According to P&S Market Research, the global savoury snack market is set to reach $166.6 billion by 2020, growing at a rate of 7.1 per cent each year.
The global savoury snacks market was valued at $111.1 billion in 2014, with processed snacks accounting for the biggest segment at about $41.5 million for the year. P&S notes that its projected market increase has to do with the increasing demand for savoury snacks in developing countries, such as India, where the category is forecasted to grow at around 16.6 per cent each year until 2020.
MORE INDUSTRY NEWS
- Lower loonie could boost back-to-school spending
- Federal court certifies privacy class action by medical marijuana patients against Health Canada
- Health Canada issues labelling changes for homeopathic products
Although the market is set for big growth, P&S says that some healthy alternatives, such as fresh fruits, juices and bakery products were hindering some potential growth for the sector. This is due to an increased consumer demand, especially in western countries, for less processed ingredients in food products.
