According to Future Market Insights research, during the projected forecast period, the Savory Snacks market is expected to grow at a CAGR of 4.1%. The market value projected to increase is from USD 274.9 Billion in 2022 to USD 410.9 Billion by 2032. The Savory Snacks market was valued at USD 267.2 Billion at the end of 2021 and is anticipated to exhibit Y-o-Y growth of 2.9% in 2022.
Attributes
Details
Market Size Value in 2022
USD 274.9 Billion
Market Forecast Value in 2032
USD 410.9 Billion
Global Growth Rate (2022 to 2032)
4.1% CAGR
Forecast Period
2022 to 2032
USA market share of Savory Snacks
32%
Savory snacks include foods like potato chips, tacos, savory biscuits, and other baked snacks that contain salts. They fall under the category of convenience foods because they are time-saving. Consumers' growing knowledge of the health advantages of salty snack intake is a key trend that has a big impact on the expansion of the global savory snack market.
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Historical Outlook vs. Future Projection of Savory Snacks Market
In the historical outlook, CAGR observed during the years 2017 to 2021 for the Savory Snacks market is 3.7%.
The main driver of the food and beverage industry's expansion is health consciousness. Because consumers are more concerned about their health than ever, numerous sectors, particularly the food processing industry, have been encouraged to manufacture food products with outstanding health benefits.
Manufacturers in the market for savory snacks spend a lot of money on research and development to create new products with high nutritional value and beneficial aspects for health. Due to their growing appetite for snacks, millennials are anticipated to contribute to the industry's growth during the projection period.
Country-wise Insights
How North America Savory Snacks market is shaping?
Growing demand for convenience foods and the rising disposable income of consumers in the region drive the global market for savory snacks in North America.
The United States and Canada are expected to make important contributions to the industry's expansion in this region.
The US contributes 32% of the total revenue for the Savory Snacks Market.
How Europe Savory Snacks market is shaping?
The convenience and flavor that savory snacks provide to consumers in Europe are key selling points. Europe is now the second-largest market after North America since revenue there is anticipated to soar. The region's industry's expansion is heavily influenced by consumer health consciousness.
Germany contributes 22.2% to the Savory Snacks market and UK CAGR for the forecast period is 5.8%.
How Asia Pacific is growing in the Savory Snacks market?
With a double-digit CAGR during the projection period, the Asia Pacific market is anticipated to develop the fastest. The rise in the Asia Pacific region is fueled by rising disposable income, expanding populations, and rising demand for convenience foods.
Over the course of the forecast period, the availability of a wide range of tastes and rising consumer disposable income in Asia Pacific are two factors that are anticipated to drive the worldwide savory snacks market ahead.
Japan's contribution to the Savory Snacks market is 7.4% of the total market share, India and China are market drivers in the Asia Pacific and their latest CAGR in the Savory Snacks market are 3.9% and 3.5% respectively.
What is the MEA Savory Snacks market situation?
The Savory Snacks market in MEA is expected to grow at a medium pace over the forecast period. Urbanization, Health Consciousness, and disposable income will be the factor for the growth of the Savory Snacks market.
How the RoW is responding to the Savory Snacks market?
From the Oceania region, Australia is contributing 2.3% of the total revenue of the Savory Snacks market.
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Category Wise Analysis
What type of preferences do people have in the Savory Snacks market?
Savory snacks are clearly preferred over sweet ones. Savory snacks make up a higher portion of the overall snack market, which reflects this. Second, crunchy snacks are preferred above soft snacks in the savory snack category. This is demonstrated by the greater market share of crunchy-savory snacks in the entire savory snack industry.
How do the preferences in the Savory Snacks market impact manufacturers?
Preferences have important implications for manufacturers and retailers. For manufacturers, it means that they need to focus on developing new savory snack products that are either crunchy or have some other unique selling point. For retailers, it means that they need to stock a greater variety of savory snacks in order to meet consumer demand.
What are the current trends in the Savory Snacks market?
