Savory Snacks Market Size
The Global Savory Snacks Market USD 188,240 million in 2022 and is projected to witness lucrative growth by reaching up to USD 291,087 million by 2031. The market is growing at a CAGR of 5.6% during the forecast period (2024-2031). There has been a growing demand for healthier snack options, which has led to an increase in the availability of savory snacks made with natural ingredients, whole grains, and lower levels of salt and fat and boosts the savory snacks market growth.
Savory snacks can include a wide range of products, such as potato chips, popcorn, nuts, pretzels, crackers, and other savory snacks that are intended to be consumed as a quick and convenient snack.
Additionally, plant-based and vegan savory snacks have also been gaining popularity, as consumers increasingly seek out products that are environmentally sustainable and ethically produced. Other factors that impact the savory snacks market include changing demographics, such as the growing number of young consumers and the increasing diversity of tastes and preferences.
Market Summary
| Metrics | Details |
| CAGR | 4.2% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Product Type, Category, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | North-America |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Rising Demand For Healthy Snacking Is Driving The Growth Of The Savory Snacks Market
The rising demand for healthy snacking is a significant driver for the savory snacks market growth. Consumers are becoming more health-conscious and are looking for healthy snack options that are not only tasty but also nutritious and good for their overall health. For instance, according to a report from the International Food Information Council Foundation, 85% of Americans reported trying to eat a more healthful diet, with 52% stating that they were trying to consume more whole grains. This trend has led to an increase in demand for healthy savory snacks made with natural ingredients, whole grains, and lower levels of salt and fat.
The Regulatory Environment Associated With Savory Snacks Hampers The Market Growth
Many countries have regulatory requirements for labeling and nutritional standards for food products, including savory snacks. These requirements can impact the development and marketing of products. Restrictions on the advertising of food products to children can impact the marketing strategies of manufacturers and limit their ability to target this demographic. According to a study published in the Journal of Public Health, advertising restrictions on high-fat, high-sugar snacks in Australia resulted in a 50% reduction in the number of advertisements targeted at children. Overall, the regulatory environment can impact the growth of the savory snack market by limiting marketing strategies and impacting product development.
Market Segment Analysis
The global savory snacks market is segmented based on product type, category, distribution channel, and region.
Availability and Popularity of Potato Chips Is Expected To Drive The Potato Chips Segment Growth
Based on product type, the savory snacks market is divided into potato chips, extruded snacks, nuts & seeds, popcorn, meat snacks, and others.
In 2022, potato chips segment had the highest share in the global savory snacks market. Potato chips have been a staple in the snack industry for over a century, and their popularity has only grown. According to an article by Forbes, potato chips are the most popular snack in the United States, with an average of 1.6 billion pounds consumed each year. Potato chips are widely available in grocery stores, convenience stores, vending machines, and other retail outlets. According to a report by Statista, potato chips were the most popular snack item in North America, and in 2020, 284.37 million Americans ate potato chips, according to Statista.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
High Consumption And Large Market Size In The North America Region
The North American region has a high consumption of savory snacks, driven by factors such as busy lifestyles, on-the-go snacking, and the popularity of snacking in general. The North American region has a large population and a high level of disposable income, making it a lucrative market for snack manufacturers. For instance, according to a report by Statista, The market for savory snacks in the United States was valued at 26.9 billion dollars in 2020. Hence the high consumption and large market size have contributed to having the highest share in the savory snacks market.
Source: DataM Intelligence Analysis (2023)
Savory Snacks Companies
The major global players include PepsiCo, Kraft Foods, ConAgra Foods, CALBEE, Diamond Foods, General Mills, Arca Continental, ITC, Kellogg Company, and Universal Robina.
COVID-19 Impact on Market
COVID-19 Impact
The COVID-19 pandemic has had both positive and negative impacts on the savory snacks market. With people spending more time at home due to lockdowns and restrictions, there has been an increase in snacking. As a result, the demand for savory snacks has increased. On the other hand, the pandemic has disrupted the supply chain for savory snacks, leading to shortages in some regions. With the closure of restaurants, cafes, and other food service outlets, the demand for savory snacks from these channels has decreased. This has impacted the sales of certain products.
Key Developments
- In August 2022, Lays introduced a premium potato chips range, Lays Gourmet. Along with the launch, the company also unveiled a TV commercial to advertise and specifically position its product among consumers.
- In June 2022, Daily Crunch, manufacturer of Uniquely Crunchy (TM) sprouted nut snacks, launched two new flavors at the 2022 Summer Fancy Food Show. The flavors included Nashville hot sprouting almonds and cinnamon coffee sprouted nut medley.
- In November 2021, Kellogg‘s Pringles brand, provider of sackable potato-based chips, introduced a novel “spicy nacho” variant to its Scorchin’ assortment in the U.S. termed Wavy Loaded Nachos.
Why Purchase the Report?
- To visualize the global savory snacks market segmentation based on product type, category, and distribution channel and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous savory snacks market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global savory snacks market report would provide approximately 61 tables, 61 figures and 102 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
