The global savory snacks market size was estimated at USD 202 billion in 2022 and it is projected to surpass around USD 327.46 billion by 2032, growing at a compound annual growth rate (CAGR) of 5% during the forecast period 2023 to 2032.
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Savory snacks come in variety of backwards and in different forms. They are either processed or fresh. Savory snacks are items that are designed to be extremely satisfying and portable. This form of food is convenient option which is not extremely perishable due to the usage of sweeteners and preservatives. Pretzels, popcorn and peanuts are the snacks that have come from America Pretzels became extremely popular across the globe as this is a famous American pastime. There are different types of savoury snacks like potato chips muffins, frozen berries, Donuts, dried fruits, cookies, crackers, tortilla chips, cheese puffs, yogurt and mixed nuts.
During the pandemic the restrictions on movement and disruption of supply chain had resulted in bottlenecks in this industry. There was a great demand for savoury snacks for all the people working from home but the demand was not fulfilled by any of the convenience stores. In order to cater to the increasing demand for savory snacks many major market players had resorted to the online platform. This online platform provided a great opportunity for the growth of this market. Due to a growing awareness among the consumers and easy availability of healthier snacks option this market is facing challenges for its growth. In the recent years there has been a demand for low fat and low sodium content in the savory snacks and this is restraining the growth of the market. The growing awareness among the consumers is demanding transparent labels in order to identify the contents of the savory snacks. It is becoming extremely difficult to capture the market where the population is growing picky of what they consume.
Growth factors there are a great demand for savoury snacks which contain high amount of protein. Protein helps in satisfying the hunger and it also adds weight loss. Protein content in these savory snacks we will be able to support healthy aging and provide nutrition to the body. Consumers are also seeking meat based snacks which provide good amount of protein. Meat based products are occupying a larger shell space across many stores due to a growing demand for these products. The overall market for savory snacks is expected to be driven by this meat based segment during the forecast period. Increasing demand for on the go snacking is also one of the factors for the growth of this market. Health awareness amongst the population is creating a demand for low sugar products. Many major market players are finding innovative ways two offer products that are high in protein and less in sugar content. Wide range of flavors, attractive packaging, transparent label and addictive taste are the other factors that are driving the growth of this market. Market players are manufacturing new variants and offering products with new ingredients in order to cater to changing consumer preferences across the globe. Increasing urbanization and busy lifestyles of dual households has made a major change in the eating habits of the consumers. There is a growing demand for convenient Snacks and this will continue to grow during the forecast period.
Report Scope of the Savory Snacks Market
|Market Size in 2023||USD 211.09 Billion|
|Market Size by 2032||USD 327.46 Billion
|Growth Rate from 2023 to 2032||
CAGR of 5%
|LED Market Share in 2022||47%|
|Location Based Services Segment CAGR||51% from 2023 to 2032|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Distribution Channel, Flavor, Category, Geography|
|Companies Mentioned||Calbee (Japan), ITC LIMITED (India), Mondelez International (US), PepsiCo (US), Kellogg Co. (US), General Mills Inc. (US), Nestle SA (Switzerland), Grupo Bimbo (Mexico), Hain Celestial (US), Universal Robina Corporation (Philippines), The Lorenz Bahlsen Snack-World GmbH & Co KG Germany (Germany), Campbell Soup Company (US), Old Dutch Foods Inc. (US)|
Depending upon the products, the potato chip segment will have the largest market share during the forecast period. The potato chips segment had dominated the market in the past and it will continue in future. There shall be a positive impact of the potato chip segment as the major market players generally offer potato chips with added flavors and better health benefits. Potato chips are a largely accepted savory snack across the globe. Potato chips happen to be the most favorite snack in most of the nations. The health benefits offered by potato chips is way better then most of the products available in the market. Potato chips are offered by many manufacturers in various flavors and in different packets that raised the market.
The nuts and seeds segment will also have a good amount of compound annual growth rate till the year 2032. As there is a growing demand for high protein snacks due to a growing awareness in the consumers this segment is estimated to grow well during the forecast period. Health conscious consumers are seeking healthier options which provide good amount of protein in order to suffice the hunger for a longer period of time. Nuts and seals provide healthy fats for the body which are extremely essential for weight loss. In the recent years there has been a major shift in the snacking pattern of many consumers due to the awareness. Consumers prefer nuts and seeds uh snacking items as they provide good amount of nutrition for the body and they are convenient and portable. Nuts and seeds also come in mixed packaging. These are sorted nuts and seals may include a mix of pumpkin, hemp and sunflower seeds. Many major market players are developing more innovative ingredients in order to cater two individuals with various health ailments. There are snacking bars offered for the health freaks visiting the gyms and also for people who are on a keto diet. There have been many acquisitions and mergers in this market. In order to expand the product portfolio by this savory snack brands are expanding internationally. Many major market players are offering plant based products in order to cater to the vegan consumers. There are many savory snacks made with the ingredients that are 100% natural. Another option is the baked vegan snacks and snacks which are free of gluten soy and nuts.
Distribution Channel Insights
The hypermarket distribution channel has held the largest market share 70% in the 2022. As there are a wide range of products which are offered by many companies with branded and private labels which are displayed on shelves across the hypermarkets and supermarkets is driving the growth of the market. Supermarkets and hypermarkets offer a large range of products off healthy, vegan, meat based products that are displayed for the people. The sales of Savoury snacks through the hypermarkets and supermarkets are also through the way of impulse shopping behavior. Savory snacks are also almost many times unplanned purchases for visits to the supermarkets for other reasons. All of these reasons are expected to drive the growth of the hypermarket and supermarket segment during the forecast period.
The online distribution channel segment is growing mostly after the pandemic. Post pandemic there has been a shift in the pattern of purchasing the snacks. Many consumers prefer the online mode. Major market players like Walmart target and Amazon are benefitting largely due to this shift.
In the past the Asia Pacific region has had the largest market share in terms of revenue. India Japan and China are the countries which have the maximum consumption of Savory snacks in the Asia Pacific region. Growing awareness regarding healthy lifestyles and then and clean labels countries like Japan India and China are seeking better option in the snacks market. Other than increase in the childhood obesity in this region the market is becoming more aware of the effects of this savory snacks and resorting to snacks that are healthy or as compared to the other ones. Many consumers prefer popcorns and this snack is expected to have good revenue in this region as it is meeting the demands of for large base of consumers.
In the Asia Pacific region most of the working class population is seeking healthier snacking options as the working class people skip some of their meals and replace them with the snacking options available in the market. In order to cater to the growing demand of healthier snack options in the Asia Pacific region major market players are concentrating on bringing in innovative ingredients to satisfy these demands. The demand for savoury snacks is increasing in the European countries like Norway Germany Netherlands and Spain. By replacing whole meals with snacking options the European region is also one of the major market for the growth of savory snacks. The growing trend of vegan diets and plant based healthy options is driving the growth of the market in this region Consumers in the European countries are seeking transparent labels and low fat and low sodium snacking options. Increasing awareness about the availability of protein snacks which are extremely healthy for consumption is also creating a great demand for savory snacks in this region. Meat based snacks are also seeing a growth due to its protein content.
Most of the major market players in the savory snacks market are constantly developing new products and introducing new flavors in the market in order to capture the growing market. This also helps them in having a competitive edge due to the presence of a large number of competitors in the market. There are many mergers and acquisitions aiming to expand the business two international territories in order to capture the markets.
Key market players in the savory snacks market
Segments covered in the report
By Distribution Channel
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