Low in calories and gluten-free, savory snacks are suitable for those with diabetes and obesity. Because consumers are concerned about the food they eat, they choose to spend money on sugar-free, healthful food products.
The food and beverage sector is striving to stop diabetes by developing sugar-free goods because it has become a global threat.
Which Sales channel is in demand for the Savory Snacks market?
After the outbreak of the COVID-19 pandemic, online retailers gain more preference from costumers due to convenience and direct channels without agents.
In addition, the availability of savory snacks in a variety of retail outlets is anticipated to support the industry's expansion during the course of the projection period.
Industrial Distributers Are Propelling the Growth in Industrial Savory Snacks Market
Consumers' growing knowledge of the health advantages of salty snack intake is a key trend that has a big impact on the expansion of the global savory snack market.
The market for savory snacks has grown tremendously as a result of the addition of proteins to snacks. The consumption of protein-rich snacks like lean beef and turkey is frequently tasty and delectable, which is predicted to lead to an increase in the demand for savory snacks internationally. In addition, the availability of savory snacks in a variety of retail outlets is anticipated to support the industry's expansion during the course of the projection period.
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Competitive Landscape
There is no dominant company in the fiercely competitive global market. To support the industry's growth, major players still use tactics like product innovation and advertising.
Manufacturers in the market for savory snacks spend a lot of money on research and development to create new products with high nutritional value and beneficial aspects for health. Since consumers are more drawn to markets with variety, major players invest more in the development of new items. The market for savory snacks has grown tremendously as a result of the addition of proteins to snacks.
Savory Snacks Market Report Scope
Attribute
Details
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2022
Market Analysis
USD Billion for Value and Units for Volume
Key Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)
RoW
Key Countries Covered
The USA
Germany
The UK
France
Brazil
Argentina
Japan
Australia
China
India
South Korea
Key Segments Covered
Type
Sales Channel
Region
Key Companies Profiled
ITC Limited
The Kellogg’s Company
General Mills
ConAgra Foods
PepsiCo Inc.
Mondelez International
Calbee Foods Co Ltd.
Blue Diamonds Growers
Arca Continental
Link Snacks Inc.
Report Coverage
DROT Analysis, Market Forecast, Company Share Analysis, Market Dynamics and Challenges, Competitive Landscape, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Segmentation of Savory Snacks market
Segmentation by Type:
Nuts and Seeds
Extruded Snacks
Potato Chips
Meat Snacks
Popcorn
Others
Segmentation by Sales Channel:
Online Stores
Supermarket/Hypermarket
Convenience Stores
Specialty Stores
Others
Segmentation by Region:
North America
Latin America
Europe
Asia Pacific
RoW
Frequently Asked Questions
What is the market size of Savory Snacks?
The global Savory Snacks market will reach a valuation of USD 274.9 Billion by the end of 2022.
What is the US, Savory Snacks Market Outlook?
The US Savory Snacks Market is contributing 32.0% of the total market share which values at USD 87.9 Billion.
Which are the major countries driving demand for Savory Snacks Market?
The US, Canada, Germany, the UK, France, Russia, China, Japan, South Korea, India, and Australia are the major countries driving demand for Savory Snacks Market.
What is the Germany, Savory Snacks Market Outlook?
The Germany Savory Snacks Market is contributing 22.2% of the total market share which values at USD 61.0 Billion.
Who are the top 5 players operating in the market?
• ITC Limited
• The Kellogg’s Company
• General Mills
• ConAgra Foods
• PepsiCo Inc.
Above are the top 5 market players in Savory Snacks industry.
What is the contribution of Japan in Savory Snacks market?
The Japan Savory Snacks market contribution is 7.4% of the total market share.
At What Rate Will Savory Snacks market Grow in India?
The India Savory Snacks market will grow at 3.9% CAGR between 2022 and 2032.
What is the demand outlook forecast for the Savory Snacks market?
The global Savory Snacks market is forecasted to surpass USD 410.9 Billion by the end of 2032.
