USD 250.5 billion
Savory Snacks Market Size, Share, Growth Analysis, By Type(Potato Chips, Corn & Tortilla Chips, Others), By Flavour(Barbeque, Spice, Salty, Plain/Unflavored), By Distribution Channel(Hypermarkets & Supermarkets, Online, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQSG30I2065 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
91
|Figures:
76
Savory Snacks Market Insights
Global Savory Snacks Market size was valued at USD 250.5 billion in 2019 and is poised to grow from USD 262.77 billion in 2023 to USD 404.17 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).
Savory snacks include foods like potato chips, tacos, savoury biscuits, and other baked snacks that contain salts. They fall under the category of convenience foods because they are time-saving.
Due to their growing appetite for snacks, millennials are anticipated to contribute to the industry's growth during the projection period. Consumers' growing knowledge of the health advantages of salty snack intake is a key trend that has a big impact on the expansion of the global savoury snack market. Low in calories and gluten-free, savoury snacks are suitable for those with diabetes and obesity. Because consumers are concerned about the food they eat, they choose to spend money on sugar-free, healthful food products. The food and beverage sector is striving to stop diabetes by developing sugar-free goods because it has become a global threat. Additionally, it is projected that the availability of a variety of tastes and rising consumer disposable income in the Asia Pacific will propel the global savoury snacks market forward during the forecast period. In addition, it is anticipated that the growing demand for potato chips would expand the global savory snacks market in the next years.
US Savory Snacks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Potato Chips
Fastest Growth
Corn & Tortilla Chips
Growth Rate
4.9% CAGR
Global Savory Snacks Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Savory Snacks Market Segmental Analysis
Savory Snacks Market is segmented based on Type, Flavour, Distribution Channel and Region. Based on Type Savory Snacks Market is segmented into Potato Chips, Corn & Tortilla Chips and others. Based on Flavour savory snacks market is segmented into: Barbeque, Spice, Salty, Plain/Unflavored. Based on Distribution Channel Savory Snacks Market is bifurcated into Hypermarkets & Supermarkets, Online and others. Based on region Savory Snacks Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Savory Snacks Market Analysis by Type
The savory snacks market share leader in 2021 was the potato chips section, and it is anticipated that it will continue to dominate during the projected period. The launch of fresh tastes and roasted potato chips with health advantages is anticipated to boost savory snacks market growth. For instance, the Simply Roasted brand introduced its new line of Better For You potato crisps in April 2021. These crisps are made in Norfolk using an unique roasting method, which cost the business over USD 20 million and took 10 years to create. The company is introducing new flavours of chips, including sea salt, mature cheddar and red onion, sea salt and cider vinegar, etc.
However, it is expected that between 2022 and 2028, the nuts & seeds segment will develop at the quickest rate. It is said that nuts and seeds are wonderful sources of protein, fibre, healthy fats, and vitamins. Roasted nuts and seeds are becoming more popular among consumers because of their growing health concerns about their snacking habits. For instance, Keto-certified soft baked bar producer GOOD TO GO announced in October 2020 that it will be expanding its product line by introducing Savory Nut & Seeds Bites in Canada. The premium assortment of nuts and super seeds like sunflower, pumpkin, hemp, and chia seeds make up the nuts & seeds product category.
Savory Snacks Market Analysis by Distribution Channel
The distribution channels used by supermarkets and hypermarkets contributed the most to the global market in 2021. The availability of a large range of items offered by numerous branded and private labels in these formats, along with shifting consumer preferences, are expected to positively affect demand. According to a survey released by 360 Packaging in June 2019, 70% of purchases made for snacks in brick and mortar stores are impulsive, and the majority of supermarkets take advantage of this.
During the projected period, the internet distribution channel is anticipated to develop at the fastest rate. Snacking is evolving, and sales of the snack category are likely to increase as a result of online retail. A number of significant online merchants, including Amazon, Walmart, and Target, have benefited from the shift to digital commerce. The online channel is drawing customers, according to a survey released by NPD Group in November 2021, as 13 percent of snack alternatives are bought online, of which 85 percent are eaten as meal substitutes or likely alone and 22 percent are consumed at work or on the go. During the anticipated years, these trends are likely to influence how the internet segment grows.
Global Savory Snacks Market By Type, 2021(%)
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Savory Snacks Market Regional Insights
In terms of revenue, Asia Pacific accounted for the highest regional share of the savory snacks market. Due to growing worries about childhood obesity, consumers in nations like India, Japan, and China have begun to embrace healthier lives, which is what is driving the expansion in the Asia-Pacific region. Better-for-you snacks are becoming more widely available, and markets like popcorn, whose sales have grown significantly, are satisfying local consumers' desires. Following Canada, the United States is expected to make a considerable contribution to the industry's expansion in this area.
The convenience and flavour that savoury snacks provide to consumers in Europe are key selling points. Europe is now the second-largest savory snacks market after North America since revenue there is anticipated to soar. The region's industry's expansion is significantly influenced by consumer health consciousness.
