Meticulous Research®—a leading global market research company, published a research report titled, ‘Savory Snacks Market by Type (Potato Chips, Extruded Snacks, Nuts & Seeds, Meat Snacks), Flavor (Barbeque, Spice, Salty, Plain), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Channels) — Forecasts to 2029.’
The savory snacks market is expected to reach $347.2 billion by 2029, at a CAGR of 7.3% from 2022 to 2029. This market is driven by the growing consumer demand for healthy snacking, the rising popularity of convenience foods & on-the-go snacks, changing lifestyles and hectic schedules of the working population, and the expansion of the global retail industry.
Furthermore, the growing E-commerce penetration in developing countries and emerging economies in Latin America, Asia, and the Middle East & Africa are expected to provide significant opportunities for the growth of this market. However, health issues associated with consuming snack products hinder this market's growth to a notable extent. In addition, volatile raw materials prices pose a major challenge to players operating in this market.
The savory snacks market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. This market is segmented by type, flavor, distribution channel, and geography.
Based on type, the savory snacks market is segmented into potato chips, extruded snacks, nuts & seeds, meat snacks, popcorn, puffed snacks, and other savory snack types. In 2022, the potato chips segment is expected to account for the largest share of the savory snacks market. The large market share of this segment is attributed to their taste, low cost, easy availability of potato chips in various flavors, presence of a large number of manufacturers of potato chips across the globe, and the introduction of healthier alternatives such as low-sodium and low-fat potato chips.
However, the nuts & seeds segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the increasing awareness about the nutritional benefits of nuts and seeds, the growing popularity of the paleo diet, and greater availability of different types and mixes, and technological advances that have allowed the development of new coatings, flavors systems, and packaging formats.
Based on flavor, the savory snacks market is segmented into barbeque, spice, salty, plain/unflavored, and other flavors. In 2022, the plain/unflavored segment is expected to account for the largest share of the savory snacks market. The large market share of this segment is attributed to the increasing consumer preference for plain and unflavored savory snack products. However, the spice segment is expected to witness significant growth during the forecast period.
Based on distribution channel, the savory snacks market for retail is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, online channels, and other retail channels. In 2022, the supermarkets & hypermarkets segment is expected to account for the largest share of the savory snacks market for retail. The large market share of this segment is attributed to the growing number of supermarkets in developing countries such as China & India, consumers’ preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer spending on savory snack products.
However, the online stores segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the rising internet penetration, growing preference for consumer convenience, availability of greater discounts compared to modern trade, and greater product selection experience.
Based on geography, in 2022, North America is expected to account for the largest share of the savory snacks market. The major market share of North America is attributed to its well-established food industry, the growing health awareness among consumers, the rising demand for clean-label savory snacks, and the easy availability of savory snacks at grocery stores. In addition, customers' changing habits, such as snacking between fixed mealtimes or snacking instead of having proper meals, the rising trend of replacing meals with smaller nutritional snacks, and the cost competitiveness offered by plant-based snacks contribute to the growth of this regional market.
In 2022, the U.S. is expected to account for the larger share of the savory snacks market in North America. The large market share is attributed to the increasing preference for convenience foods, changing household sizes, consumers’ growing interest in unique snack flavors, and the increasing adoption of health & wellness trends.
The key players operating in the savory snacks are General Mills, Inc. (U.S.), Kellogg Company (U.S.), The Kraft Heinz Company (U.S.), The Hain Celestial Group, Inc. (U.S.), PepsiCo, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Mondelēz International, Inc. (U.S.), Nestlé S.A. (Switzerland), Calbee, Inc. (Japan), Blue Diamond Growers (U.S.), ITC Limited (India), Grupo Bimbo, S.A.B. de C.V. (Mexico), Diamond Foods, LLC (U.S.), Link Snacks, Inc. (U.S.), and Intersnack Group GmbH & Co. KG (Germany).
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