Savory Snack Products Market | Industry Analysis & Forecast to 2027
- by mnmreports
The Savory Snack Products Market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value.
The market is driven by shifting consumer preferences to the convenience food or on-the-go food owing to their increasing hectic lifestyle. Furthermore, these savory snack products have emerged as a meal alternative for many working-class populations and college grads. Savory snack products help to quench their hunger without taking any extra breaks during their work and also helps them to restrict themselves for overeating during the mealtime. Therefore, the demand for savory snacks has increased significantly across the globe.
By product, potato chips was the largest segment in the savory snack products market.
Potato chips are highly preferred among consumers due to their taste, low price, and easy availability. Over the years, the rise in consumption of potato chips and dynamic shifts in the consumption pattern have led key players in the market to innovate their products. These product portfolios now have newer product ranges and are expanding across the globe.
By flavor, spice is the second fastest growing segment in the savory snack products market.
Spicy flavor plays an important role in the snacks food industry. Chili pepper in the spicy flavor category enhances the flavor—heat, pungency, warmth, and bite—and the color of prepared foods. For food manufacturers, these ingredients often come in an extract. As regional cuisines have become more globalized, consumer preference for foods that incorporate heat has increased significantly.
By distribution channel, the retail segment accounts for the largest share in savory snack products market in 2021
Retail stores offer various brands a wide range of savory snack products, enabling the consumers to compare and make an informed purchasing decision. Furthermore, retail stores can be attributed to the large shelf spaces available in supermarkets and the importance of impulse buying when buying a pack of savory snacks. Discount options and a wider variety of options have given the customers more value for money, resulting in consumers across the globe preferring shopping or getting groceries and snacks from offline retail stores.
By region, Asia Pacific is projected to grow at the highest CAGR during the forecast period
The snacks market in the Asia Pacific region is estimated to grow, owing to the growth of economies such as China, India, Japan, and Australia. The capital intensity of agricultural production is increasing in this region, resulting in higher agricultural productivity. This is causing an easier and better availability of good-quality raw materials such as wheat, and corn, required by the snack industry. Nowadays, rising consumers’ inclination towards convenience food in an urbanized world has boosted the consumption of packaged snacks.
Key players in this market include PepsiCo (US), Kellogg Co (US), General Mills Inc. (US), Calbee (Japan), ITC LIMITED (India), Mondelez International (US), Nestle SA (Switzerland), Grupo Bimbo (Mexico), Hain Celestial (US), and Blue Diamond Growers (US).
The Savory Snack Products Market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value. The market is driven by shifting consumer preferences to the convenience food or on-the-go food owing to…
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