Savory Snacks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Savory Snacks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global savory snacks market is projected to register a CAGR of 4.53% during the forecast period (2021 - 2026).

The COVID-19 pandemic induced lockdown across the globe resulted in several bottlenecks across the value-chain in the industry. Additionally, consumers spending more time working and studying from home, increased their consumption of savory snacks, thus, boosting the demand across the globe. With rising demand and the inability of the brick and mortar stores to fulfill it, consumers shifted their buying preference to online stores. As a result, the savory snacks manufacturers capitalised on such opportunities to optimise their operations and product availability in stores to cater to the growing demand.

The savory snacks market is driven by increasing demand for convenient food products with an on-the-go trend for snacking which is low in sugar, and high in protein. Also, manufacturers in the market have been offering innovative and diverse product range in terms of new flavor profiles, ingredients, shapes, and packaging to gain consumer.

There exists a huge opportunity for new product developments and innovations in the market. Also, the regional players are expected to increase their market penetration with improved retail landscape and marketing strategies.

However, the market faces challenges as consumer preference for healthy snacks are increasing i.e., reduced fat and sodium content. Also, the high acrylamide content has become major concern for manufacturers, as consumers demand transparency about the ingredients used and label claims.

Key Market TrendsGrowing Popularity for Meat-based Snacks

With the growing consumer awareness regarding healthy snacking habits, consumers are looking for meat-based snacks which is boosting the savory snack market. They demand protein in their savory snack packs for a variety of factors including satiety, weight loss, energy, muscle support, healthy aging, and general nutrition. This makes way for the inclusion of protein-rich snacks, such as lean beef or turkey, in a regular diet, which, in turn, enables the players in the market to come up with more meat-based snack options. Traditionally, meat snacks typically rests on shelves of convenience stores, but as more consumers demand healthier and leaner snacks, they are occupying larger shelf space of different retial store formats. Increasing market penetration and growing consumer demand for meat snacks are expected to drive the overall demand for savory snacks. Also, meat snack comes in different flavor such as teriyaki, spicy, smoked, and hickory which gives consumers a variety of choices.

North America holds the Major Share in the Global Savory Snacks Market

The global savory snack market is dominated by the North American region as the consumers continue to prioritize the portability, convenience, and indulgence offered by the savory snacks. Additionally, the snackification trend among the consumers in the region is an all-day habit, with snacking at least once a day among all age consumers. The Frito Lay Corporation is one of the dominant player in the savory snack market in the region. Chips/crisps and tortilla/corn chips are the two most popular snack selections of American consumers, with chips/crisps capturing the highest value sales. Different preparation techniques are expanding the flavor map especially roasted coconut kale chips, oven-roasted sweet potato chips, and a wide variety of roasted nuts are increasing the demand of savory snacks in American market.​

Competitive Landscape

The players continues to innovate with both flavor and texture and has been effective in marketing these innovations to consumers. The major players studied in the market include General Mills, ConAgra Foods, ITC Limited, The Kelloggs Company, and PepsiCo Inc., are focusing on expansion, partnership and product innovation. The Blue Diamonds Growers company completed the renegotiation of the US-Korea free trade agreement (KORUS) which will further expand its presence in South Korea. In Asia-Pacific region, large concentration of small and unorganised regional players account for the majority of category sales.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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