DUBLIN--(BUSINESS WIRE)--The "Global Sweet and Savory Snacks Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies" report has been added to ResearchAndMarkets.com's offering.
The global sweet and savory snacks market size was valued at USD 155 billion in 2019 and is anticipated to expand at a CAGR of 6.17% in terms of value during the forecast period.
Sweet and savory snacks are a solution to the various needs of modern consumers, and they use it between meals or as their replacement. The major players in the market are branching out from original recipes and introducing line extensions that deliver attractive ingredients, flavors, and textures to consumers looking for new experiences or alternative ingredients for health reasons. The products such as popcorn chips, nut flour crackers, and jerky prepared from non-meat resources on store shelves. A number of the retail outlet's grocery stores, convenience stores, warehouse club stores, and roadside vendors are tantalizing consumer's taste buds. It makes good business sense to have snacks always at the ready and within arm's reach as many snack purchases are unplanned.
Nutrition really is the key to a healthy lifestyle and a healthy life. Rising demand for nutritious snacks is driving the demand for sweet and savory snacks as it is lowering the risk for heart disease and improving overall health. Other benefits of choosing nutritious snacks are they packed with nutrients, vitamins, and minerals that will fuel the body and keep blood sugar levels steady. It plays a vital role in maintaining a healthy diet and helps to manage hunger in between meals and keep blood sugar at proper levels. Nutritious sweet and savory snacks improve overall health, curb cravings, fights weight gain, regulates mood, enhances brainpower, and gives the energy required to keep going all day.
The U.S. is the largest sweet and savory snacks consuming nation as it holds more than 60% market share of North America sweet and savory snacks market and approximately 20% market share of global sweet and savory snacks market. The consumers increasingly prefer snacks with high-protein content and low-calorie count that are driving the demand for sweet and savory snacks in the United States. China represents the market of growth for product developers with the nations' booming populations, rising disposable incomes, convenience-demanding lifestyles, and the increase of western influences in their daily lives. Germany also holds a significant market share in the global sweet and savory snacks market by country. The long-term rise in snacking on-the-go and rise in snacking between meals is increasing demand in Germany.
The author has published a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior, and consumer preferences. The above figure shows the importance of given factors for the consumer of sweet and savory snacks. Taste variety and quality are extremely important factors for the consumer while quantity and price are important factors for the consumer. There are several consumers who do not give importance to the packaging, variety, and price as they focus on the taste and quality.
Among the regions, North America dominates the global sweet and savory snacks market. It holds more than 30% market share of the global sweet and savory snacks market. The U.S. is the largest consumer of sweet and savory snacks as it holds approximately 20% market share of the global sweet and savory snacks market? The high disposable income of consumers due to modernization and widening base of working personnel is primary growth stimulants for the North America sweet and savory snacks market. Europe is a second-largest market for sweet and savory snacks followed by the Asia Pacific. Factors attributable to the growth of the European snack products are the evolving lifestyle and changing dietary habits in this region.
Market Dynamics
Drivers
- Changing lifestyle and increased habits of munching
- Rising demand for nutritious snacks
Restraints
- Rising concern of healthy foods
Opportunities
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New product developments and innovations in products
Companies Mentioned
- PepsiCo
- Mondelz International
- Kraft Heinz Co.
- General Mills
- Kellogg Company
- Diamond Foods Inc.
- Golden Wonder
- Procter & Gamble
- The Hain Celestial Group
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ITC Limited
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