The research firm’s latest report said growth is expected to come mainly from developing countries in the Asia-Pacific and Eastern European regions, with CAGRs of 13.7% and 7.3%, respectively, while the Latin American region is expected to register a more moderate CAGR of 3.2%.
“Rising urbanization levels and busier lifestyles are impacting the eating habits of consumers, who are increasingly replacing main meals with more flexible, light and convenient snacking options,” said Rashmi Mahajan, an analyst with Canadean. “Changing consumer preferences and the growing trend of ‘snackification,’ which represents a significant portion of everyday eating routines, is driving the demand for portable and on-the-go formats.”
Canadean’s research revealed that the health and wellness trend has affected the eating habits of consumers in developed markets, who tend to base their snacking choices on nutritional value and quality. The habits have led consumers to trade up and spend more on premium varieties of snacks. Meanwhile, consumers in emerging countries such as Brazil, China and India mostly base their snack choices on value and experimentation, Canadean’s research said.
According to Canadean, the global savory snacks market is highly fragmented, with the top five brands holding less than 16% market share. Lay’s, Doritos, Pringles, Cheetos and Ruffles were the leading brands with the highest market share in 2015.