Overview and Scope
Savory snack product are savory foods that have a salty or spicy flavor rather than a sweet one. Savory foods, including grains, starch, veggies, seasonings, and vegetable oils, are used to make savory snack products.
Sizing and Forecast
The savory snack products market size has grown strongly in recent years. It will grow from $118.12 billion in 2023 to $127.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased demand for convenience food, growing popularity of snacking, rise in disposable income and changing lifestyles, expansion of retail industry globally, increased urbanization.
The savory snack products market size is expected to see strong growth in the next few years. It will grow to $170.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growing demand for healthy and organic snacks, increasing demand for premium and exotic flavors, rising demand for plant-based snacks, growing popularity of online retail channels, increasing demand for gluten-free and low-calorie snacks. Major trends in the forecast period include snack hybrids, innovative flavors and textures, sustainable and eco-friendly packaging, premium and artisanal snacks, snacking rituals and occasions.
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Segmentation & Regional Insights
The savory snack products market covered in this report is segmented –
1) By Product: Potato Chips, Extruded Snacks, Popcorn, Nuts and Seeds, Puffed Snacks, Tortillas, Other Products
2) By Flavour: Barbeque, Spice, Beef, Roasted or Toasted, Other Flavors
3) By Distribution Channel: Retailers, Online, Supermarkets and Hypermarkets, Convenience Stores, Other Distribution Channels
North America was the largest region in the savory snack products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the savory snack products market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in the adoption of convenience food products is contributing to the growth of the savory snack products market going forward. Restaurant meals and ready-to-eat food from grocery stores are examples of convenience foods that save time in food purchase, preparation, and cleanup. Convenience food products are useful for people who have poor cooking skills or don’t have time to search for and execute recipes from scratch and serve them as ready-to-eat meals. As a result, the rise in the adoption of convenience food products increases the demand for savory snack products. For instance, in July 2021, according to The Hindu Business Line, an Indian business newspaper, 79% of Indian households preferred to have instant food due to time constraints. Therefore, the rise in convenience food products is driving the growth of the convenience food products market moving forward.
Key Industry Players
Major companies operating in the savory snack products market include PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc., ITC Limited, The Hain Celestial Group Inc., Conagra Brands Inc., The Kraft Heinz Company, Mondelez International Inc., Nestlé S.A., Grupo Bimbo S.A.B. de C.V., Aviko B.V., Intersnack Group GmbH & Co. KG, Haldiram’s Snacks Pvt. Ltd., Hormel Foods Corporation, Tyson Foods Inc., Lamb Weston Holdings Inc., McCain Foods Limited, Frito-Lay North America Inc, Parle Products Pvt Ltd, Anji Foodstuff Co Ltd, Blue Diamond Growers, Snyder’s-Lance Inc., The Hershey Company, Lorenz Bahlsen Snack-World GmbH & Co. KG, Orkla ASA, pladis global, Want Want China Holdings Limited, Arca Continental S.A.B. de C.V., Universal Robina Corporation
The savory snack products market report table of contents includes:
1. Executive Summary
- Savory Snack Products Market Characteristics
- Savory Snack Products Market Trends And Strategies
- Savory Snack Products Market – Macro Economic Scenario
- Global Savory Snack Products Market Size and Growth
- Savory Snack Products Market Segmentation
- Savory Snack Products Market Regional And Country Analysis
………….
- Key Mergers And Acquisitions In The Savory Snack Products Market
- Savory Snack Products Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Savory Snack Products Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Savory Snack Products Market, Segmentation By Flavour, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Savory Snack Products Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………
Table 74: PepsiCo Inc. Financial Performance
Table 75: Kellogg Company Financial Performance
Table 76: General Mills Inc. Financial Performance
Table 77: Calbee Inc. Financial Performance
Table 78: ITC Limited Financial Performance
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