USD 245.12 billion
Report ID: SQSG30I2065 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 91 | Figures: 72
Global Savory Snacks Market was valued at USD 245.12 billion in the year 2021, and it is expected to reach USD 327 billion by 2028, increasing at a CAGR of 4.8% from 2022 to 2028.
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.
Global Market Size
USD 245.12 billion
Corn & Tortilla Chips
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The Global Savory Snacks Market is segmented based on Type, Flavour, Distribution Channel and Region. Based on Type it 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 it is bifurcated into Hypermarkets & Supermarkets, Online and others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
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.
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.
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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.
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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).
Top Players Company Profiles
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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.
|Market size value in the||USD 245.12 billion|
|Market size value in 2028||USD 327 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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