The Global Savory Snack Products Market Size is Anticipated worth $263.0 billion by 2027, Growing at a CAGR of 5.2% Report by MarketsandMarkets™

Chicago, July 27, 2023 (GLOBE NEWSWIRE) — The Savory Snack Products Market refers to the industry that produces and sells a wide range of savory snacks. Savory snacks are food items that are typically consumed as snacks between meals or as an accompaniment to beverages. They are known for their savory or salty flavor profiles. The market for savory snack products has experienced significant growth in recent years, driven by various factors. One key driver is the changing consumer preferences and snacking habits. With busy lifestyles and increasing time constraints, consumers are seeking convenient and on-the-go food options. Savory snacks fit this requirement perfectly, as they are easy to consume, portable, and do not require elaborate preparation.

Savory snack products market in terms of revenue was estimated to be worth $203.9 billion in 2022 and is poised to reach $263.0 billion by 2027, growing at a CAGR of 5.2% from 2022-2027 according to a latest report published by MarketsandMarkets™. Plant-based food products are gaining widespread popularity. The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds.

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Savory Snack Products Market Scope:

Savory Snack Products Market major players covered in the report, such as:

• PepsiCo, Inc. (US)
• General Mills, Inc. (US)
• Kellogg Company (US)
• General Mills Inc. (US)
• Calbee (Japan)
• ITC LIMITED (India)
• Mondelez International (US)
• Nestle SA (Switzerland)
• Grupo Bimbo (Mexico)

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The research report categorizes the market into the following segments:

Savory Snack Products Market, By Product

• Potato chips
• Extruded snacks
• Popcorn
• Nuts & seeds
• Puffed snacks
• Tortillas
• Other products (Fruit & Vegetable Chips, and Pretzels)

Savory Snack Products Market, By Flavor

• Barbeque
• Spice
• Salty
• Plain/Unflavoured
• Other Flavors (Cheese, Butter, Smoky and Umami)

Savory Snack Products Market, By Distribution Channel

• Retail
• Supermarkets & Hypermarkets
• Convenience Stores
• Online Stores
• Other Retail Stores (Forecourt Retailers, Discounters, Independent Small Grocers, among others)
• Foodservices

Savory Snack Products Market, By Region

• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)
• South America
• Turkey
• Middle East
• Africa

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The key stakeholders in the Savory Snack Products Market include:

• Consumers: The individuals or households who purchase and consume savory snack products are crucial stakeholders. They play a significant role in driving demand and influencing market trends.
• Producers and Manufacturers: Companies involved in producing and manufacturing savory snack products are essential stakeholders. This includes large corporations, small and medium-sized enterprises (SMEs), and local businesses that create and distribute these snacks.
• Retailers: Retailers, such as supermarkets, convenience stores, and online platforms, are vital stakeholders. They serve as intermediaries between producers and consumers by stocking and selling savory snack products.
• Distributors and Wholesalers: Distributors and wholesalers play a critical role in the supply chain. They transport and distribute savory snack products from manufacturers to retailers, ensuring the products reach their intended markets efficiently.
• Suppliers: Suppliers of raw materials and ingredients used in savory snack production, such as farmers, food processors, and packaging suppliers, are significant stakeholders. They contribute to the overall quality and availability of the products.
• Regulatory Authorities: Government agencies and regulatory bodies oversee the savory snack market to ensure compliance with food safety standards, labeling requirements, and other regulations. They play a crucial role in safeguarding consumer health and maintaining market integrity.
• Industry Associations and Trade Organizations: Associations and organizations representing the savory snack industry, such as trade associations, advocacy groups, and professional bodies, act as stakeholders. They work to promote the interests of the industry and its members.
• Financial Institutions: Banks, investors, and other financial institutions that provide funding and support to savory snack producers and retailers are key stakeholders. They facilitate business operations, expansion, and investment in the market.
• Marketing and Advertising Agencies: Agencies specializing in marketing, advertising, and branding are essential stakeholders. They help promote and create awareness of savory snack products through various channels, influencing consumer preferences and purchasing decisions.
• Research and Development (R&D) Organizations: R&D institutions and organizations contribute to the development of new savory snack products, flavors, and formulations. They play a vital role in innovation and keeping the market competitive.

Savory Snack Products Market Frequently Asked Questions (FAQs):

Q1. How big is the savory snack market?
Q2. What are the trends in savory snacks?
Q3. What category is a savory snack?
Q4. What are the major revenue pockets in the savory snack products market currently?
Q5. What are some of the drivers fueling the growth of savory snack products market?

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This report provides insights on the following pointers:

• Growing Demand: The market for savory snack products has witnessed significant growth due to changing consumer lifestyles, increased snacking habits, and the availability of a wide variety of flavors and options. Consumers are seeking convenient and tasty snacks to satisfy their cravings.
• Diverse Product Range: The market offers a diverse range of savory snack products, including potato chips, popcorn, pretzels, nuts, crackers, and savory biscuits. Manufacturers are continually innovating and introducing new flavors, textures, and healthier options to cater to different consumer preferences.
• Health and Wellness Focus: There is a rising consumer demand for healthier snack options. This has prompted manufacturers to develop products with reduced fat, lower sodium content, natural ingredients, and fortified nutrients. The market has seen an increase in the availability of baked snacks, veggie chips, and snacks made from alternative ingredients like lentils and quinoa.
• Premium and Gourmet Offerings: Alongside mainstream savory snacks, the market has seen a rise in premium and gourmet options. These products often feature unique flavor combinations, high-quality ingredients, and artisanal production methods. They cater to consumers willing to pay a premium for a more indulgent snacking experience.
• Convenience and On-the-go Consumption: The demand for convenient, on-the-go snacks remains high, driven by busy lifestyles and the need for portable food options. Single-serve packs, resealable packaging, and snack bars have gained popularity, providing consumers with convenient snacking solutions.
• E-commerce and Online Retailing: The rise of e-commerce has significantly impacted the savory snack market. Consumers increasingly prefer the convenience of online shopping, and manufacturers and retailers have expanded their online presence to reach a wider customer base. Online platforms offer a variety of options, competitive pricing, and doorstep delivery, contributing to market growth.
• Sustainable Packaging and Ethical Considerations: There is growing consumer awareness regarding sustainable packaging and ethical considerations. Manufacturers are adopting eco-friendly packaging materials, reducing waste, and ensuring responsible sourcing practices. Brands that align with sustainability values are gaining favor among environmentally conscious consumers.
• International Market Expansion: Savory snack products have a global presence, with international brands and flavors gaining popularity in different regions. Manufacturers are expanding their reach through global distribution networks, partnerships, mergers and acquisitions.
• Marketing and Branding Strategies: Strong marketing and branding efforts play a crucial role in the success of savory snack products. Companies employ various strategies, including celebrity endorsements, social media campaigns, and experiential marketing, to create brand awareness, engage consumers, and differentiate themselves in a competitive market.
• Regulatory Environment: Regulatory bodies closely monitor the savory snack market, particularly regarding food safety, labeling requirements, and nutritional claims. Manufacturers must comply with regulations to maintain consumer trust and ensure product quality.

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With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

•      Detailed analyses and profiling of additional market players (up to five)

Geographic Analysis

•      Further breakdown of the Rest of Asia Pacific savory snack products market, by key country

•      Further breakdown of the Rest of European market, by key country