Selbyville, Delaware, Sept. 13, 2023 (GLOBE NEWSWIRE) --
The savory snacks market is expected to reach USD 427 billion by 2032, as reported in a research study by Global Market Insights Inc.
The prevailing health and wellness trends across the globe will positively impact the market growth. The growing focus of consumers on actively seeking savory snacks that are low in calories has led to the development of wide range of health-focused snack options, including baked chips, air-popped popcorn, vegetable crisps, and snack-sized portions of nuts. Lately, there has also been noticeable preference for snacks with specific health claims, such as gluten-free, organic, and non-GMO. Furthermore, the growing efforts by market participants on strategic investments will propel the market share. For instance, in February 2023, Europe Snacks, a savoury snack producer, expanded its product line by acquiring 100% shares of Burts Snacks, a snack company specializing in hand-cooked chips in the U.K.
Savory snacks market from the nuts and seeds product type segment is likely to record substantial growth between 2023 and 2032, driven by the shifting consumer preference towards healthier snack options and the rising trend of plant-based and natural foods. Savory nuts and seeds align perfectly with the growing demand for clean-label, minimally processed, and vegetarian or vegan-friendly snacks. Additionally, the versatility of savory nuts and seeds in different flavor profiles and packaging innovations has attracted diverse customer base, adding to the market revenue. For instance, in May 2023, the makers of Planters®, a leading snack nuts brand introduced new lineup of Bold Flavors to its popular cashews.
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Savory snacks market from the low-calorie snacks segment witnessed considerable demand in 2022 and is projected to record substantial growth through 2032 owing to the heightened consumer focus on health and wellness. Low-calorie snacks offer guilt-free indulgence, mainly appealing to those looking to manage their weight or make more mindful dietary choices. The surge in obesity and lifestyle-related health issues is also driving the adoption of low-calorie snacks. Moreover, higher advancements in food technology coupled with innovations in ingredients and preparation methods for delivering flavourful and satisfying options will fuel the market demand.
Savory snacks market from the convenience stores distribution channel segment is set to register significant CAGR from 2023 to 2032. The emergence of busy schedules, urbanization, and the desire for quick and easy snack options have compelled multiple people to rely more on convenience stores for their snacking needs. Convenience stores offer wide selection of savory snacks, including chips, pretzels, nuts, and ready-to-eat items to cater to the impulse-buying tendencies of consumers. Moreover, the growing efforts by brands to introduce new flavors and products to diverse customer base will further drive the sales and market expansion. To cite an instance, in October 2022, WUJU Foods expanded its Asian Tang potato chips retail distribution to HomeGoods locations across the U.S.
Asia Pacific savory snacks market is estimated to witness robust growth through 2032. The changing lifestyles and urbanization have led to the increasing demand for convenient, ready-to-eat snacks in the region. The influence of Western snack culture is making way for the rapid expansion of e-commerce and modern retail channels, further driving the consumption of savory snacks. Moreover, the rising focus of manufacturers on introducing local flavors and ingredients into snack products for catering to regional tastes and preferences will boost the industry growth.
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Some of the leading companies operating in the savory snacks market includes Nestlé – Switzerland, The Kraft Heinz Company, Conagra Brands, PepsiCo, General Mills, Mondelez International, Calbee, Inc., The Campbell Soup Company, The Hershey Company, The Hain Celestial Group, Intersnack Group – Germany, Snyder's-Lance (Campbell Snacks), Kellogg Company, The Wonderful Company, and Utz Brands, Inc.
These companies are working towards extending their product offerings to tap into the fast-developing snacks industry. For instance, in December 2022, PepsiCo India announced plans to develop a sub-brand for Kurkure for the first time to boost its position in the Namkeen category. The Kurkure Playz platform was developed by the company to acquire larger percentage of the soft Namkeen category, which is mostly controlled by regional and unorganized companies.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Savory snacks market 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Health & wellness trends
2.6 Distribution Channel trends
Chapter 3 Savory snacks market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.3.1 By product type
3.3.2 By health & wellness
3.3.3 By distribution channel
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Pricing analysis, 2022
3.7 Technology landscape
3.7.1 Future market trends
3.8 Porter's analysis
3.9 PESTEL analysis
3.10 Impact of Russia Ukraine war
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
