SAVORY SNACKS MARKET ANALYSIS

Market Challenges And Opportunities

MARKET DYNAMICS

Increasing health awareness among consumers is resulting in shifting preference towards healthy snack products. The health benefits offered by nut consumption, as nuts are rich source of vitamins, unsaturated fatty acids, fibers, and minerals, is driving market growth of snack nut products, which in turn is driving growth of the savory snacks market. For instance, according to European Snacks Association, snack nut consumption in Europe increased by 76% between 2009 and 2018. According to the same source, Dutch is the biggest consumer of snack nuts in Europe with consumption of 2.9 kg per capita.

Rapid urbanization, increasing disposable income, and changing lifestyle pattern has led to increasing demand forready-to-eat or convenience food products across the globe. For instance, according to the Trading Economics Statistics on United States Disposable Personal Income, the disposable personal income in the U.S. averaged US$ 5,200.2 billion in 1959, which increased to US$ 15,742.81 billion in 2018.

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