Savory Snack Products Market Forecasts to 2028 – Global Analysis By Product (Extruded Snacks Nuts & Seeds, Popcorn), Flavor (Barbeque, Spice, Salty), Distribution Channel, (Retail, Foodservices) and By Geography

Savory Snack Products Market Forecasts to 2028 – Global Analysis By Product (Extruded Snacks Nuts & Seeds, Popcorn), Flavor (Barbeque, Spice, Salty), Distribution Channel, (Retail, Foodservices) and By Geography

According to Stratistics MRC, the Global Savory Snack Products Market is accounted for $197.5 billion in 2021 and is expected to reach $321.32 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Savory snacks are food products that have either salty or spicy flavor instead of a sweet profile and are made using various ingredients including nuts, grains, vegetables, fruits, vegetable oils, and seasonings. These savory snacks are super rich in nutrients, vitamins, minerals, and fibers.

Market Dynamics:

Driver:

Enlargement of Retail Industry Globally

The retail sector is one the largest sales channel for savory snack products sales across the globe. Key developed provinces like the US, Canada, UK, France, Australia, and others have a large chain of supermarkets & hypermarkets that cater to most of the population. Though, deep-pocket players in supermarkets & hypermarkets players are actively investing in these countries to increase their number of stores in several developing nations like India, China, and Brazil.

Restraint:

Health Issues Connected With the Intake of Snacks

Everyday consumption of snack products adds excess calories to the body and may lead to massive weight gain and obesity. According to the statistics provided by the Centers For Disease Control and Prevention (CDC), the obesity prevalence in the US was 42.4%. These massive health issues are posing a restrain to the market across the globe. Healthy penalties associated with the key ingredients including wheat, corn, and other flours, vegetable oil, salt, sugar, artificial additives, and preservatives of it pose a serious restraint to the market growth.

Opportunity:

Rising Demand for Healthy Snacks

Insufficient eating of essential nutrients increases the risk of chronic and cardiovascular diseases, such as hypertension (high blood pressure), cancer, obesity, and diabetes. With globalization and higher exposure to other cultures (especially Western lifestyles), consumers' eating patterns have also changed, increasing snacking among all the age groups.

Threat:

Strong Competition

The market is extremely uneven, particularly in the Asian and European provinces. Due to this, local snack product manufacturers in these provinces prefer low-cost equipment, also hampering their product quality. These products are sold at lower prices in the local market with local flavors and spices incorporated. The local snack manufacturers are aware of the tastes and food habits of the consumers; therefore, these products experience a better acceptance by the local consumers who generally prefer traditional tastes. The demand for ready-to-eat snacks has increased, due to busy lifestyles and a better standard of living, which in turn is increasing the requirement for high production of savory snack products.

Spice segment is expected to be the largest during the forecast period

Chili pepper in the spicy flavor category enhances the flavor—heat, pungency, warmth, and bite—and the color of prepared foods. For food manufacturers, these ingredients often come in an extract. As regional cuisines have become more globalized, consumer preference for foods that incorporate heat has increased significantly. Spicy flavour plays an important role in the snacks food industry.

The nuts & seeds segment is expected to have the highest CAGR during the forecast period

Nuts and seeds are demanded to be good sources of protein, healthy fats, fibers, and vitamins. Rising health concerns of consumers regarding snacking habits have led them to opt for roasted nuts & seeds. For instance, in 2020 GOOD TO GO, a manufacturer of Keto-certified soft-baked bars announced its plan to expand its product line by launching Savory Nut & Seeds Bites in Canada. The nuts & seeds product segment consists of a deluxe assortment of nuts and super seeds such as sunflower, pumpkin, hemp, and chia seeds.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, the growth in the Asia Pacific is driven by countries such as India, Japan, and China as consumers in these countries have started adopting healthier lifestyles on account of rising concerns about childhood obesity. Better-for-you snacks are becoming more available and segments like popcorn, which has experienced significant growth in sales, are meeting consumer demands in the province. In the region, products are gaining popularity owing to busy lifestyles, urging consumers to opt for on-the-go and RTE products. Moreover, 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 purchases, along with an element of indulgence.

Region with highest CAGR:

Europe is projected to have the highest CAGR, Savory snacks enjoy high demand in Europe as these products are consumed on various occasions by the population in this province. The industry is motivated by countries such as the U.K. and Spain as the consumers engage in on-the-go eating in place of whole meals. The demand for savory snacks is also increasing rapidly in countries such as the Netherlands, Norway, and Germany.

Key players in the market:

Some of the key players profiled in the Savory Snack Products Market include Amica Chips, Blue Diamond Growers, Calbee, Campbell Soup Company, Conagra Brands, General Mills, Grupo Bimbo, Hain Celestial, Intersnack Group, ITC LIMITED, Kellogg, Mars, Incorporated, Mondelez International, Nestle SA, Old Dutch Foods, Pepsi, The Kraft Heinz Company, The Lorenz Bahlsen Snack-World, Tropical Heat, Universal Robina Corporation.

Key developments:

In January 2022: Mondelez International acquired of Chipita Global S.A. The acquisition marks a milestone in the strategic plan, focused on accelerating growth in core snacking adjacencies while expanding its footprint in key markets.

In August 2021: Calbee launched a new range of plant-based snacks products. The vegetable and pulse-based snacks aim to provide a healthy alternative to traditional fried crisps and snacks, being baked, not fried.

Products Covered:
• Extruded Snacks
• Nuts & Seeds
• Popcorn
• Potato Chips
• Puffed Snacks
• Tortillas
• Other Products

Flavors Covered:
• Barbeque
• Spice
• Salty
• Plain/unflavoured
• Other Flavors

Distribution Channels’ Covered:
• Retail
• Foodservices

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances