Meticulous Research®—a leading global market research company—recently published a comprehensive 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) — Forecasts to 2029.”
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The savory snacks market is projected to reach $347.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2029. Several factors contribute to this growth, including increasing consumer demand for healthier snacking options, the rising popularity of convenience foods and on-the-go snacks, shifting lifestyles, hectic schedules among working populations, and the ongoing expansion of the global retail industry.
Additionally, the growing penetration of e-commerce in developing countries and emerging economies across regions such as Latin America, Asia, and the Middle East & Africa is anticipated to create significant growth opportunities for the savory snacks market. However, the sector faces notable challenges, including health concerns related to snack consumption and fluctuating raw material prices, which can impede growth.
Market Overview
The study offers insights into historical market data (2020 and 2021), estimated current data for 2022, and projections through 2029. The savory snacks market is analyzed across multiple dimensions, including type, flavor, distribution channel, and geographic region.
Market Segmentation by Type
The savory snacks market is categorized into the following types:
- Potato Chips
- Extruded Snacks
- Nuts & Seeds
- Meat Snacks
- Popcorn
- Puffed Snacks
- Other Savory Snack Types
In 2022, potato chips are expected to hold the largest share of the market. This dominance can be attributed to factors such as the widespread appeal of potato chips due to their taste, affordability, and availability in various flavors. Additionally, the large number of manufacturers producing potato chips globally and the introduction of healthier variants, such as low-sodium and low-fat options, bolster the segment's prominence.
Meanwhile, the nuts & seeds segment is predicted to experience significant growth during the forecast period. This rapid expansion is driven by rising awareness of the nutritional benefits of nuts and seeds, the increasing popularity of diets like paleo, and improved availability of diverse types and blends. Advances in technology have also enabled the development of innovative coatings, flavor systems, and packaging formats, further supporting growth in this segment.
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Market Segmentation by Flavor
The savory snacks market is segmented into the following flavor categories:
- Barbeque
- Spice
- Salty
- Plain/Unflavored
- Other Flavors
In 2022, plain/unflavored savory snacks are expected to capture the largest market share. This preference stems from the growing consumer inclination toward minimally processed and unflavored snack products. However, the spice segment is forecast to grow at a significant rate during the projection period, driven by increasing consumer interest in bold and exotic flavors.
Market Segmentation by Distribution Channel
The retail savory snacks market is segmented into:
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Channels
- Other Retail Channels
Supermarkets and hypermarkets are anticipated to account for the largest share of the savory snacks market in 2022. Factors such as the growing number of supermarkets in developing nations like China and India, the ease of access they provide to a variety of products, and increasing consumer spending on snack products contribute to this segment's dominance.
However, the online channels segment is projected to witness substantial growth during the forecast period. Key drivers for this growth include increasing internet penetration, a growing preference for convenient shopping experiences, competitive discounts compared to physical stores, and a broader product selection offered online.
Geographic Analysis
From a geographical perspective, North America is expected to dominate the savory snacks market in 2022. This dominance is attributed to several factors, including a well-established food industry, growing health awareness among consumers, increasing demand for clean-label savory snacks, and the widespread availability of these products in grocery stores. Additionally, evolving consumer habits, such as snacking between meals or replacing traditional meals with smaller, more nutritious snack options, further drive the market in this region.
The U.S. stands out as a major contributor within North America, accounting for a significant share of the savory snacks market. This can be attributed to factors such as the increasing preference for convenience foods, evolving household dynamics, heightened consumer interest in unique snack flavors, and the rising adoption of health and wellness trends.
Opportunities and Challenges
Opportunities
The global savory snacks market presents ample growth opportunities, particularly in developing regions. The rising penetration of e-commerce platforms in countries across Asia, Latin America, and the Middle East & Africa facilitates greater accessibility and availability of snack products. Additionally, the shift toward plant-based and clean-label snack options aligns with evolving consumer preferences for healthier and more sustainable food products.
Challenges
Despite these growth opportunities, the savory snacks market faces significant challenges. Health concerns associated with excessive consumption of salty and high-fat snack products remain a major hurdle. Additionally, fluctuating raw material prices impact production costs and profitability, posing challenges for manufacturers operating in this market.
Competitive Landscape
The savory snacks market is highly competitive, with several prominent players driving innovation and expansion. Key players operating in the market include:
- 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.)
- Intersnack Group GmbH & Co. KG (Germany)
These companies are leveraging strategies such as product innovation, mergers and acquisitions, and geographic expansion to enhance their market presence. For instance, the introduction of plant-based snacks and clean-label products caters to the growing demand for healthier alternatives. Additionally, partnerships with e-commerce platforms enable companies to expand their distribution networks and reach a wider consumer base.
Quick Buy – Savory Snacks Market – Global Opportunity Analysis and Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/58948453
Conclusion
The savory snacks market is poised for significant growth, driven by factors such as changing consumer preferences, technological advancements in food processing and packaging, and the proliferation of retail and e-commerce channels. However, addressing challenges such as health concerns and price volatility will be crucial for sustained growth. With major players investing in innovation and adapting to emerging trends, the market is set to expand its global footprint, providing consumers with a diverse array of savory snack options.
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