North America Baked Savory Snacks Market is projected to grow at a CAGR of 2.18% during the forecast period 2020-2025.
- The swelling demand for convenient food products with easy availability and relatively low cost of ingredients for savory snacks, especially, extruded corn-based snacks are compelling manufacturers to expand heavily in the product segment. With new product developments and innovations like multigrain chips, there exists a huge opportunity among the companies to establish their reputation in the market as a pioneer.
- The manufacturers of savory snacks have been coming up with versatile product offerings with new flavor profiles and shapes to seek the attention of the consumers. The introduction of new products in attractive packets is a strategy to promote sales.
Key Market Trends
Supermarket/Hypermarket holds a Prominent Share in Distribution Channel
As the consumer demand for healthier snacks rose, more retail channels are selling them. High market penetration and growing consumer demand for healthy snacks are thus expected to drive the overall demand for baked savory snacks. Owing to a huge retail space catering to a wide variety of preferences, the supermarkets/ hypermarkets are dominant channels for the sales of baked savory snack products. Special deals, discounts, and value for the money can further enhance the buying experience. The mixed bundling strategy of this distribution channel offers enhanced affordability, wherein the combination of snacking and/or other products can be collectively purchased at a relatively lower price.
United States holds the Largest Share
The growth of savory snacks in the United States is chiefly driven by consumers demanding tasty and healthy snacks without compromising the nutritional content. The United States has a large portion of high-income groups and the demand is vastly growing because the people continue to prioritize the portability, convenience, and indulgence offered by the savory snacks, particularly the baked savory snacks. Furthermore, fortified baked snacks are in trend in North America as people are taking a shift to reduced-sugar snacks. The increased protein content is another common fortification practice that is being adopted to capture the diabetic and fitness concerned population.
Baked savory snacks offer a great scope of innovation in terms of texture, flavors and physical appearance. The major players like General Mills, ConAgra Foods, ITC Limited, The Kelloggs Company, and PepsiCo Inc. have been able to propagate their innovations to the consumers very well and are therefore leading the market in the North American region.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support