According to the latest report by IMARC Group, titled “Savory Snacks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global savory snacks market size reached a value of US$ 122.9 Billion in 2021. Savory snacks refer to those foods that have a salty or spicy flavor as opposed to being sweet. They are usually eaten in small quantities between meals, and are considered to be light and convenient food options. In many cases, these snacks can also serve as meal substitutes. They utilized a variety of ingredients, such as vegetables, fruits, nuts, grains, vegetable oils and seasonings, for their preparation. As a result, they are a rich source of nutrients, including minerals, vitamins and fibers. In addition, these snack foods are highly cost effective and easily accessible via online and offline organized retail channels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Savory Snacks Market Trends:
The global market is primarily driven by the shifting dietary preferences of the masses who are adopting on-the-go convenience foods as a substitute for main meals. This can be attributed to the increasingly hectic lifestyles and busy schedules of individuals due to rapid urbanization. Additionally, continual product innovations, such as the launch of a diversified product range by the key players to cater to the consumer demands in terms of flavor preferences and dietary needs, are propelling the market. In addition to this, the rising awareness for healthy snacking habits resulting in higher adoption of high-protein, low-fat, gluten-free, organic, and protein-rich snack variants is also augmenting the market demand. Furthermore, extensive research and development (R&D) activities focusing on the improvement in the production process and product quality is creating a positive market outlook. Some of the other factors providing an impetus to the market include the flourishing food and beverage industry, inflating disposable income levels, and aggressive marketing campaigns adopted by key players, along with convenient and attractive product packaging. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 168.0 Billion by 2027, exhibiting a CAGR of 5.27% during 2022-2027.
- Based on the product, the market has been segmented into potato chips, extruded snacks, nuts and seeds, popcorn, meat snacks, and others.
- On the basis of the category, the market has been divided into baked, fried, and others.
- Based on distribution channels, the market has been categorized as supermarkets and hypermarkets, specialty stores, online stores, convenience stores, and others.
- On the basis of the sales, the market has been classified into the retail sector and foodservice sector.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Arca Continental, S. A. B. de C. V., Calbee, Inc., Conagra Brands, Inc., General Mills Inc., Hain Celestial Group, Inc., Haldiram Foods International Pvt. Ltd, Intersnack Group, ITC Limited, Kellogg Company, Kraft Heinz Company, Lamb Weston Holdings, Inc, Premium Brands Holdings Corporation, and PepsiCo, Inc.
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