks Report; Analysis of opportunities offered by high growth economies”, the report attributes this growth to a new trend called ‘snackification’, arising out of a change in consumer preferences and everyday eating routines, which in turn is driving demand for portable and on-the-go formats.

The trend has emerged as a result of increased urbanisation, a change in eating habits, and busier lifestyles, according to Rashmi Mahajan, Analyst for Canadean. Instead of main meals, consumers are opting for quicker and lighter snacking options.

Consumers have also become more health conscious and choose snacks with higher nutritional values, which is increasing the popularity of premium varieties, Rashmi adds.

The global savoury snacks market is projected to grow from $94.5bn in 2015 to $138.2bn by 2020 as a result. The majority of this growth is anticipated to come from the developing countries of Asia-Pacific and Eastern Europe, with CAGRs of 13.7% and 7.3%, respectively, while the Latin American region is projected to grow at a CAGR of 3.2%.

Developing countries provide a number of opportunities where per capita consumption of savoury snacks per person is low, such as China (0.8kg in 2015) and India (1kg). Innovation will be a key differentiating factor worldwide as consumers are increasingly opting for new and unusual flavour combinations, adds the report.