Health And Wellness Opportunities In Savory Snacks Sector

Nov. 7, 2018
Global Health & Wellness (H&W) market for Savory Snacks represented a value share of 15.1% of the total savory snacks sector. Although the market for H&W Savory Snacks is projected to grow at a CAGR of 5.3% during 2017-2022, the value share of the market is expected to skid from 15.1% in 2017 to 14.4% over the next five years.Rising health awareness, increasing purchasing power of consumers and ageing population, who are more conscious about their health and nutrition, are the major factors driving the market. Popcorn, meat snacks and processed snacks remain the key contributing categories, driven by increasing demand snacks with lower fat and calorie content.The H&W savory snacks market is led by the North American region, which accounted for a market size of US$10,531.4 million in 2017. This is followed by Western Europe. High obesity rates and intensified awareness campaigns in these developed regions are driving consumers away from traditional snacks towards healthy, more nutritious choices.The H&W attributes that play the most pivotal roles in shaping the demand for savory snacks worldwide are 'free from' and 'food minus'.With cardiovascular diseases among the main causes of death worldwide, consumers are becoming increasingly cautious of saturated fats and cholesterol.This is driving the demand for 'cholesterol free' savory snacks, which accounted for 82.6% of the total savory snacks with 'free from' attributes in 2017PepsiCo was the leading player in the global H&W savory snacks sector, followed by The Kellogg Company and Snyder's-Lance. Leading companies are reformulating their products with reduced salt and fat, different ingredients, and improved processing techniques in line with the consumer trend for healthy eating and to comply with the new regulations on salt and sugar content.

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