New York, United States , Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Global Savory Snacks Market Size is to grow from USD 275.6 Billion in 2022 to USD 456.96 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.19% during the projected period.
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Savory snacks are little food items that are often taken as a snack. Instead of being sweet, they often taste spicy and salty. They contain a variety of ingredients such as fruits, vegetables, nuts, grains, vegetable oils, and seasonings. They include a lot of vitamins, minerals, and fiber. The most prevalent forms include salted cookies, potato and corn chips, popcorn, doughnuts, meat meals, and seeds, all of which are often eaten in smaller quantities in between meals. Demand is growing for a variety of reasons, including high energy, extra nutrients from a snack, particularly nuts and seeds, and snacks that avoid famine to prevent overeating at the next meal. Other significant factors driving market expansion include new baked varieties and an increase in demand for multigrain chips. The savory snack market is expanding by the day. One of the key causes for such quick development is customers' rising healthy eating habits. People choose more healthful foods and snacks that fit their lifestyles. In order for these goods to gain customer favor, the savory munchies market is generating more new snacks in intriguing flavors. The global savory snacks industry is benefiting from robust retail growth.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on the "Global Savory Snacks Market Size, Share, and COVID-19 Impact Analysis, By Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Puffed Snacks, Tortillas), By Category (Baked, Fried), By Flavour (Barbeque, Spice, Salty, Plain/Unflavoured), By Distribution Channel (Supermarket/hypermarket, Convenience Store, Specialty Stores, Online Stores), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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COVID-19 Impact
The pandemic benefited the food and beverage business by increasing global consumption. Furthermore, the extended shutdown has had a significant impact on the food service sector in Asia Pacific and North America. In addition to the demand for taste, good shelf life, and appealing availability of waste products, the lockout has created lucrative opportunities for the processed foods and beverages sector. Before the outbreak of the pandemic, people regarded snacking as a form of comfort food, regardless of its health benefits. However, the pandemic influenced consumer preferences for snacks by raising awareness of the importance of including functional components in their regular diet. Weekly in-home snacking increased significantly in nations such as the United Kingdom, France, and Spain, as consumers became adjusted to their new routines.
Market segments
The potato chips segment dominates the market with the largest revenue share over the forecast period
Based on the product, the global savory snacks market is segmented into potato chips, extruded snacks, popcorn, nuts and seeds, puffed snacks, and tortillas. Among these, the potato chips segment is dominating the market with the largest revenue share of 35.6% over the forecast period. As a savory snack, customers choose potato chips. It is a result of their flavor, convenience of availability, and low cost. A dynamic shift in the market's consumption of potato chips has happened, necessitating further innovation in the products of other major corporations. Extruded snacks, nuts and seeds, and popcorn are also gaining popularity in the market due to their amazing flavors and nutritious composition.
The baked segment is witnessing significant CAGR growth over the forecast period.
On the basis of category, the global savory snacks market is segmented into baked, and fried. Among these, the baked segment is witnessing significant growth over the forecast period. Baked snacks are considered to be more nutritious and healthier than fried snacks. Baked snacks have reduced cholesterol levels. Baked snacks are more delicious and delectable since they cook for longer periods of time without the use of oil. Nowadays, consumers want health-based baked snacks that may help them keep good health while remaining aware of the taste and convenience.
The spice segment is expected to hold the largest share of the global Savory Snacks market during the forecast period.
Based on flavor, the global savory snacks market is classified into barbeque, spice, salty, and plain/unflavoured. Among these, the spice segment is expected to hold the largest share of the savory snacks market during the forecast period. Spicy snacks contain ingredients that may help lower blood pressure, increase weight, and increase lifespan. The spicy flavor enhances the flavor of cooked meals by adding heat, pungency, warmth, and impact. These chemicals are typically available to food manufacturers in extract form. As regional cuisines have become more globalized, consumer demand for spice-infused meals has grown dramatically.
The supermarkets/hypermarkets segment accounted for the largest revenue share over the forecast period.
On the basis of distribution channels the global savory snacks market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, and online stores. Among these, the supermarkets/hypermarkets segment dominates the market with the largest revenue share over the forecast period. Supermarkets are regarded as a convenient food alternative for acquiring frozen or fresh products as they can be conveniently stored, therefore contributing to their quality features. The most popular are nuts and seeds and baked chips, which are highly preferred and widely available through retail channels. Furthermore, supermarkets and hypermarkets offer a variety of options that allow customers to obtain a variety of products. As a result of the certainty of their overall quality, consumers are extremely inclined to purchase such products through retail channels.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast. Countries like India, Japan, and China are driving the expansion, as people have begun to adopt better lives in response to rising concerns about childhood obesity. The rise is mostly attributable to innovative product adoption commercials and campaigns, consumer knowledge of healthy snacking, an expanding upper middle class, and changing lifestyles. South Asian countries offer a varied selection of savory snacks due to a huge number of millennials embracing healthier lifestyles. In addition, the region's growth has been supported by an increasingly obese population and an improved understanding of healthy eating.
North America is expected to grow the fastest during the forecast period. Its well-established food sector, greater consumer health awareness, expanding demand for clean-label savory snacks, and the easy availability of savory snacks in grocery stores. Furthermore, changing customer habits such as snacking instead of eating entire meals, the rising trend of substituting meals with smaller nutritional snacks, and the inexpensive nature of plant-based snacks all contribute to the growth of this regional market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the global savory snacks market are Nestle SA, Blue Diamond Growers, ITC Limited, Grupo Bimbo, PepsiCo, The Kraft Heinz Company, The Kellogg Company, Calbee, Hain Celestial, Conagra Brands, Inc, General Mills, Inc, Mars, Incorporated, The Kraft Heinz Company.
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Recent Market Developments
- In May 2022, General Mills purchased TNT Crust, a company established in the United States. TNT Crust provides frozen pizza crusts and half-baked, self-rising pizza crusts for regional and national pizza franchises, grocery shops, and retailers. This acquisition aided General Mills in expanding its frozen Bakery Snacks product offering.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global savory snacks market based on the below-mentioned segments:
Savory Snacks Market, Product Analysis
- Potato Chips
- Extruded Snacks
- Popcorn
- Nuts & Seeds
- Puffed Snacks
- Tortillas
Savory Snacks Market, Category Analysis
- Baked
- Fried
Savory Snacks Market, Flavour Analysis
- Barbeque
- Spice
- Salty
- Plain/Unflavoured
Savory Snacks Market, Distribution Channel Analysis
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Savory Snacks Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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