The US savory snacks market is estimated to exhibit a moderate CAGR of 3.6% during the forecast period (2020-2026). The face of savory snacks in the US is changing as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles. Snacking is on the rise as demand for convenience and portability fuel increased consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks. Localization is encouraging the use of bold, spicy flavors and exotic ingredients to appeal to international palates, which is driving growth in regional markets. In the US, convenience is also driving online sales of ready-to-eat snacks, with snack foods one of the top food categories purchased through the e-commerce channel.
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The snacking industry continues to see a high level of M&A activity in the US, with more deal flow expected as industry participants leverage acquisitions to orient product portfolios towards broad demand trends favoring healthy, organic, and better-for-you snacks. PepsiCo, Mondelez, Campbell Soup Company, and ConAgra Brands are among the major food and beverage players to recently complete acquisitions in the country. Recent buys are reflective of category and geographic expansion efforts, with a keen interest in innovative, smaller brands serving high-growth niche segments to broaden consumer reach and enhance competitive positioning. For instance, In July 2019, PepsiCo, an American multinational food, snack, and beverage corporation, announced it was acquiring Pioneer Foods Group in a transaction valued at $1.7 billion. PepsiCo CEO Ramon Laguarta called the acquisition a “differentiated opportunity,” advancing the company’s strategy to expand in South Africa and into sub-Saharan Africa.
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region/segment
US Savory Snacks Market Report Segment
By Product
By Distribution Channel
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