The global processed snacks market is expected to grow at a CAGR of close to 3% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global processed snacks market 2017-2021 under their food and beverage library. (Graphic: Business Wire)
The report categorizes the global processed snacks market by product that includes sweet snacks and savory snacks. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: evolving taste preferences
Taste preferences of consumers in the processed snacks market are constantly evolving. Consumers, particularly the youth, are eager to experiment with different products. Manufacturers strive to meet the evolved preferences of consumers through brand extensions, product innovations, and the introduction of new brands. Continuous product development and innovation are important for sustenance in the market. Millennials are an expanding consumer segment for processed snacks, especially in Europe and the Americas.
According to Manjunath Reddy, a lead analyst at Technavio for food research, "There is an increased preference for unique styles, ethnic products, and artisanal flavors in the global processed snacks market. Processed snacks manufacturers are increasingly focused on culture-specific flavor preferences. International brands customize their offerings to be in line with ethnic tastes."
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Market trend: technological innovations
Manufacturers of processed snacks are investing in efficient processing equipment to provide consumers with high-quality food products. Florigo Industry launched a potato chip fryer with the patented Opti-Flow technology on October 27, 2016. This technology removes 99% of cyclone dead spots. This technology ensures that potato chips are free of excess oil. Therefore, potato chip manufacturers can lower the level of acrylamides and reduce the number of rejects, which further enhances both product quality and yield.
Market challenge: fluctuations in raw-material costs
The widening gap between product demand and supply in the global processed snacks market in the recent years has increased raw-material costs significantly. An increase in the price of raw materials such as potatoes, corn, and nuts increase the manufacturing costs and decreases the profit margins of vendors. Increased raw-material prices influence manufacturers to experiment with cheaper substitutes. The high prices also lead to increased power to raw-material suppliers in the market. Thus, fluctuations in raw-material prices negatively impact the vendors in the global processed snacks market.
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Vendors in the market
- Aviko
- Calbee
- General Mills
- Hormel Foods
- Intersnack Group
- Kellogg Company
- Lamb Weston
- McCain Foods
- PepsiCo
- Tyson Foods
The global processed snacks market is subject to rapid changes in terms of consumer demands both at regional and international levels. It is also affected by changes in demographic trends. Economic developments, improvements in living standards, increase in per-capita household incomes, and altered spending patterns across the globe are factors that benefit the manufacturers of the global processed snacks market during the forecast period.
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