Global Roasted Snacks Market - 2023-2030

Global Roasted Snacks Market - 2023-2030

The Global Roasted Snacks Market reached US$ 5.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 8.1 billion by 2030. The market is growing at a CAGR of 6.1% during the forecast period 2023-2030.

The fast-paced lifestyle and busy routines of consumers have increased the demand for convenient snacking options. Roasted snacks, with their long shelf life, portability, and on-the-go consumption convenience, are well-suited to meet this demand. The market's growth is expected to be propelled by the convenience factor associated with roasted snacks, which cater to the snacking needs of individuals with busy lifestyles.

The growing adoption of plant-based and vegan diets is influencing the snacking preferences of consumers. Roasted snacks, particularly those made from plant-based ingredients, align well with these dietary choices. As a result, the market is expected to witness significant growth, driven by the increasing demand for plant-based and vegan-friendly roasted snacks.

Market Dynamics

The Growing Popularity of Plant-Based Snacks Drives the Market Growth

The rise of specialty food stores, health food stores, and online platforms dedicated to plant-based and vegan products is expanding the availability and accessibility of roasted snacks within this market segment. This increased distribution and visibility of plant-based roasted snacks contribute to their growing popularity and market growth.

Manufacturers are creating innovative plant-based snacks by using a combination of flavorful plant ingredients and unique seasoning profiles to provide a satisfying snacking experience. For instance, on January 14, 2020, Daawat-Kameda (India) Private Limited introduced 'Kari Kari' in the Indian market. Kari Kari is a range of premium rice snacks that are crunchy, light, and healthy. Inspired by the beloved Kameda Crisp from Japan, these rice crisps combine rice and peanuts to create a hearty and wholesome savory snack.

Increasing Flavor Innovation and Product Diversification Drives Market Growth

Increasing flavor innovation and product diversification are expected to drive the global roasted snacks market. Consumers are seeking new and exciting flavors and varieties in their snacking options, which is prompting market players to focus on flavor innovation and product diversification.

Manufacturers are developing innovative seasoning profiles, experimenting with different spices, herbs, and flavor combinations to create a wide range of taste experiences. For instance, on April 27, 2021, Simply Roasted launched its innovative range of Better For You crisps. Created in Norfolk, the brand has invested over £20 million in a patented roasting process developed over a decade. This groundbreaking technology has resulted in a delicious and healthier snack option - always roasted and never fried.

Fluctuating Raw Material Prices, Affecting Profit Margins for Manufacturers Hamper the Market Growth

Fluctuating raw material prices can potentially restrain the global roasted snacks market by affecting the profit margins for manufacturers. Raw materials are playing a crucial role in the production of roasted snacks. Any significant fluctuations in the prices of these raw materials can impact the overall cost of production, which in turn affects the profit margins for manufacturers.

The raw material prices decrease, it can affect the profit margins for manufacturers. They have the opportunity to reduce production costs and potentially pass on cost savings to consumers, making roasted snacks more affordable and competitive in the market.

COVID-19 Impact Analysis

The global roasted snacks market experienced fluctuations in demand during the pandemic. Initially, panic-buying and stockpiling behavior led to a surge in demand for shelf-stable snacks, including roasted snacks. However, as the pandemic continued and economic uncertainties arose, consumer purchasing power and spending patterns were affected, leading to fluctuations in demand.

However, to adapt to the changing market dynamics, roasted snack manufacturers focused on product innovation and packaging adjustments. This included introducing new flavors, healthier ingredients, and resealable packaging to cater to evolving consumer preferences and address the demand for convenient and safe snacking options.

Artificial Intelligence Impact Analysis

Artificial intelligence (AI) can be leveraged to analyze market trends, consumer behavior, and preferences. By processing large volumes of data from diverse sources, AI algorithms can provide valuable insights to roasted snack manufacturers. This includes identifying emerging flavor trends, understanding consumer demands, and predicting market shifts, enabling companies to make informed decisions regarding product development, marketing strategies, and market positioning.

AI can play a significant role in product development and innovation within the roasted snacks market. Through machine learning algorithms and predictive analytics, AI can assist in identifying flavor combinations, texture profiles, and ingredient formulations that are likely to resonate with consumers. This can aid manufacturers in creating unique and appealing roasted snack products that cater to evolving consumer preferences.

Segment Analysis

The global roasted snacks market is segmented based on source, nature, distribution channel, and region.

Increasing Awareness of Health Benefits of Fruit & Vegetables Among Consumers

The fruits and vegetables segment has established itself as a dominant force in the global roasted snacks market, holding the largest market share. With the increasing emphasis on healthy eating and wellness, consumers are seeking nutritious snack options. The fruits and vegetable segment addresses this demand by offering roasted snacks that retain the natural goodness of fruits and vegetables. These snacks are perceived as healthier alternatives to traditional fried or processed snacks, driving their popularity and market growth.

The fruits and vegetable segment offers a wide variety of roasted snacks with diverse flavor profiles. There is a range of options to cater to different taste preferences from tangy dried fruits to savory vegetable chips. This variety appeals to consumers seeking flavorful snack choices and contributes to the market dominance of the fruits and vegetable segment.

Geographical Analysis

Growing Awareness of Health and Wellness in North America

North America region has a dominant position in the global roasted market. In the North American market, there is a growing awareness of health and wellness, with consumers seeking healthier snack options. Roasted snacks are often perceived as a healthier alternative to fried and processed snacks. The region's focus on offering nutritious and wholesome roasted snacks is aligning with health-conscious consumer preferences, further fueling the dominance of North America in the global market.

Companies in the region invest in advertising campaigns, product endorsements, and social media promotions to create brand awareness and drive consumer demand for roasted snacks. For instance, on October 11, 2022, SunOpta Inc. completed the sale of its sunflower business to Pacific Avenue Capital Partners. The sale was valued at $16.0 million. By divesting its sunflower business, SunOpta continues to strategically focus on its core areas of expertise in sustainable and innovative food and beverage products.

Competitive Landscape

The major global roasted snacks market players include Biena, Jayone Foods, Inc., Don't Go Nuts, Godrej, SunOpta Inc., PepsiCo, Thanasi Foods LLC, Nestlé S.A., B&G Foods Inc., and Mondelēz International Inc.

Why Purchase the Report?
• To visualize the global roasted snacks market segmentation based on source, nature, 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 roasted 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 roasted snacks market report would provide approximately 61 tables, 57 figures, and 118 Pages.

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