The savoury snacks market has been forecast to increase at a compound annual growth rate (CAGR) of 4.5% over the next three years, increasing from total revenues of $77.3 billion in 2011, to reach a value of $96.5 billion by the end of 2016.
According to a recently published report, 'Savory Snacks: Global Industry Guide,' market consumption volumes increased with a CAGR of 3.8% between 2007-2011, to reach a total of 9.3 billion kg in 2011.
The recent success of the savoury snacks market can be attributed to the success of the strong popularity of snacks in the UK, to the growth of adult lunchboxes, and to manufacturers tapping in to the bag-sharing category and responding to consumer demand for healthy snacks and innovative flavours.
Potato crisps continue to dominate the savoury snack market. Traditional crisps remain the best sellers, but there has been a rise in variation in the sector on two levels. First, manufacturers have responded to health concerns by altering the content of their snacks and their methods of production so that they are less fatty and more natural. This has increased the presence of less salty crisps and baked -- rather than fried -- crisps on retail shelves.
Second, there has been a growing demand for creative flavours, both with British and exotic origins. Manufacturers are increasingly appealing to consumers to suggest or design their own flavours and are perpetually introducing new ones, some only on a temporary basis to coincide with holidays and events.
Although potato crisps dominate the market, the other savoury snacks sector is on the rise. In 2011, the sector experienced a 7.8% growth in value, attributable to the mounting demand for healthy snacks. Popcorn and pretzels are the two to watch in this category.
The demand for snack nuts is also growing, due to the health benefits associated with them. However, their higher price tag compared to most other savoury snacks, especially during the economic crisis, means that the category's growth will be limited, unless manufacturers lower prices.
For more information on the savoury snacks market, see the latest research: Savoury Snacks Market
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