Global Processed Snacks Market 2017-2021
About Processed Snacks
A processed snack is altered from its original form through cooking, drying, salting, freezing, smoking, pickling, canning, baking, or drying during preparation. The global snacks market is set to grow at a moderate pace during the forecast period. It is segmented into salted snacks, bakery snacks, confectionery, frozen snacks, and other food products. The changes in consumer lifestyles, increasing disposable incomes, and increased demand for convenience foods have affected the market positively during the forecast period. Also, snack products are largely being consumed as meal replacements. Additionally, the growing demand for tortilla chips, taco shells, corn chips, and a variety of other popular Mexican snacks are slated to drive the market. Extruded snacks that have a higher nutritional value than traditional snacks are gaining momentum, of late. The high demand for extruded snacks drives the market growth during the forecast period.
Technavio’s analysts forecast the global processed snacks market to grow at a CAGR of 2.64% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global processed snacks market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Processed Snacks Market 2017-2021
Technavio recognizes the following companies as the key players in the global processed snacks market: Aviko, Calbee, General Mills, Hormel Foods, Intersnack Group, Kellogg Company, McCain Foods, PepsiCo, and Tyson Foods
Other Prominent Vendors in the market are: Arca Continental, Blue Diamond Growers, Burts Potato Chips, Conagra Brands, Hain Celestial, Haldiram Foods International, Herr Foods, ITC, JFC International, KETTLE FOODS, Link Snacks, Mars, Mondelēz International,Old Dutch Foods, Orkla, Snyder's-Lance, The Kraft Heinz Company, The Lorenz Bahlsen Snack-World, Tyrrells Potato Crisps, and Want Want Holdings
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is 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. Potato chip manufacturers can, thus, lower the level of acrylamides and reduce the number of rejects, thereby enhancing both product quality and yield.”
According to the report, one of the major drivers for this market is Evolving taste preferences. Taste preferences of consumers in the processed snacks market are constantly evolving. Consumers, especially 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 key toward sustenance in the market. Millennials are an expanding consumer segment for processed snacks, especially in Europe and the Americas.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in raw-material costs. The widening gap between product demand and supply in recent years (in the global processed snacks market) has increased raw-material costs substantially. An increase in the price of raw materials (such as potatoes, corn, and nuts) increases the manufacturing costs and decreases the profit margins of vendors. Increased raw-material prices influence manufacturers to experiment with cheaper substitutes. Increased raw-material costs 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.
Aviko, Calbee, General Mills, Hormel Foods, Intersnack Group, Kellogg Company, McCain Foods, PepsiCo, and Tyson Foods, Arca Continental, Blue Diamond Growers, Burts Potato Chips, Conagra Brands, Hain Celestial, Haldiram Foods International, Herr Foods, ITC, JFC International, KETTLE FOODS, Link Snacks, Mars, Mondelēz International,Old Dutch Foods, Orkla, Snyder's-Lance, The Kraft Heinz Company, The Lorenz Bahlsen Snack-World, Tyrrells Potato Crisps, and Want Want Holdings
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