Global Baked Savory Snacks Market - 2023-2030

Global Baked Savory Snacks Market - 2023-2030

Baked Savory Snacks Market reached US$ 48.3 billion in 2022 and is expected to reach US$ 77.5 billion by 2030 growing with a CAGR of 6.1% during the forecast period 2023-2030.

The baked savory snacks market is witnessing a shift in consumer preferences toward healthier snack options. Baked snacks are perceived as a healthier alternative to fried snacks, as they are lower in fat and calories. This is leading to an increased demand for the baked savory snacks market among health-conscious consumers, they are seeking convenient and flavorful snack products that align with their dietary goals.

The market is benefiting from the introduction of new product variants and flavors by key players. Manufacturers are innovating to meet evolving consumer preferences and are offering a variety of baked savory snacks with different ingredients, seasonings, and textures. This product diversification is expected to drive the baked savory snacks market growth as it caters to the diverse tastes and preferences of consumers.

Market Dynamics

Increasing Focus on Health and Wellness among Consumers Drive the Market Growth

Consumers are becoming health-conscious, leading to a shift in their snack preferences. There is a growing demand for snacks that offer nutritional benefits including being lower in fat, calories, and artificial additives. Baked savory snacks, perceived as a healthier alternative to fried snacks, are gaining popularity among health-conscious consumers, driving market growth.

Manufacturers are responding to the demand for healthier snacks by formulating baked savory options with nutritious ingredients. For instance, on February 2, 2022, BRB Chips introduced an innovative snacking product called BRB Popcorn Chips. It is designed to cater to popcorn enthusiasts in India, BRB Popcorn Chips address common concerns such as the annoyance of corn skin getting stuck in teeth and the disappointment of hard un-popped kernels affecting the taste and mouthfeel.

Increasing Innovations in Baked Savory Snacks Drives Market Growth

Manufacturers are introducing novel flavors, textures, and ingredient combinations to differentiate their baked savory snacks in the market. This differentiation helps attract consumers looking for exciting and new snacking experiences, thereby expanding the market.

Innovations in baked savory snacks focus on incorporating healthier ingredient options. Manufacturers are using whole grains, seeds, legumes, and vegetables to enhance the nutritional profile of their snacks. For instance, on June 11, 2022, PepsiCo's Frito-Lay North America division introduced Lay's Layers. This exciting addition to its product lineup offers a unique snacking experience. Lay's Layers potato chips will be available in two delectable flavors: three-cheese, featuring a tantalizing blend of tangy cheddar, Parmesan, and gouda; and sour cream and onion.

High Prices of the Baked Savory Snacks Hamper the Market Growth

High prices of baked savory snacks can make them less accessible and affordable to a significant portion of the consumer market. The prices are perceived as too high compared to other snack options, consumers opt for more budget-friendly alternatives. This can limit the market reach and potential sales volume for baked savory snacks.

Consumers are often price-sensitive when it comes to snack purchases. They compare prices and evaluate the value they receive in return. The price of baked savory snacks is considerably higher compared to similar snack products or perceived as not justifying the value, consumers may opt for more cost-effective options. This price sensitivity can restrain market growth for baked savory snacks.

COVID-19 Impact Analysis

The market faced supply chain disruptions as restrictions on transportation and temporary closures of manufacturing facilities hampered production and distribution. Additionally, changing consumer behavior influenced the market, with increased snacking at home and a focus on healthier options. Fluctuating demand, especially during economic uncertainties, affected market dynamics.

However, the closure of retail outlets and the implementation of social distancing measures led to a surge in e-commerce and online shopping for groceries and snacks. Consumers turned to online platforms for their snack purchases, leading to an increased focus on online marketing and distribution channels. This shift in purchasing patterns had a direct impact on the market, requiring adaptation by manufacturers and retailers.

Artificial Intelligence Impact Analysis

Artificial intelligence (AI) powered marketing techniques enable personalized and targeted campaigns in the baked savory snacks market. By leveraging consumer data and preferences, AI algorithms can deliver customized product recommendations, promotions, and advertisements to specific consumer segments. This enhances consumer engagement, improves brand loyalty, and drives sales in the competitive market.

AI technologies facilitate supply chain optimization in the baked savory snacks market. AI algorithms can analyze various factors such as transportation routes, inventory levels, and demand patterns to optimize logistics operations. This helps streamline the supply chain, minimize costs, reduce delivery lead times, and enhance overall efficiency.

Segment Analysis

The global baked savory snacks market is segmented based on product type, distribution channel, and region.

Increasing Demand for Convenience, Crispy Texture Potato Chips

Potato chips held the largest market share in the global baked savory snacks market. With their widespread popularity and consumer demand, potato chips are establishing themselves as a dominant player in the market. Potato chips have a universal appeal and are enjoyed by consumers of all ages across different regions. Its crispy texture, wide range of flavors, and convenience make them a go-to snack choice, which further drives the market growth.

The availability and accessibility of potato chips in various retail channels, including supermarkets, convenience stores, and online platforms, contribute to their market dominance. The continuous innovation in flavors, packaging formats, and healthier alternatives also fuels the growth of potato chips in the market.

Geographical Analysis

Increasing Demand for Sugar-Free Snacks in Asia Pacific

Asia Pacific has emerged as the dominant force in the global baked savory snacks market, capturing a significant market share. Asia's large population contributes to a vast consumer base, driving the demand for baked savory snacks. Countries such as India, China, Japan, and Australia have witnessed a rising production of these snacks to meet the growing market demand.

The increasing health consciousness is leading to high demand for baked savory snacks that are low in sugar and offer healthier ingredient profiles. This trend has opened up opportunities for manufacturers to introduce a variety of healthier snack food products in the market. For instance, on March 24, 2021, Bikano, a packaged foods company, introduced a range of new savory snacks into the market to expand its consumer base in the Hindi-speaking belt of northern India. The company's strategic move is geared towards capturing more market share and generating an estimated additional Rs75 crore in sales in the coming fiscal year.

Competitive Landscape

The major global baked savory snacks market players include General Mills Inc., Kellogg's Company, Orkla ASA, Consolidated Biscuit Co. Ltd., Europe Snacks, PepsiCo, Inc., Chaucer Foods Ltd., Lorenz Bahlsen Snack-World GmbH & Co KG Germany, Hain Celestial, and Amplify Snack Brands Inc.

Why Purchase the Report?
• To visualize the global baked savory snacks market segmentation based on product type, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the baked savory snacks market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global baked savory snacks market report would provide approximately 53 tables, 51 figures, and 104 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies