- Consumption of savory snacks, including potato chips, processed snacks, popcorn, and nuts, among others, is on the rise across the globe.
- In 2014, the global savory snacks market totaled $111.1 billion, but with an anticipated 7.1% annual growth rate from 2015 to 2020, the segment is expected to reach $166.6 billion by 2020, according to a report from P&S Market Research.
- The main reasons for the increase in savory snacks consumption, according to the P&S report, are "rising urbanization, increasing per capita income (especially in developing countries), and changing food culture."
Americans continue to snack more frequently, as some prefer to eat smaller, more convenient portions throughout the day rather than three larger meals. Healthy snacking is particularly popular in the U.S., so companies like Diamond Foods are looking to innovate their snack portfolios by offering more natural and organic options to appeal to consumers moving in the direction toward healthier foods, including snacks. Other companies not as well known for making snacks, such as Hormel Foods, are looking to this market as well for product innovation to capitalize on the surge in snack foods consumption.