The Global Baked Savory Snacks Market size is expected to reach $80.9 billion by 2030, rising at a market growth of 6.9% CAGR during the forecast period.
The expansion of savory snacks in the North America region is primarily driven by consumers' demand for delicious and nutritious refreshments without sacrificing nutritional value. Consequently, North America is anticipated to acquire approximately 2/5th share of the market by 2030. People emphasize the mobility, ease of use, and indulgence afforded by savory snacks, especially baked savory snacks, in the North American region, which has a large proportion of high-income individuals. Fortified baked snacks have risen in North America as people transition to reduced-sugar snacking. The enhanced protein content is an additional prevalent fortification strategy adopted to attract diabetics and health-conscious individuals. Some of the factors impacting the market are increasing trend of healthier snacks, rising disposable income drives a rise in demand for convenience consumables, and low adoption in developing nations.
There is an increasing interest in the intake of ancient grains because they offer health benefits that encourage consumers to consume grains. Malt and whole cereals are increasingly utilized in the production of sustenance foods. The market's growth is being driven by the increase in consumption of whole grain treats, which has led to a rise in healthy eating habits. Consumers seek to increase their consumption of whole cereals. The demand for ready-to-eat dishes is rising, primarily due to increasingly hectic lifestyles and urbanization. As people's lives become hectic and they have less time to prepare meals from fresh, they frequently opt for ready-made, convenient meals. Additionally, as more people migrate to urban areas, they often have less opportunity to consume whole foods such as fresh produce. In addition, disposable income is rising globally due to factors such as the rise in dual-income households, per capita income, and employment rate growth. Consequently, during the forecast period, the demand for convenience foods will keep propelling market growth due to the rising popularity of fast and easy refreshment options.
However, these products are more commonly associated with the rise in chronic diseases, including cardiovascular disease and cancer. This factor has impacted the sales of baked savory refreshment products negatively. In addition, the price of baked delectable treats fluctuates because the production of key bakery ingredients is highly climate dependent. Consequently, low market penetration in developing nations and price fluctuations of basic materials impede the expansion of the market.
Based on the distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. In 2022, the supermarket and hypermarket segment led the market in terms of revenue. Consumers prefer supermarkets and hypermarkets because they offer various products, ranging from food and beverages to consumer goods, under a single roof. In addition, supermarkets are a convenient option for purchasing frozen or fresh foods due to the ease with which they can be preserved, which contributes to maintaining their quality characteristics. Nuts, seeds, and baked snacks are among the most common and popular retail products.
Based on product, the market is categorized into crips & chips, nuts & seeds, popcorn, and others. In 2022, popcorn captured a significant revenue share of the market. Popcorn is a whole grain rich in fiber and antioxidants and reduces the risk of cardiovascular disease, diabetes, and elevated blood pressure in humans. In addition, eating popcorn has numerous health benefits, such as regulating blood sugar levels, combating tumor cells, reducing appetite, lowering cholesterol levels, and easing constipation. Consequently, the factors above will collectively contribute to segment growth throughout the forecast period.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 47.9 Billion |
| Market size forecast in 2030 | USD 80.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.9% from 2023 to 2030 |
| Number of Pages | 204 |
| Number of Table | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the market is examined in North America, Europe, Asia Pacific, and LAMEA. Asia Pacific dominated the market in 2022, generating the maximum revenue share. This is due to the increasing production of healthy snacks in China, Japan, India, and Australia. Furthermore, Asian consumers are becoming increasingly health-conscious, leading to high demand for sugar-free nibble foods. Diverse interests and preferences motivate consumers to experiment with renowned brands. Consequently, manufacturers keep growing and innovating their product portfolios to satisfy the ever-changing demands of consumers. In addition, the rise of healthful lifestyle trends in Japan and China raised the demand for gluten-free products, thus driving the market.
Free Valuable Insights: Global Baked Savory Snacks Market size to reach USD 80.9 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Mills, Inc., Kellogg Company, Orkla ASA, PepsiCo, Inc., Chaucer Foods Ltd. (Pilgrim Food Group PLC), ITC Limited, The Hain Celestial Group, Inc., Amplify Snack Brands Inc (The Hershey Company), Consolidated Biscuit Co. Ltd, and Europe Snacks Group.
By Product
By Distribution Channel
By Geography
The Market size is projected to reach USD 80.9 billion by 2030.
Increasing trend of healthier snacks are driving the Market in coming years, however, Low adoption in developing nations restraints the growth of the Market.
General Mills, Inc., Kellogg Company, Orkla ASA, PepsiCo, Inc., Chaucer Foods Ltd. (Pilgrim Food Group PLC), ITC Limited, The Hain Celestial Group, Inc., Amplify Snack Brands Inc (The Hershey Company), Consolidated Biscuit Co. Ltd, and Europe Snacks Group.
The Online Retail segment has shown the high growth rate of 8.7% during (2023 - 2030).
The Chips & Crisps segment is leading the Market by Product in 2022, thereby achieving a market value of $35.6 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $30.2 billion by 2030.
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