Savory Snacks Market by Type (Potato Chips, Extruded Snacks, Nuts & Seeds, Meat Snacks), Flavor (Barbeque, Spice, Salty, Plain), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Channels) — Global Forecasts to 2029
Redding, California, Dec. 05, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Savory Snacks Market by Type (Potato Chips, Extruded Snacks, Nuts & Seeds, Meat Snacks), Flavor (Barbeque, Spice, Salty, Plain), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Channels) – Global Forecasts to 2029,’ the savory snacks market is expected to grow at a CAGR of 7.3% from 2022 to 2029 to reach $347.2 billion by 2029.
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Savory snacks usually have a salty or spicy taste instead of a sweet flavor. Several ingredients are used to manufacture savory snacks, such as vegetable oils, nuts, fruits, grains, and vegetables, among others. These ingredients make savory snacks rich in nutrients, minerals, vitamins, and fibers.
The major factors driving the savory snacks market include the growing consumer demand for healthy snacking, the rising popularity of convenience foods & on-the-go snacks, changing lifestyles and hectic schedules of the working population, and the expansion of the retail industry across the globe.
Furthermore, the growing E-commerce penetration in developing countries and emerging economies in Latin America, Asia, and the Middle East & Africa are expected to provide significant opportunities for the growth of this market. However, the health issues associated with the consumption of snack products hinder the growth of this market to a notable extent.
The savory snacks market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. This market is segmented by type, flavor, distribution channel, and geography.
The Impact of COVID-19 on the Savory Snacks Market
The COVID-19 outbreak created a severe public health emergency globally, with its quick spread in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally, including food & beverages. However, the pandemic positively impacted the savory snacks market.
The consumption of savory snacks accelerated during the pandemic as the national lockdowns forced people to stay home. Furthermore, during the lockdowns, there was an increase in the sales of savory snack food products due to their longer shelf life. Additionally, e-commerce platforms selling these products have witnessed significant traction in recent years. The increasing accessibility to these products drives the demand for savory snack products. Furthermore, the pandemic has significantly changed customers and pushed them to include many healthy snacking options. Hence, the pandemic positively influenced the demand for nuts & seeds and meat snacks, among others.
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Moreover, many food manufacturers have introduced healthy ingredients in their savory snack products, such as high protein, low-fat, fiber, and low sugar, among others. This has also played a vital role in attracting the enthusiastic fitness population. Many food manufacturers have also introduced organic and natural processes in preparing the snacks, which, in turn, positively impacted the growth of the savory snacks market.
The COVID-19 pandemic moderately affected the demand for savory snacks due to disruptions in supply chains. However, these effects were temporary and gradually reduced without substantially affecting the savory snacks market.
Based on type, the savory snacks market is segmented into potato chips, extruded snacks, nuts & seeds, meat snacks, popcorn, puffed snacks, and other savory snack types. In 2022, the potato chips segment is expected to account for the largest share of the savory snacks market. The large market share of this segment is attributed to their taste, low cost, easy availability of potato chips in various flavors, presence of a large number of manufacturers of potato chips across the globe, and the introduction of healthier alternatives such as low-sodium and low-fat potato chips.
However, the nuts & seeds segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the increasing awareness about the nutritional benefits of nuts and seeds, the growing popularity of the paleo diet, and greater availability of different types and mixes, and technological advances that have allowed the development of new coatings, flavors systems, and packaging formats.
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Based on flavor, the savory snacks market is segmented into barbeque, spice, salty, plain/unflavored, and other flavors. In 2022, the plain/unflavored segment is expected to account for the largest share of the savory snacks market. The large market share of this segment is attributed to increasing consumer preference for plain and unflavored savory snack products. However, the spice segment is expected to witness significant growth during the forecast period.
Based on distribution channel, the savory snacks market for retail is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, online channels, and other retail channels. In 2022, the supermarkets & hypermarkets segment is expected to account for the largest share of the savory snacks market. The large market share of this segment is attributed to the growing number of supermarkets in developing countries such as China & India, consumers’ preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer spending on savory snack products.
However, the online stores segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the rising internet penetration, growing preference for consumer convenience, availability of greater discounts compared to modern trade, and greater product selection experience.
Based on geography, in 2022, North America is expected to account for the largest share of the savory snacks market. The major market share of North America is attributed to its well-established food industry, the growing health awareness among consumers, the rising demand for clean-label savory snacks, and the easy availability of savory snacks at grocery stores. In addition, customers' changing habits, such as snacking between fixed mealtimes or snacking instead of having proper meals, the rising trend of replacing meals with smaller nutritional snacks, and the cost competitiveness offered by plant-based snacks contribute to the growth of this regional market.
Some of the key players operating in the savory snacks market are General Mills, Inc. (U.S.), Kellogg Company (U.S.), The Kraft Heinz Company (U.S.), The Hain Celestial Group, Inc. (U.S.), PepsiCo, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Mondelēz International, Inc. (U.S.), Nestlé S.A. (Switzerland), Calbee, Inc. (Japan), Blue Diamond Growers (U.S.), ITC Limited (India), Grupo Bimbo, S.A.B. de C.V. (Mexico), Diamond Foods, LLC (U.S.), Link Snacks, Inc. (U.S.), and Intersnack Group GmbH & Co. KG (Germany).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/savory-snacks-market-5402
Scope of the Report
Savory Snacks Market, by Type
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Potato Chips
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Extruded Snacks
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Nuts & Seeds
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Meat Snacks
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Popcorn
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Puffed Snacks
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Other Savory Snack Types
Savory Snacks Market, by Flavor
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Barbeque
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Spice
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Salty
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Plain/Unflavored
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Other Flavors
Savory Snacks Market, by Distribution Channel
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Retail
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Foodservice
Savory Snacks Market, by Geography
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