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Savory Snack Products Market by Product, Flavor, Distribution Channel and Region – Global Forecast to 2027

Savory Snack Products Market by Product, Flavor, Distribution Channel and Region – Global Forecast to 2027

  • February 2022
  • 218 pages
  • ID: 6233715
  • Format: PDF
  • MarketsandMarkets

Summary

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The global savory snack products market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value. The market is primarily driven by factors such as shifting consumer preference to convenience foods. Moreover, In recent years, the savory snacks market has been highly impacted by innovations as manufacturers are investing in introducing new ingredients, new variants, and processing techniques to meet the increasing demand and cater to the changing consumer preferences.

By product, potato chips was the largest segment in 2021 and anticipated to grow at a significant growth rate over the forecast period.
By product, the potato chips segment is estimated to dominate the market for savory snacks in terms of value, in 2022. Earlier, potato chips were part of western culture; however, due to globalization, the increase in the consumption of potato chips in emerging economies is anticipated to boost the market growth.

By flavor, plain/unflavoured segment is estimated to grow at the highest CAGR during the forecasted period.

By flavor, plain/unflavored is estimated to dominate the savory snack products market in 2022.Plain and unflavored snacks are becoming consumers’ first preference.

Furthermore, consumers are looking for products with consumer-friendly ingredients, clean label claims, and locally and ethically sourced ingredients, helping companies manufacture products focusing on health and wellness.
• By distribution channel, retail segment dominates the market in 2021.

By distribution channel, retail segment is estimated to dominate the savory snack products market by 2022. The online store segment is projected to grow at the significant CAGR in the retail sub-category. With the rise in demand for snack products, there has been an increase in eCommerce retail sales and door-to-door delivery of products, which has contributed to the sales of savory snack products

Asia Pacific is estimated to be the largest region in 2022 and anticipated a significant growth rate over the forecast period.
The Asia Pacific accounted for a significant share in the savory snack products market in 2021.In the Asia Pacific region, savory snack products are gaining popularity due to busy lifestyles, urging consumers to opt for on-the-go and RTE products.

Furthermore, as the concept of pre-dinner appetizers has been gaining popularity, with a proportionate increase in dual-income families, snacks are becoming an integral part of planned purchase, along with an element of indulgence.
The savory snack products market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, and RoW (South America, Africa, Turkey, Middle East).

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 30%, Tier 2- 30%, and Tier 3- 40%
• By Designation: CXOs- 40%, Manager- 25%, and Executive- 35%
• By Region: Asia Pacific- 40%, Europe- 30%, North America- 16%, and RoW- 14%

Leading players profiled in this report include the following:
• PepsiCo (US)
• Kellogg Co (US)
• General Mills Inc. (US)
• Calbee Inc. (Japan)
• ITC LIMITED (India)
• Mondelez International (US)
• Nestle SA (Switzerland)
• Grupo Bimbo (Mexico)
• Hain Celestial (US)
• Blue Diamond Growers (US)

Research Coverage
This report segments the savory snack products market on the basis of product, flavor, distribution channel, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the savory snack products market, high-growth regions, countries, drivers, restraints, opportunities, and challenges.

Reasons to buy this report
• To get a comprehensive overview of the savory snack products market
• To gain wide-ranging information about the top players in this industry, their product portfolio details, and the position in the market
• To gain insights about the major countries/regions, in which the savory snack products market is flourishing

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