Savory Snacks Market

According to Stratistics MRC, the Global Savory Snacks Market is accounted for $267.78 billion in 2023 and is expected to reach $427.19 billion by 2030 growing at a CAGR of 6.9% during the forecast period. Savory snacks are a small serving of food often consumed in between meals. In lieu of sweetness, they are often salty or peppery. Typical raw ingredients used to make savory snacks include vegetables, cereals, nuts, starches, vegetable oils, and spices. Savory snacks include baked snacks that contain salt, such as flavourful biscuits, tacos, potato chips, and taco salad. They fall under the convenience food category since they save time. These salty snacks are loaded with fiber, vitamins, minerals, and nutrients.

According to the statistics provided by the Centers for Disease Control and Prevention (CDC), the obesity prevalence in the US was 42.4% during 2017 – 2018.



Market Dynamics:

Driver:

Rising demand for convenient snacks

Major manufacturers are continually updating handy snacking choices in response to consumer demand. Due to their busy lifestyles, convenient snacks like potato chips, extruded snacks, nuts and seeds, and popcorn are becoming very popular, especially with the working population of the nation and the emerging young generation of customers. Additionally, the popularity of quick snacks is increasing and the market development is being accelerated by changes in social and economic trends as well as increased spending on food and beverages.

Restraint:

Risk of side effects

The substances that make up savory snacks, such as wheat, corn, vegetable oil, salt, sugar, and other types of flour, as well as chemical additives and preservatives, might pose major health risks. Frequent snacking adds extra calories to the body, which can cause obesity and rapid weight gain. Global demand for savory snacks is being threatened by these serious health concerns.

Opportunity:

Growing R&D to create products

Manufacturers of savory snacks are spending money on research and development in order to provide goods with a high nutritional value and positive effects on health. Key businesses are investing more in product innovation as consumers are drawn to diversity. The inclusion of proteins in these foods has improved the market image since foods high in protein are tasty and nourishing. The main factor propelling the industry's present growth is the manufacturers' innovation of handy products.

Threat:

Low product quality

The market for savory snack goods is very fragmented. Because of hectic lives and an improved level of living, there is a greater need for ready-to-eat snacks. This increased the need for a huge volume of savory snack goods. As a result, local makers of snack products choose affordable machinery and produce their products using high-quality ingredients, which lowers their production costs and increases their profits. When ingested, these low-quality snacks might lead to serious health problems, which reduces the brand's marketability and impedes market expansion.

Covid-19 Impact

The COVID-19 outbreak created a severe public health emergency globally. Due to the nationwide lockdowns that made people stay at home during the epidemic, the consumption of savory foods increased. Additionally, due to their extended shelf lives, savory snack food products saw a boost in sales during the lockdowns. Furthermore, e-commerce sites that offer these items have gained a lot of popularity in recent years, and the pandemic has had a tremendous impact on consumers and forced businesses to offer a variety of healthful snack alternatives. So, among other things, the pandemic had a favourable impact on the market for nuts, seeds, and meat snacks.

The potato chips segment is expected to be the largest during the forecast period

The potato chips segment is estimated to have a lucrative growth. Consumers enjoy potato chips because of their flavor, affordability and accessibility. As potato chip consumption has increased over time and consumption patterns have changed dramatically, major market participants have been forced to develop their goods. These product portfolios now include more recent product lines and are growing internationally. The demand for the category is being fuelled by an increasing younger population worldwide and the availability of more quantities at lower prices.

The spicy segment is expected to have the highest CAGR during the forecast period

The spicy segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its enhanced flavour. The spicy flavor category improves prepared meal's taste, heat, pungency, warmth, bite, and colour. These foods feature seasonings and spices that enhance the flavor and look of the treats, such as chilli pepper, onion, ginger, garlic, dried mango, cumin, black pepper, and coriander. These components frequently come in the form of an extract for food producers. Additionally, its properties such as cold prevention, metabolism stimulation, and improved digestion are accelerating the segment demand in the market.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the snack priorities and conveniences. Corn chips and tortilla chips are the American most popular chips. Consumers in the region are becoming more aware of the benefits of eating organic food, which has prompted producers to develop goods with reduced sodium or salt content and without artificial additives or preservatives. As a result, the growing market for organic snacks is also providing savory snack producers in North America with new opportunities.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. Indian, Japanese, and Chinese consumers began embracing healthier lives. This area's agricultural output is becoming more capital intensive, which is raising agricultural productivity. This is making it simpler and better for the snack business to get high-quality raw materials like wheat and corn. The use of packaged snacks has increased recently due to customers' growing preference for convenience foods in an urbanized environment.



Key players in the market

Some of the key players profiled in the Savory Snacks Market include ITC Limited, The Kellogg’s Company, PepsiCo Inc, ConAgra Foods, Link Snacks Inc, Walkers, Mondelez International, Calbee Foods Co Ltd., The Kraft Heinz Company, Arca Continental, Blue Diamonds Growers, Daily Crunch, General Mills, Grupo Bimbo, Hain Celestial, Nestle SA, Universal Robina Corporation, Mars Incorporated, Intersnack Group GmbH and Future Group.

Key Developments:

In March 2023, PepsiCo announced a $216 million multi-year investment in long-term, strategic partnership agreements with three of the well-respected farmer-facing organizations – Practical Farmers of Iowa (PFI), Soil and Water Outcomes Fund (SWOF), and the IL Corn Growers Association (ICGA) – to drive adoption of regenerative agriculture practices across the United States.

In February 2023, Nestlé, the world's largest food company, announced that it will introduce and sample brand-new product offerings at the Natural Products Expo West 2023 Trade Show in Anaheim, California. The company will exhibit 35+ products across 15+ brands in one Nestlé USA booth.

In January 2023, ITC Limited unveiled launches 'mission millet', to launch several products across its brands. As a part of developing millet value chains, ITC Hotel’s chefs are creating recipes to help encourage “individuals experiment with the taste and texture of millets”.

In October 2022, Kellogg Co. has introduced three new flavor mashups within its Nutri-Grain brand, including two new fruit and vegetable breakfast bars and new “Bites.”Available in strawberry and squash and apple and carrot varieties, the new soft-baked breakfast bars are made with fruits and vegetable flavors and have 8 grams of whole grains. The bars have a suggested retail price of $3.99 for an eight-count box.

In August 2022, Universal Robina Corporation (URC) and Asahi Beverages Philippines (ABP) team up to introduce a healthier beverage choice to Filipinos. Through URC’s partnership with Asahi Beverages Philippines (ABP), Goodday cultured milk drinks will soon be available in stores nationwide.

Products Covered:
• Extruded Snacks
• French Fries
• Potato Chips
• Nuts & Seeds
• Meat Snacks
• Popcorn
• Pretzels
• Tortilla Chips
• Puffed Chips
• Other Products

Flavours Covered:
• Salty
• Spicy
• Barbeque
• Plain/unflavoured
• Other Flavours

Categories Covered:
• Fried
• Baked
• Other Categories

Distribution Channels Covered:
• Independent Retailers
• Supermarket
• Specialty Stores
• Convenience Stores
• Service Station
• Online Stores
• Food Services
• Other Distribution Channels

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances