Savory Snacks Market

Global Savory Snacks Market Size (2024 to 2029)

The Global Savory Snacks Market is expected to grow at $ 166.70 billion by 2029, and $131.23 billion in 2024 with an increasing CAGR of 4.9% during the forecast period.

Global Savory Snacks Market Scenario

Savory snacks combine spice and salt with a creamy or meaty layer and are neither sweet nor bland. Baked foods are classified as savory snacks and are popular due to the health benefits they provide, such as minimal fat content due to less oil and a rich flavor. Vegetable oils are widely available, and the chances are that they are used to create almost anything, including savory snacks. Low-calorie savory snacks have arisen as a viable alternative to sweet treat snacks and whole meal, owing to the rising prevalence of chronic diseases including diabetes and obesity, caused mainly by excessive sugar consumption.

The market is distinguished by the presence of both established and emerging competitors. The presence of private label products in this market has grown as many local companies have increased. Savory snacks are now being sold under the names of major stores. The low pricing of these products compared to other locally accessible products in the market is likely to boost demand.

The Savory Snacks Market is predicted to be driven by rising consumer health consciousness. During the forecast period 2024-2029, the implementation of good and healthy diet options in conjunction with increased use of low-calorie snacks is expected to propel the growth of the Savory Snacks Market. The Savory Snacks Industry Outlook is depicted here.

Global Savory Snacks Market Drivers:

One of the crucial drivers driving the global savory snacks market's growth is the expanding food and beverage industry, as well as an increased inclination for on-the-go snacking options. Because of the changing lifestyles and demanding schedules of the working population, convenience food products such as savory snacks have become increasingly popular around the world. Furthermore, manufacturers have created low-fat, gluten-free, organic, and protein-rich snacks, which are fast gaining popularity among consumers, as a result of increased consumer awareness of good snacking habits. The advent of various meat-based snacks, such as lean beef or turkey, has aided market expansion as well. Manufacturers are also providing a diverse product line to broaden their customer base and fulfil unique flavor preferences and dietary concerns. Factors such as rising disposable incomes, substantial research and development (R&D) operations to improve the manufacturing process and product quality, as well as convenient and appealing product packaging, all contribute considerably to the global savory snacks market's growth.

The rising popularity of low-calorie baked savory snacks is expected to increase demand for savory snacks market. Baked foods are considered healthy due to their low fat content. Baked foods just require a small amount of oil to begin the baking process. Heat loss will not be occurred because baking takes place in a closed environment. Baked foods have a rich flavor, more nutrients, help with weight management due to the reduced use of oil, and are designed to appeal visually, resulting in increased hunger. Baked potatoes are high in macronutrients and micronutrients, which are essential for optimal health.

Global Savory Snacks Market Restraints:

The Market for Savory Snacks is being Held back by salt reduction. Salt, a once-common ingredient in savory foods, is currently undergoing a paradigm shift in its application. For years, salt has been one of the most economical and well-known flavor-enhancing ingredients in food production. Salt has long been the favored flavor enhancer for packaged foods, having been used for both preservation and functional purposes. With rising health consciousness, people are looking for items that have a delicious taste while still being low in salt.

Impact of COVID-19 on Savory Snacks Market:

The global lockdown caused by the COVID-19 outbreak resulted in significant bottlenecks in the industry's value chain. Furthermore, customers who spend more time working and studying from home boosted their consumption of savory snacks, boosting demand globally. Consumers have changed their purchasing preferences to online businesses due to increased demand and the difficulty of brick and mortar stores to meet it. As a result, savory snack makers took use of such chances to streamline their processes and increase product availability in stores in order to meet rising demand.

REPORT COVERAGE: 

This research report on the Global Savory Snacks Market has been segmented and sub-segmented based on product type, distribution channel, & region. 

Global Savory Snacks Market - By Product Type:

• Extruded Snacks
• Potato chips
• Nuts & Seeds
• Popcorn
• Others

Potato Chips, Nuts & Seeds, Popcorn, Extruded Snacks, and Others are the product types that make up the Savory Snacks Market. In 2021, the Potato Chips Segment had the biggest market share. This increase is due to an increase in the consumption of potato chips produced by various brands around the world. Baked foods include baked potato chips, which are healthier than fried potato chips due to their lower fat content, which can be attributed to the use of less oil. The growing population with a fast-paced lifestyle, combined with the production of useful foods in the form of potato chips, is moving the Potato Chips segment forward.

Furthermore, despite the tough COVID-19 pandemic, the Nuts & Seeds category is expected to rise at the fastest CAGR of 5.4 percent from 2022 to 2027, owing to the growing preference of consumers towards healthy diet options combining nuts & seeds in baked dishes like savory spiced almonds.

Global Savory Snacks Market - By Distribution channel:

• Convenience Stores
• Supermarkets and Hypermarkets
• Specialty retailers
• Online stores
• Others

In 2021, the segment of supermarkets and hypermarkets had the biggest savory snacks market share. This growth is due to the easy availability of several types of savory snacks, such as baked meals and low-calorie snacks, from various brands in one location. The desire of consumers to have a tactile shopping experience as life attempts to return to routine in the wake of the tough COVID-19 pandemic is fueling this segment's rise.

Furthermore, the Online Stores segment is expected to grow at the fastest CAGR of 5.5 percent from 2022 to 2027, owing to the growing popularity of e-commerce websites that offer a wide range of savory snacks, including baked foods and low-calorie snacks, manufactured by various brands in an online marketplace, all available at discounted prices and with home delivery options.

Global Savory Snacks Market - by Region: 

• North America 

• Europe 

• Asia-Pacific 

• Latin America 

• Middle East and Africa

The Global Savory Snacks Market Report includes the segmentation of Regions:

The North American area dominates the worldwide savory snack market, as customers continue to value the portability, convenience, and indulgence that savory snacks provide. Furthermore, the snackification trend among consumers in the region is an all-day habit, with consumers of all ages nibbling at least once a day. In the savory snack market in the region, the Frito Lay Corporation is a major player. Chips/crisps and tortilla/corn chips are the two most popular snack choices among Americans, with chips/crisps accounting for the most dollar value sales.

In terms of revenue, Asia Pacific and North America had the highest geographic 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 lives.

Savory snacks are in high demand throughout Europe, where they are enjoyed at a variety of times by the people. Consumers in nations like the United Kingdom and Spain use on-the-go dining as a fast energy boost instead of entire meals, driving the sector. In nations like the Netherlands, Norway, and Germany, the desire for savory snacks is constantly expanding.

KEY MARKET PLAYERS:

Key Market Players of the Global Savory Snacks Market include Kraft Foods, PepsiCo Inc., Nestle, CALBEE, Kellogg’s, ConAgra Foods, Diamond Foods, General Mills, The Hain Celestial Group, Blue Diamond Growers

RECENT HAPPENINGS IN THE MARKET:

Kellogg's Pringles brand debuted a new sweet and spicy flavor on June 3rd, 2021, that is only available in the United States for a short time.

With its new brand Bold Cultr, General Mills has officially joined the animal-free dairy industry. Under the brand, the company will launch cream cheese manufactured using Perfect Day's fermentation-created dairy proteins, which will be sold on the company's e-commerce website.