Savory Snacks Market: Segmented: By Product (French Fries, Potato Chips, Nuts & Seeds, Puffed Snacks, Tortillas and Others), By Flavor (Barbeque, Spice, Salty, Plain/Unflavored), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Retailers, Online Stores, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Savory Snacks market to surpass USD 388.19 billion by 2032 from USD 227.2 billion in 2021 at a CAGR of 5% in the coming years, i.e., 2022-32.
Savory snacks are convenience food items that have spicy or salty flavors rather than a sweet profile. These food items are made using different seasonings, vegetables, grains, fruits, and nuts. They are ready-to-eat food products and are very popular due to their long shelf life and time-saving nature. Savory snacks are widely consumed on various occasions and in between meals. There are a variety of savory snacks such as French fries, tortillas, puffed snacks, popcorn, potato chips, extruded snacks, and nuts & seeds. Savory snacks are easily available at various online stores, supermarkets/hypermarkets, specialty stores, and convenience stores.
Savory Snacks market is expected to project a notable CAGR of 5% in 2032.
Growing consumption of convenience food, increasing demand for healthy snacks, and expanding food and beverage industry are driving the growth of Savory Snacks market.
Potato Chips segment holds the largest share in the market
Savory Snacks market is classified on the basis of product into French Fries, Potato Chips, Nuts & Seeds, Puffed Snacks, Tortillas and Others. Potato Chips segment is dominating the market with the largest share. The growth is attributed to the rich flavor, easy availability, and cheap price of potato chips. Manufacturers have introduced new product variants seeking the wide consumption of potato chips across the globe.
Supermarkets and Hypermarkets segment holds the largest share in the market
Savory Snacks market is classified on the basis of distribution channel Supermarkets and Hypermarkets, Convenience Stores, Specialty Retailers, Online Stores, and Others. Supermarkets and Hypermarkets segment is dominating the market with the largest share. Supermarkets and Hypermarkets have specific section for snacks where a wide variety of snacks are easily available. Customers tend to purchase snacks in large quantities from supermarkets and hypermarkets. Furthermore, Online Stores are gaining traction owing to the growing shift towards online shopping of groceries and other food
Growth in the Consumption of Convenience Food
In today’s fast-paced world, customers are gravitating towards food products that are equally delicious, ready-to-eat, and take less time and effort to prepare. Growing working population and hectic schedules of consumers have inculcated snacking habits in them. Savory snacks are easily available, have a variety of flavors, and are low cost which is why they have become super popular among all age groups consumers. Moreover, increasing urbanization, and rising disposable income have also contributed to the growth of Savory Snacks market
Increasing Demand of Healthy Snacks & Expansion of Food and Beverage Industry
Consumers are becoming health conscious and they have awareness related of ill health effects of consuming an unhealthy diets. Therefore, the demand for healthy snacks which are gluten-free, protein-rich, low-fat, and organic has increased considerably. Manufacturers are working on development of new products with enhanced flavor. Furthermore, increasing investments in developing nations by key market players has resulted in the expansion of food and retail industry, which is boosting the growth of the market.
Adverse Health Issues Related to the Consumption of Snacks
Over consumption of packaged food items or savory snacks containing artificial additives and preservatives can lead to weight gain, obesity, cardiovascular diseases, diabetes, and other health issues, which is a major constraint in the growth of Savory Snacks market.
Savory Snacks market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is dominating the market with the largest share. The growth is attributed to the huge consumption of convenience food items, growing demand for healthy snacks, and growing habit of snacking among young population. Furthermore, Asia Pacific is expected to grow with the highest CAGR owing to the rapid urbanization and changes in the lifestyle.
Covid-19 had severely affected economic activities across the world. Many countries had to impose lockdowns and strict social distancing norms in order to control the spread of Coronavirus. Consumers were spending more time at home, their consumption of savory snacks increased significantly as there were very few fast-food options. Consumers shifted to online stores for buying various food and other items. Moreover, the demand for health snacks increased considerably during the pandemic which had a positive impact on Savory Snacks market.
Savory Snacks Market is further segmented by region into:
Savory Snacks Market Segments:
|Market size value in 2021||USD 227.2 billion|
|Revenue forecast in 2032||USD 388.19 billion|
|Growth Rate||CAGR of 5% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product, Flavor, Distribution Channel, and Region|
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||PepsiCo, Kraft Heinz Company, The Lorenz Bahlsen Snack-World GmbH & Co KG, Premium Brands Holdings Corporation, Diamond Foods LLC., CALBEE, Inc., JACK LINK'S, LLC., Orkla ASA, Conagra Brands, Inc., General Mills, Inc., Intersnack Group GmbH & Co. KG, Kellogg Co., Mondelez International, ITC Limited, Nestle SA, and Other Prominent Players|
Savory Snacks market size was estimated at USD 227.2 billion in 2021 and is expected to reach USD 388.19 billion in 2032.
Savory snacks are convenience food items which have spicy or salty flavor rather than a sweet profile. These food items are made using different seasonings, vegetables, grains, fruits, and nuts. They are ready-to eat food products and are very popular due to their long shelf life and time saving nature.
Potato Chips, and Hypermarkets and Supermarkets segment accounted for the largest Savory Snacks market share.
Key players: PepsiCo, Kraft Heinz Company, The Lorenz Bahlsen Snack-World GmbH & Co KG, Premium Brands Holdings Corporation, Diamond Foods LLC., CALBEE, Inc., JACK LINK'S, LLC., Orkla ASA, Conagra Brands, Inc., General Mills, Inc., Intersnack Group GmbH & Co. KG, Kellogg Co., Mondelez International, ITC Limited, Nestle SA, and Other Prominent Players are the key players in the Savory Snacks market.
Growth in the Consumption of Convenience Food and Growing Demand of Healthy Snacks & Expansion of Food and Beverage Industry are the factors driving the Savory Snacks market.
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