Baked Savory Snacks Market - Growth, Trends and Forecast (2020 - 2025)

The global baked savoury snacks market is projected to grow at a CAGR of 4.3% during the forecast period.The swelling demand for convenient food products with easy availability and relative low cost of ingredients for savory snacks, specially, 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. Introduction of new products in attractive packets is a strategy to promote sales.Moreover, the regional players are anticipated to penetrate the market more with upgraded retail landscape and marketing tactics.Key Market Trends

Supermarket/Hypermarket Contribute the Largest Share Portion in the 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 savoury 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. For instance, combi-packs are available at lesser prices than the collective selling price of the contents and allow the consumers to try multiple variants of the same brand at a time. 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 relatively lower price.

North America is the Holder of Maximum Share in the Baked Savoury Snacks Market

The growth of savory snacks in the region is chiefly driven by consumers demanding tasty and healthy snacks without compromising on the nutritional content. North American region has a large portion of high-income group 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 savoury snacks.

Fortified baked snacks are in trend in North America as people are taking a shift to reduced-sugar snacks. Increased protein content is another common fortification practice that is being adopted to capture the diabetic and fitness concerned population..

Competitive Landscape

Baked savoury snacks offer a great scope of innovation in terms of texture, flavours and physical appearance. The major players like General Mills, ConAgra Foods, ITC Limited, The Kelloggs Company, and PepsiCo Inc. have been able to propogate their innovations to the consumers very well and are therefore leading the market in the western part of the globe. On the contrary, every country in the Asia-Pacific region has a large concentration of small regional players accounting for the maximum category sales.

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