According to the latest market research study released by Technavio (technavio.com), the global baked savory snacks market is expected to grow at a CAGR of around 4% during the forecast period 2016-2020.
Technavio research analysts categorize the global baked savory snacks market based on product type:
Global baked savory snacks market share by product type 2015
- Baked Savory Biscuits: 45.51%
- Baked Extruded Snacks: 28.96%
- RTE Popcorn: 14.07%
- Others: 11.45%
The top three revenue contributing product segments are:
Global baked savory biscuits market
The global baked savory biscuits market was valued at almost $14 billion in 2015 and will grow at a CAGR of around 4% by 2020. The growing demand for these biscuits from the health-conscious consumers will lead to the growth of this market segment. The growing popularity of breakfast savory biscuits is encouraging vendors to invest in the development and innovation of these products to increase their product portfolio. The companies are also focusing on the promotional activity, distribution, and marketing of these products to increase their sales and profitability.
“Baked savory biscuits are becoming the perfect substitute for chips, and are considered to be a healthier option to other fried products. As a result, companies are investing in the development of more premium baked savory biscuits products to attract more consumers. They are also focusing on innovations to increase their production capabilities. India is the largest biscuit-consuming country in the world, and the top vendors are Britannia and Parle,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Global baked extruded snacks market
The global baked extruded snacks market was valued at around $9 billion in 2015 and will grow at a CAGR of more than 4% by 2020. These snacks are available in different size, shapes and colors, and their appearance, flavors and packaging are the key differentiators for consumers. Baked extruded corn snacks have no artificial preservatives, zero trans fats, and low sodium and do not contain MSG. Easy availability and low cost of ingredients are the primary driving factors of this market segment. The other form of baked extruded snacks is made of rice, which contains natural ingredients high in nutrients and does not contain artificial flavors or gluten. These products are priced at lower rates and are widely available in traditional grocery outlets and kiosks. Manufacturers in this market are focusing on expanding their product portfolio by investing in various new technologies like twin screw extrusion technology.
Global RTE (ready to eat) popcorn market
The global RTE popcorn market was valued at over $4 billion in 2015 and will grow at a CAGR of around 4% by 2020. Increasing investment activities by companies to expand their offerings under the RTE popcorn category to capitalize on convenience and taste will lead to the growth of this market segment. The vendors are also offering varieties and flavors such as caramel, cashew, cheese, and beer to attract more consumers and increase their sales. Popcorns are launched in new packagings such as plastic bottles and cans to increase the product appeal and create more brand awareness among consumers.