Global Savory Snacks Market By Geography, 2021 - 2028
- Largest
- Fastest
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Savory Snacks Market Dynamics
Savory Snacks Market Driver
- As consumers are more concerned about their health than ever, numerous sectors, particularly the food processing industry, have been encouraged to manufacture food products with outstanding health benefits.
- Manufacturers in the market for savoury snacks spend a lot of money on research and development to create new products with high nutritional value and beneficial aspects for health.
- The market for savoury snacks is expanding primarily due to reasons including the expanding food and beverage industry and consumers' rising demand for on-the-go snacking options.
- Other significant factors influencing the growth of the savoury snacks market include the changing lifestyles and hectic schedules of the working population, increasing consumer awareness of health issues brought on by the consumption of inorganic food, and an increase in the adoption of convenience food items like savoury snacks.
Savory Snacks Market Restraint
- These negative health effects linked to the main components of savoury snacks, such as salt, sugar, vegetable oil, wheat, corn, and other flours, as well as chemical additives and preservatives, offer a significant barrier to market expansion over the forecast period. Frequent snacking adds extra calories to the body, which can cause obesity and rapid weight gain.
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Savory Snacks Market Competitive Landscape
The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our Savory Snacks market reports, some of the leading quality Savory Snacks manufacturers are as follows: 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), Blue Diamond Growers (US), Conagra Brands (US), The Kraft Heinz Company (US), Mars, Incorporated (US), Universal Robina Corporation (Philippines), The Lorenz Bahlsen Snack-World GmbH & Co KG Germany (Germany), Campbell Soup Company (US).
Savory Snacks Market Top Players Company Profiles
- PepsiCo
- Nestle SA
- The Kellogg Company
- General Mills, Inc.
- Mondelez International, Inc.
- Calbee, Inc.
- The Kraft Heinz Company
- Conagra Brands, Inc.
- The Hershey Company
- McCain Foods Limited
- Blue Diamond Growers
- Amplify Snack Brands, Inc.
- Intersnack Group GmbH & Co. KG
- ITC Limited
- Arca Continental, S.A.B. de C.V.
- Grupo Bimbo S.A.B. de C.V.
- PepsiCo Foods Canada Inc.
- Snyders-Lance, Inc.
- Lorenz Bahlsen Snack-World GmbH & Co KG
- Greencore Group plc
Savory Snacks Market Recent Developments
- In August 2022, the National Confectioners Association (NCA) recently recognised Pecan Nation (thepecannation.com), which pioneered the introduction of farm-fresh pecans into the $5.1 billion snacking nut market, with the 2022 Most Innovative New Product Award for their Cinnamon Roasted Pecans.
- In August 2022, to expand its selection of snacks, PepsiCo entered the market for premium potato chips. The slow-cooked premium kettle chip sector, sold under the Lay's Gourmet brand, is positioned in the nation's quickly expanding premium snack market.
- In August 2022, according to a press release from the company, Doritos is introducing a brand-new Tangy Tamarind flavour. This is a bold first for not only Doritos but for all major snack chip manufacturers as it represents the first time tamarind is used as a flavour by a major salty snack brand in the United States.
- In July 2022, an undisclosed seed round of funding has been secured by a brand of Earth Crust Pvt. Ltd. that produces healthy snacks for Indians. Venture Catalysts is India's first and largest integrated incubator and accelerator.
Savory Snacks Key Market Trends
- Jalapeno, black truffle, and mustard are a few of the flavours that are popular in snacks among this group. Manufacturers are introducing new products in a range of premium flavours to garner the most traction with this market. For instance, Dot's Homestyle Pretzels added honey mustard to its lineup in May 2021, expanding its product line.
- The market for savoury snacks is expanding as a result of consumers' increased interest in meat-based snacks due to their growing awareness of healthy snacking habits.
- For a number of reasons, including satiety, weight loss, energy, muscle support, healthy ageing, and general nutrition, they demand protein in their savoury snack packs. As a result, it is possible to include protein-rich snacks like lean beef or turkey in a regular diet, which allows the market's competitors to create more meat-based snack options.
- The risk of chronic and cardiovascular diseases such hypertension (high blood pressure), cancer, obesity, and diabetes is increased by inadequate consumption of key nutrients. Consumers' eating habits have altered as a result of globalisation and increased exposure to various cultures, particularly Western lifestyles, leading to an increase in snacking across all age groups.
Savory Snacks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, with a growing CAGR during the projection period, the Asia Pacific market is anticipated to develop the fastest. The rise in the Asia Pacific region is fueled by rising disposable income, expanding populations, and rising demand for convenience foods. In order to achieve a competitive edge in the market, the leading manufacturer focuses on current trends and market developments about the product, consumer taste, and preference. In order to attract customers to new items, major market participants are creating distinctive goods rather than similar ones. Examples of such goods include those that are baked or less fried and have a variety of flavours that are specific to a given region or local market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 250.5 billion |
| Market size value in 2031 | USD 404.17 billion |
| Growth Rate | 4.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Savory Snacks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Savory Snacks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Savory Snacks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Savory Snacks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Savory Snacks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Savory Snacks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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