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The savory snacks market size is estimated to grow at a CAGR of 4.91% between 2022 and 2027. The market size is forecast to increase by USD 32.17 billion. The growth of the savoury snacks market share depends on several factors, including the growing demand for convenience foods, the expansion of organized retail and e-commerce channels, and the introduction of new and innovative snack flavors.
This savory snacks market report extensively covers market segmentation by type (potato chips, extruded snacks, nuts and seeds, popcorn, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The savory snacks market analysis report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for convenience foods are notably driving the market growth, although factors such as the demand for healthier alternatives may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for convenience foods is the key factor driving the growth of the global savory snacks market. The demand for ready-to-eat meals is increasing, driven primarily by busy lifestyles and increasing urbanization. As life gets busier and there is less free time to prepare meals from scratch, people often turn to ready-made meals that are quick and easy to prepare. Additionally, as more individuals move to cities, they frequently have less access to whole foods like fresh produce.
They might consequently rely more on processed and packaged snacks, which are widely accessible in grocery stores and vending machine locations. Chips, crackers, popcorn, and snack bars are a few examples of common convenience foods. Therefore, with the growing traction for quick and simple snack options, the demand for convenience foods will continue driving growth in the market during the forecast period.
Rise in disposable income and change in lifestyle is the primary trend in the global savory snacks market. The disposable income of people increased globally. For instance, according to the data stated by the US Bureau of Economic Analysis (BEA), disposable personal income (DPI) increased by USD 89.7 billion (0.5%) in March 2022 in the US from April 2022. According to the Organization for Economic Co-operation and Development (OECD), household disposable income has increased in all developed and developing countries since 2021.
Moreover, disposable income is increasing around the world due to factors such as an increase in dual-income households, per capita income, and rapid growth in employment rates. The increase in disposable income is expected to increase the purchasing and purchasing power of consumers. As consumer disposable income increases, consumer eating habits are changing, leading to more sedentary and stressful lifestyles. Food preferences are changing, increasing demand for easy-to-eat, served foods and snacks. Such factors are expected to contribute to the growth of the global delicious snacks market during the forecast period.
Demand for healthier alternatives is a major challenge to the growth of the global savory snacks market. Obesity, high blood pressure, and heart disease have all been associated with excessive intake of salty snacks. As a result, there is a growing demand for healthy snacks that are low-fat, low-sodium, and low-sugar. As a result, the target market faces challenges as consumers seek healthier alternatives and contribute to the shift to healthier snacks. The prevalence of healthier snack options in response to this demand, including baked chips, vegetable crisps, and air-popped popcorn, can be a potential challenge for the market in focus between 2023 and 2027.
However, the industry still faces challenges in producing tastier, healthier snacks that satisfy consumer demand for convenience. Hence, it can be challenging for manufacturers to meet these demands while maintaining profit margins. This can hinder the growth of the market in focus during the forecast period.
The savory snacks market analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Savory Snacks Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anji Foodstuff Co. Ltd.: The company offers savory snacks such as Ankee Scallop Bisque, and Ankee Broth. Also, the company produces composite seasoning powder, natural extract seasonings, spices, sauces, and flavored broth.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the potato chips segment will be significant during the forecast period. Potato chips are an increasingly popular food in the global savory snacks market, which is expanding quickly due to evolving tastes and busy schedules.
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The potato chips segment was valued at USD 31.28 billion in 2017 and continued to grow until 2021. The fact that potato chips come in different flavors such as barbecue, sour cream, onion, salt, and vinegar to cater to different consumer tastes is one of the factors driving the growth of potato chips. Additionally, the popularity of baked potato chips, a healthier alternative to traditional fried potato chips, stems from the growing demand for healthy snacking options. Moreover, North America and Europe are among the regions with the highest demand for potato chips, with Lay and Pringles leading the market. Overall, potato chips continue to be a widely consumed snack food in the global market for savory snacks and are predicted to grow during the forecast period as consumers seek quick and delectable snack options.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The regional APAC savory snack market is expected to rise at a significant rate during the forecast period. Growing consumer preference for Western-style snacks such as potato chips, popcorn, and pretzels in the region is one of the major factors expected to influence the growth of the hot regional market. Additionally, these companies invest heavily in product innovation and marketing to remain competitive in the market. Such factors will increase the market growth in this region during the forecast period.
Due to the COVID-19 pandemic, the demand for savory snacks was reduced in 2020. This happened primarily because of the closure of offline distribution channels. However, the procurement of packaged foods and meats from online channels received a significant boost during the COVID-19 pandemic as it facilitated the maintenance of social distancing norms and was convenient.
The savory snacks market forecast report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Savory Snacks Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.91% |
Market growth 2023-2027 |
USD 32.17 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.56 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anji Foodstuff Co. Ltd., Arca Continental SAB de CV, Blue Diamond Growers, Calbee Inc., Conagra Brands Inc., Corporativo Bimbo SA de CV, Fifty50 Foods LP, General Mills Inc., Intersnack Group GmbH and Co. KG, ITC Ltd., JG Summit Holdings Inc., Kellogg Co., Kikkoman Corp., Mondelez International Inc., Nestle SA, Parle Products Pvt. Ltd., PepsiCo Inc., The Hain Celestial Group Inc., The Kraft Heinz Co., and Unilever PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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