The Global Savory Snacks Market size is expected to reach $171.9 billion by 2027, rising at a market growth of 7.5% CAGR during the forecast period. Food products with salty or spicy flavors rather than sweets are known as savory snacks. Various components such as vegetables, fruits, grains, nuts, seasonings, and vegetable oils are used in the production of these snacks. These snacks are nutrient, mineral, vitamin-enriched, and fibrous. The most common savor snacks are potato and corn chips, salted biscuits, pretzels, popcorns, meat snacks, nuts, and seeds. Savory snacks should be consumed between the meals in small portions.
Factors such as the rise in consumption of low-calorie snacks and increasing demand for baked food products among customers are eventually resulting in the growth of the global savory snacks market. The savory snacks market is constantly growing with the help of new-age technology. Advertising is the key focus of the producers as they publicize their products through online platforms while collaborating with e-retailers. Moreover, tailored products which are travel-friendly are offered by companies operating currently in the market. The global savory snacks market would experience great heights as consumers are spending more on convenient food items during the forecast period.
The consumption of savory snacks has witnessed a spike due to the stringent lockdown regulations that led to stockpiling of food & beverage products. Due to the lockdown, consumers have started eating completely at home and even inclined towards purchasing food online. So, there has been an abrupt shift in the operations and activities in beverage& food and logistic industry due to the lockdown. North America households have portrayed an increase in demand of savory snacks which eventually fueled the demand for PepsiCo’s Cheetos, Doritos and Tostitos as people are studying and spending considerable time working from home.
There has been an increase in demand for breakfast cereals which led to a major rise at Quaker Foods business. As well as Frito-Lay North America unit has also witnessed significant rise in their revenue in third quarter of 2020 under the sales of snacks.
Based on Product, the market is segmented into Extruded Snacks, Potato Chips, Popcorn, Nuts & Seeds, and Other Products. On the basis of products, potato chips segment acquired the maximum revenue share of the market in 2020. It is anticipated that the launch of roasted potato chips and new flavors with great health benefits would eventually have a favorable impact over the growth of this industry.
Based on Distribution Channel, the market is segmented into Retailers, Online, Supermarket/Hypermarket, Convenience Stores and Other Channels. The supermarket/hypermarket acquired the maximum revenue share of the global savory snacks market in 2020. The segment would showcase a modest growth rate during the forecast period. The existence of various supermarket chains and the shifting retail landscape are the factors responsible for the growth of this segment.
Based on Flavor, the market is segmented into Barbeque, Spice, Beef, Roasted/Toasted and Others. Spice flavor would display fastest growth rate during the forecast period. Some of the major catalysts for the growth of this segment are the rising demand for varied tastes and the growing popularity of spicy flavors.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 89.5 Billion |
| Market size forecast in 2027 | USD 171.9 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 7.5% from 2021 to 2027 |
| Number of Pages | 237 |
| Number of Tables | 414 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Distribution Channel, Flavor, 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 Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In terms of revenue, Asia Pacific and North America holds the highest revenue share of the savory snacks market. Countries like Japan and China are driving Asia Pacific's growth. Because of increased worries about childhood obesity, people in these countries have begun to embrace healthier lifestyle choices.
Free Valuable Insights: Global Savory Snacks Market size to reach USD 171.9 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; PepsiCo, Inc. is the major forerunner in the Savory Snacks Market. Companies such as ITC Limited, General Mill, Inc., and Kellogg Company are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Hain Celestial Group, Inc., PepsiCo, Inc., Campbell Soup Company, Arca Continental SAB de CV, Kellogg Company, General Mills, Inc., The Kraft Heinz Company, Conagra Brands, Inc., ITC Limited, and Kikkoman Corporation.
By Product
By Distribution Channel
By Flavor
By Geography
The savory snacks market size is projected to reach USD 171.9 billion by 2027.
Growth in consumers demand for healthy products are driving the market in coming years, however, Side-effects due to overconsumption of savory snacks have limited the growth of the market.
The Hain Celestial Group, Inc., PepsiCo, Inc., Campbell Soup Company, Arca Continental SAB de CV, Kellogg Company, General Mills, Inc., The Kraft Heinz Company, Conagra Brands, Inc., ITC Limited, and Kikkoman Corporation.
The expected CAGR of the savory snacks market is 7.5% from 2021 to 2027.
On the basis of flavors, the roasted/toasted snack segment acquired the maximum revenue share of the global savory snacks market in 2020 and would exhibit similar kind of trend even during the forecast period.
Nuts and seeds segment would exhibit the fastest growth rate during the forecast period.
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