Market Size of South Africa Savory Snacks Industry
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Market Size (2023)||USD 1.54 Billion|
|Market Size (2028)||USD 2.28 Billion|
|CAGR (2023 - 2028)||8.10 %|
*Disclaimer: Major Players sorted in no particular order
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South African Savoury Snacks Market Analysis
The South Africa Savory Snacks Market size is expected to grow from USD 1.54 billion in 2023 to USD 2.28 billion by 2028, at a CAGR of 8.10% during the forecast period (2023-2028).
The COVID-19 pandemic and the restrictions to curb its spread in South Africa interrupted many economic activities, resulting in the limited operation of formal and informal activities. The lockdown measures, which restricted the movement of people who did not have special permits, affected the sourcing of food items sold by traders. A nationwide lockdown in March 2020 brought rapid changes to the South African retail sector, as retail operations adapted to new ways of doing business. Snacks and nuts, along with crisps, have been kept back as risk categories in the food sector, as supermarkets re-allocate stock priorities toward staples and essential supplies due to the coronavirus outbreak. The economic fallout as a result of the COVID-19 pandemic and general economic woes of South Africa is expected to see many consumers reducing their spending on food as disposable incomes continue to decrease in the short term. Savory snacks are likely to see modest retail value sales growth at constant 2021 prices as well as volume growth as consumers prioritize essential goods over the forecast period.
Over long term,South Africans prefer spicy flavors.A recent research published by Knorr in March 2020 indicated that 47% of consumers in the market studied preferred snacking between lunch and dinner, while 70% admitted to snacking in between meals with chips, which held a major share among six portfolios. Thus, in order to stay ahead in such a competitive market, key players are continuously introducing new products with innovative flavors. For example, in 2019, Pringles launched Aromat-flavored chips.The introduction of healthier alternatives, like the low-fat and low-sodium savory snacks, has been influencing the growth of the market, while nuts and seeds are gaining momentum among the healthy eating community.Increased desire for healthy snacks and rising food consumption per capita, combined with easy-food demand, packaging innovation, and a rise in the young population, are driving the consumption of savory snacks. The savory snacks industry has been improving the availability and variety of healthy snacks, such as roasted seeds and nuts, baked wafers, and potato chips, gluten-free, low fat, and organic, due to the prevalence of obesity and to cater to the health-consciousness consumers who demand healthy products.Additionally, owing to the changing tastes and preferences of consumers, there have been considerable product developments by various local and regional players in the market. In order to innovate the product range, leading players are enhancing savory snack products by featuring enhanced flavors, functionalities, ingredients, and attractive packaging of the products sold in retail selves.