The global savory snacks market size was USD 262.77 billion in 2022 and is likely to reach USD 404.16 billion by 2031, expanding at a CAGR of 4.9% during 2023 – 2031. The growth of the market is attributed to rapid urbanization, development of processed foods, and increasing demand for convenience foods.
Savory snack is made with basic ingredients such as grains, fruits, vegetables, legumes, vegetable oils, starches, and flavors. Savory snacks include a wide variety of snacks such as flaky snacks, chips, tortillas, crackers, baked snacks, biscuits, popcorn, meat snacks, peanuts, and others. All groups of seniors love salty snacks and are consumed on a several occasions.
Because consumers prefer healthy snacks, manufacturers offer a wide variety of products that are gluten-free, natural, and preservative-free, low in fat, vegan, and with little or no allergens. Salty snacks are foods that have a strong and tangy taste.
Snacks are a popular pastime among millennials and make a significant contribution to the global savory snack food industry. Salty snacks are a staple segment of the food and beverage industry, popular with people of all ages around the world.
The savory snack industry in the US is growing rapidly as millennial eat snacks instead of traditional meals, and the country's shrinking household size is fueling the trend. These regulations vary greatly depending on the region in which the product is produced, because manufacturers spend a lot of time on research and development to meet food standards.
Increasing number of domestic manufacturers has increased the presence of products under its own trademark in the market. Major retailers have started selling savory snacks under their own brands. The relatively low prices for these products compared to local products available in the market are likely to increase their demand.
Market Trends, Drivers, Restraints, and Opportunities
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Growing awareness among people about consumption of healthy foods and increasing consumption of low calorie food is expected to boost the market during the forecast period.
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Rapid growth of the snacks industry owing to increasing demand for flavored chips and processed food is major factors fueling the market in the coming years.
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Rising disposable income and demand for processed food or savory snacks while travelling, watching movies, or in special occasions is anticipated to drive the market.
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High consumption of snacks resulting to health problems such as overweight problems due to overeating of salt and sugar is projected to restrict the market growth.
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Lack of clear labeling of ingredients and packaging, in addition to stringent regulation by food safety authority on food products act as major challenges that can hamper the market growth during forecast period.
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R&D investment and innovation of new products such as less fried, baked, and different flavor products is anticipated to offer lucrative opportunities for the market players.
Scope of the Report
The report on the global savory snacks market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Savory Snacks Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2019–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Potato Chips, Extruded Snacks, Nuts & Seeds, Popcorn, Meat Snacks, and Others), and Distribution Channels (Supermarket, Convenience Stores, Specialty Stores, Online Stores, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Kellogg’s Company; ConAgra Brands Inc.; ITC Limited; General Mills Inc.; and PepsiCo Inc.
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Market Segment Insights
The meat snacks segment is projected to account for a major market share
Based on product types, the savory snacks market is divided into nuts & seeds, extruded snacks, meat snacks, popcorn, potato chips, and others. The meat snacks segment is expected to represent a key share of the market during forecast period owing to rising consumer awareness of healthy snacking habits, consumers are looking for something more substantial or hardy than chips and candy, giving way to the introduction of snacks.
Traditionally, meat snacks were sold in convenience stores, but as more consumers demand healthy snacks, more and more retail channels sell them. On the other hand, the potato chips segment is anticipated to expand at a rapid pace during the forecast period. The introduction of new flavors and healthy baked potatoes is expected to have a positive impact on the growth of the industry.
The review of new products with different flavors, consumer preferences, and health benefits is expected to positively impact market. These are affordable snacks that appeal to people of all ages. The growth in potato chips production is driven by affordability, availability, ease of preparation and flavor, and strong demand from emerging markets in developing countries. The growing popularity of flavored chips, especially among children and young people, is expected to boost the segment.
The supermarket segment is expected to grow at a rapid pace
In terms of distribution channels, the savory snacks market is segregated into convenience stores, supermarkets, online retail, specialty stores, and others. The supermarket segment is expected to represent a key share of the market during forecast period.
The emergence of a large number of supermarket chains and the changing retail pattern around the world have prepared for increased sales of manufactured food products and snacks through supermarket sales channels.
On the other hand, the convenience store segment is anticipated to expand at a rapid pace during the forecast period. Nowadays, fast-growing demand, shops, fast food outlets, and gas stations selling different varieties and flavors of snacks at affordable prices which attract busy consumers by responding effectively to their lifestyles.
North America is anticipated to dominate the market
On the basis of regions, the savory snacks market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period.
The regional market growth can be attributed to number of factors, such as presence of several well-known companies in the market offering a variety of delicious snacks and growing consumer trends used for convenience.
The eating habits of consumers in this region are changing consumers prefer convenience foods such as low-calorie snacks. In response to consumer demand, most salty snack food manufacturers are offering low-calorie snacks, which is likely to drive the savory snacks market.
The marketing and advertising activities of market participants influence the growth of the savory snack market. North America continues to grow as consumers continue to prioritize portability, convenience, the appeal of savory snacks, and the nutritional value of snacks such as chips, sandwiches or crackers.
Segments
The global savory snacks market has been segmented on the basis of
Product Types
- Potato Chips
- Extruded Snacks
- Nuts & Seeds
- Popcorn
- Meat Snacks
- Others
Distribution Channels
- Supermarket
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- The Kellogg’s Company
- ConAgra Brands Inc.
- ITC Limited
- General Mills Inc.
- PepsiCo Inc.
Competitive Landscape
Key players competing in the savory snacks market include The Kellogg’s Company; ConAgra Brands Inc.; ITC Limited; General Mills Inc.; and PepsiCo Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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