United Kingdom ranks second among the top 10 countries globally in terms of per capita expenditure (in US dollar terms). The per capita expenditure on savory snacks products in US dollar terms grew at a CAGR of 1.9% in the last five years and is expected to grow at a CAGR of 4.7% during 2016-2021.
Despite an economic recovery, consumers are less willing to eat out and prefer to entertain more at home, which is contributing to the growth of savory snacks. Although snacks are traditionally perceived to be an unhealthy food option, grazing on snacks with authentic and natural ingredients is likely to rise. Consequently, the market is expected to register growth at a CAGR of 5.4% during 2016-2021, when compared to 2011-2016.
UK savory snacks market is led by the processed snacks category, which grew at a CAGR of 4.5% during 2011-2016. It is followed by the potato chips category, which is forecast to grow at a CAGR of 4.2% during 2016-2021. On the other hand, pretzels, the smallest value category are forecast to remain the fastest-growing during 2016-2021. The meat snacks category is expected to register the slowest value growth in US dollar terms at a CAGR of 3.7% in the next five years.
The report Top Growth Opportunities: Savory Snacks in the UK, provides an overview of the bakery and cereals market, analyzing market data, demographic consumption patterns within the category, and the key consumer trends driving consumption. Proprietary Risk vs Reward Opportunity model pinpoints the best growth opportunities for dairy and soy food producers, suppliers and retailers by combining robust, granular data and expert insight. The report uses this framework to identify the best opportunities, analyze white spaces in the market, and outline new product development that will effectively target the most pertinent consumer need states. These are combined to offer strategic recommendations to capitalize on evolving consumer landscapes.
Companies mentioned in this report: Walkers, Pepsico, KP, Intersnack, Kelloggs, Tesco, Sainsburys, Iceland, Marks and Spencer, Asda, Morrisons, Booker, The Co-Operative, Aldi, B&M Stores, Home Bargains.
The per capita expenditure on savory snacks products is growing and is supported by rising disposable income in the country.
The increase of time-scarce consumers as a result of long working hours has changed the need for traditional meal concept to easy and quick meals on-the-go among the UK consumers.
Moreover, with changing lifestyles due to busy lives, consumers are not only opting for easy food options but also looking for authentic and natural snack options with health & wellness attributes, which offers good growth opportunities in terms of per capita expenditure in the Savory Snacks market.
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