Savory Snacks Market (2022-2029)
The Savory Snacks Market is expected to reach $347.2 billion by 2029, at a CAGR of 7.3% during the forecast period of 2022 to 2029.
- Published
- Nov 2022
- Pages
- 170
- Format
- PDF + Excel
- Report ID
- MRFB - 104718
- Base year
- 2021
- 2029 · FORECAST
- $347.2B
- 2029
- $347.2B
- CAGR 2022–2029
- 7.3%
2021 baseline · 2022–2029 forecast at 7.3% CAGR · hover a bar for the value
Key highlights
The Savory Snacks Market is expected to reach $347.2 billion by 2029, at a CAGR of 7.3% during the forecast period of 2022 to 2029.
The Potato Chips Segment to Dominate the Savory Snacks Market in 2022
However, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by changing lifestyles, rising disposable incomes, rapid urbanization & industrialization, emerging healthy food trends, rising awareness about the health benefits of savory snacks, a growing diabetic and obese population, an increasing number of people with allergies, rising number of working women, and increasing awareness regarding the importance of protein-rich diets.
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.
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 347.20 billion |
| CAGR (2022–2029) | 7.3% |
| Format | PDF, Excel & Cloud Portal · 170 pages |
| Segments Covered | By Type: Potato Chips, Extruded Snacks, Nuts & Seeds, Meat Snacks, Popcorn, Puffed Snacks, Other Savory Snack Types · By Flavor: Barbeque, Spice, Salty, Plain/Unflavored, Other Flavors · By Distribution Channel: Retail Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Channels, Other Retail Channels |
| Countries Covered | Europe (RoE), Asia-Pacific (RoAPAC), Latin America (RoLATAM) |
| Key Companies | General Mills, Inc., PepsiCo, Inc., Conagra Brands, Inc., International, Inc., Calbee, Inc., ITC Limited, Diamond Foods, LLC, Link Snacks, Inc. |
Report overview
Segments covered: type, flavor, distribution channel. Regions: Europe, Asia-Pacific, Latin America.
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 expansion of the retail industry across the globe are the key factors driving the growth of the savory snacks market. 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 players operating in this market.
The COVID-19 outbreak created a severe public health emergency globally, with its quick spread to more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally, including food & beverages. However, the pandemic positively impacted the savory snacks market.
The consumption of savory snacks accelerated during the pandemic as the national lockdowns forced people to stay home. Furthermore, during the lockdowns, there was an increase in the sales of savory snack food products due to their longer shelf life. Additionally, e-commerce platforms selling these products have witnessed significant traction in recent years. The increasing accessibility to these products drives the demand for savory snack products. Furthermore, the pandemic has significantly changed customers and pushed them to include many healthy snacking options. Hence, the pandemic positively influenced the demand for nuts & seeds and meat snacks, among others.
Moreover, many food manufacturers have introduced healthy ingredients in their savory snack products, such as high protein, low-fat, fiber, and low-sugar, among others. This has also played a vital role in attracting the enthusiastic fitness population. Many food manufacturers have also introduced organic and natural processes in preparing the snacks, which, in turn, positively impacted the growth of the savory snacks market.
The COVID-19 pandemic moderately affected the demand for savory snacks due to disruptions in supply chains. However, these effects were temporary and gradually reduced without substantially affecting the savory snacks market.
Report infographic
Market dynamics
1 factors across 1 forceGrowing Consumer Demand for Healthy Snacking to Drive the Growth of the Savory Snacks Market
A steady increase in life expectancy and greater attention to quality has been witnessed in the past few decades. Consumers are becoming increasingly concerned about their health and are paying more attention to their lifestyles and dietary habits. Countries worldwide are going through a nutritional transition and face the dual burden of nutritional problems. According to the World Health Organization (WHO), undernutrition and specific nutrient deficiencies continue to remain major challenges, with imbalanced diets and chronic diseases simultaneously becoming alarmingly common. Moreover, with rising obesity rates, an aging population, an increase in sedentary lifestyles, and increased consumer interest in health and nutrition, the demand for healthy snacking is also increasing across developing countries.
In recent years, consumer awareness regarding health, nutritional enrichment, calorie reduction, and food safety has grown, especially in developed countries and high-income groups of developing countries, which is expected to transform the food & beverage industry and boost the demand for healthy snacks. Factors such as government initiatives to educate the rural population on nutrition, the increasing working population, and the availability of limited time for food preparation have increased the demand for healthy snacks. The growing understanding of the importance of a proper diet and the young generation’s growing inclination towards fitness are also factors that drive the demand for healthy snacks. Simultaneously, the increasing population in Asian countries, introduction of new food categories, exposure to western products, and rising number of nuclear families boost the demand for healthy snacks, such as nuts & seeds and meat snacks, among others.
Moreover, the rising health-conscious population has boosted the demand for nutritional bars, increasing the sales of healthy snacks. Also, consumers are increasingly spending on value-added food categories to maintain healthier lifestyles, boosting the sales of healthy snacks. Increasing awareness among people regarding strengthening their immunity to prevent infection risk has compelled them to maintain healthy lifestyles and adopt proper dietary habits. A protein-rich diet can help reduce the effects of the virus on at-risk people due to the abundance of macronutrients, micronutrients, and antioxidants.
Hence, all these factors are expected to boost the healthy snacks market, which, in turn, is poised to drive the demand for savory snacks in the coming years.
Table of contents
11 chapters · 105 sections · 170 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| By Type | Potato Chips | — |
By Type
- The Potato Chips Segment to Dominate the Savory Snacks Market 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.
- The Plain/Unflavored Segment to Dominate the Savory Snacks Market 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.
Geographic analysis
Asia-Pacific
Fastest growthHowever, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by changing lifestyles, rising disposable incomes, rapid urbanization & industrialization, emerging healthy food trends, rising awareness about the health benefits of savory snacks, a growing diabetic and obese population, an increasing number of people with allergies, rising number of working women, and increasing awareness regarding the importance of protein-rich diets. Asia-Pacific: Fastest-growing Regional Market
North America
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.
Competitive landscape
- General Mills, Inc.
- PepsiCo, Inc.
- Conagra Brands, Inc.
- International, Inc.
- Calbee, Inc.
- ITC Limited
- Diamond Foods, LLC
- Link Snacks, Inc.
Frequently asked questions
This report covers the market sizes & forecasts of the savory snacks market based on type, flavor, distribution channel, and geography. This report also provides the value analysis of various segments and subsegments of the savory snacks market at the regional and country levels.
Cite this report
Meticulous Research. (2022). Savory Snacks Market - Global Opportunity Analysis And Industry Forecast (2022-2029) (Report No. MRFB - 104718). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/savory-snacks-market-5402