Product innovation is key to survive in Global Processed snacks industry: Ken Research

1
Product innovation is key to survive in Global
Processed snacks industry Ken Research
2
Processed food is all set to see a steady growth
for a couple of years. In past few years, we have
witnessed a vast diversity of products being
introduced as consumers preference in terms of
taste is evolving and young consumers are keen to
experiment on their choice of snack. Product
innovation is the key to tap every possible
potential customer segment in this competitive
industry.
3
Some have chosen to introduce new products to a
wider known umbrella brand while some companies
are creating separate brands for different
products however no strategy has been
statistically better or worse than the other. In
this quest of the market, share companies are
increasingly introducing local flavors in every
market which are likely to be one of the prime
reasons for the growth of the industry in coming
years. Like lays including flavors like Achari
masti in India which is one of the fastest
growing markets for the industry. According to
the report global processed snacks (savory
snacks) market-outlook to 2020 market size,
growth and forecast analytics By 2020 the
processed food industry is likely to pass 15
billion marks globally. In the developing world
millions of people are coming out of poverty
every year and middle class is also witnessing a
surge in disposable income which is increasing
4

• per capita food consumption and this coupled with
  increasing population is driving the processed
  food industry in developing countries to grow at
  more than 10 year on year since the last couple
  of years. But increasing health concerns and eat
  right drives are starting to break the momentum
  of the industry. A product like potato chips
  which have been front runners for the industry is
  starting to get edited from the daily eatables
  list of consumers. Responding to this threat of
  massive proportion and to tap the new health
  conscious market Industry is investing heavily to
  develop new products for e.g. baked potato chips
  which are a healthy alternative to its fried
  counterpart.
• In the developing world story is completely
  different story. The industry has reached its
  limits and is likely to witness next to nothing
  real growth in years to come. Big players are all
  trying to create unique selling points in order
  to at least hold their market

5
share and withstand the global competition. But
there is a positive change in per capita
consumption of corn chips in Americas and Europe
which has higher margins and thus can improve
profitability. This has been the effect of
changing the taste, health ingredient and a wide
range of flavors in this category. The global
market for pork scratching commonly consumed with
alcoholic beverages in Bars is likely to grow
steadily at a healthy rate for few years with
America and Europe being its driving markets.
Same is the case with other meat snacks market as
well as of today the Americas is the largest
market in meat snacks but in terms of growth
rate, MEA is out performing it by a factor of
1.5X regularly in past few years.
6
Key Topics Covered in the Report Global
Processed Snacks Industry Global Savory Snacks
Market Research Global Processed Snacks Market
Size Global Corn Chips Market Analysis Global
Processed Snacks Market Volume Global Processed
Snacks Market Future Outlook Global Processed
Snacks Industry Competition North America
Processed Snacks Industry Europe Processed Snacks
Industry Asia Pacific Processed Snacks Industry
Global Frozen Food Market Research
7
To know more about the research
report https//www.kenresearch.com/food-beverage-
and-tobacco/general-food/global-processed-snacks-s
avory-snacks/92457-11.html Related
Reports https//www.kenresearch.com/food-beverage-
and-tobacco/general-food/processed-snacks-savory-s
nacks-brics/92456-11.html https//www.kenresearch
.com/food-beverage-and-tobacco/general-food/proces
sed-snacks-savory-snacks-middle-east-africa/92455-
11.html
8
Contact Ken Research Ankur Gupta, Head
Marketing Communications query_at_kenresearch.com
91-124-4230204