In 2022, the global market size for savory snacks reached USD 262.7 billion. It is projected to reach USD 404 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period. The growth in market revenue can be attributed to various factors, such as changing consumer lifestyles and the increasing popularity of snacks consumed between meals. Additionally, the demand for convenience foods and the availability of a wide range of savory snacks with unique flavors and ingredients are expected to contribute to the market's growth.
Another significant factor driving the demand for savory snacks is the rising preference for healthier snacking options. Consumers are increasingly favoring alternatives to traditional snack products that are healthier and made with natural ingredients. Consequently, there is a growing demand for low-fat, low-sugar, and gluten-free products, leading to increased revenue growth in the savory snacks market. This trend is evident in the rising popularity of baked snacks and vegetable chips.
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Major companies
- PepsiCo, Inc.
- Kellogg Company
- General Mills, Inc.
- Mondelez International, Inc.
- Nestle SA
- The Kraft Heinz Company
- Calbee, Inc.
- Conagra Brands, Inc.
- The Hershey Company
- Snyder's-Lance, Inc.
Major Driving Factors for Savory Snacks Market
· Changing consumer lifestyles: With busy lifestyles and increasing work pressure, consumers are seeking convenient, on-the-go snack options that are easy to consume.
· Rising popularity of between-meal snacks: Snacking between meals has become a common trend among consumers, leading to an increased demand for savory snack products.
· Growing demand for convenience foods: Consumers are increasingly looking for ready-to-eat and easy-to-prepare food options, which is driving the demand for savory snack products.
· Availability of a wide variety of flavors and ingredients: Manufacturers are offering a wide range of savory snack products with unique flavors and ingredients to cater to the diverse consumer preferences.
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The global Savory Snacks market is segmented into:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Product Type Outlook:
- Chips
- Extruded Snacks
- Nuts and Seeds
- Popcorn
- Meat Snacks
- Others
Distribution Channel Outlook:
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Channels
- Others
Key Questions Addressed in the Report:
· What are the dominating factors that are influencing the growth of the industry?
· In the forecast period, which market segment is expected to rise the most?
· What are the risks and challenges that the industry is facing?
· In the coming years, which area is projected to dominate the market?
· Who are the major players in the market? What kind of strategic business plans have they made?
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