Market Overview and Growth Factors: —
The global savory snacks market is growing at a rapid pace; mainly due to the rapidly changing lifestyles. The demand for snacking items and convenience food in an easy to carry package is a key factor heavily influencing the development of new on-the-go products that attract consumer attention and capitalize on market share.
Convenience foods have reached beyond being niche items, in fact, they have now entered the mainstream consciousness of consumers who are looking to supplement their regular eating habits or substitute meals, as well as, be a part of the popular organic and natural functional health movement. This, as a result, is escalating the market on the global platform.
Acknowledging the exponential growth, the market is witnessing currently, Market Research Future (MRFR), in its recently published study report asserts that the global savory snacks market will grow moderately by 2023 registering a phenomenal CAGR throughout the forecast period (2017 to 2023).
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Highly competitive savory snacks market appears to be fragmented with several large and small players forming a competitive edge. M&A, innovation, and brand reinforcement remain the key trends for these players. They strive to develop cost-competitive products meant to reduce the downtime with longer shelf life. The competition in the market is estimated to intensify with the expected extensions in product & service and product innovations.
International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as quality, technology, and price. The merger and acquisition activities that characterized the commercial savory snacks market in the past few years have also impacted producers of baked foods.
Key Players Leading The Global Savory Snacks Market include Kraft Foods Group, Inc. (U.S.), PepsiCo (U.S.), ConAgra Foods, Inc. (U.S.), Diamond Foods, Inc. (U.S.), CALBEE, Inc. (Japan), General Mills, Inc. (U.S.), Lorenz Bahlsen Snack-World Group (Germany), Intersnack Group GmbH & Co. KG (Germany), Kellogg Company (U.S.), and Orkla ASA (Norway) among others.
Industry/ Innovation/ Related News
February 21, 2019 ---– Exane Derivatives S.N.C (France), a subsidiary of Exane SA, an investment management firm announced increment in its stake in shares of The Kellogg Company (the US), a multinational cookie and cracker manufacturing company by 204.6%. Exane Derivatives’ holdings in Kellogg were worth USD 156,000 at the end of 2018. The institutional investor-owned 2,738 shares of the company’s stock after acquiring an additional 1,839 shares during the quarter.
February 18, 2019 ---– Coca-Cola Hellenic Bottling Company/ Coca-Cola HBC A.G. (Switzerland), the world's third-largest Coca-Cola anchor bottler company announced the acquisition of Bambi AD (Serbia), a leading local company engaging in the production and sale of confectionery products, wafers, and savory snacks for an enterprise value of 260 MN euros (USD 294 MN) from private equity investor, Mid Europa Partners.
Bambi had revenue of around 80 MN euros in 2018, of which more than two-thirds were earned in Serbia and the rest in the Western Balkans. Bambi had strong profitability and a margin on earnings before interest and taxation that was nearly three times higher than the buyer company - Coca-Cola HBC.
The North American region, heading with the burgeoning food and bakery items industry will retain its dominance over the global savory snacks market. Also, the upsurge in the popularity of these snacking items is expected to drive the market growth in the region. Additional factors allowing the region to hold the significant market share include the changing food consumption pattern and high consumption of these snacks.
The presence of large production bases and consumer in the region are projected to generate high revenue pockets in the regional market, influencing the high production volume of the product. Besides, the presence of several well-established players positively impacts the market growth in the region.
The savory snacks market in the European region led by the high preference and inclination towards these snacking items, accounts for the second largest market, globally. Additionally, factors such as the resurging economy and the presence of a considerable number of food enthusiasts are supporting the market growth in the region.
The Asia Pacific savory snacks market, on the other hand, is emerging as a lucrative market, worldwide. The savory snacks market in the APAC region has been experiencing substantial developments during the past few years. Several major companies are targeting APAC as a potential market for investments in the savory snacks market due to potential demand scenario.
The higher-level production primarily contributes to the growth of the regional market. Increasing population in the rapidly developing countries such as China, India coupled with the changing lifestyles of consumers, in turn, is driving the market growth positively.
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