Savory Snacks Market size is set to grow by USD 32.17 billion from 2023-2027, Anji Foodstuff Co. Ltd., Arca Continental SAB de CV and Blue Diamond Growers, and more to emerge as Some of the Key Vendors, Technavio

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Apr 19, 2024, 19:00 ET

NEW YORK, April 19, 2024 /PRNewswire/ -- The global savory snacks market size is estimated to grow by USD 32.17 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.91% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%.

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Technavio has announced its latest market research report titled Global Savory Snacks Market 2023-2027

Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

Anji Foodstuff Co. Ltd., Arca Continental SAB de CV, Blue Diamond Growers, Calbee Inc., Conagra Brands Inc., Corporativo Bimbo SA de CV, Fifty50 Foods LP, General Mills Inc., Intersnack Group GmbH and Co. KG, ITC Ltd., JG Summit Holdings Inc., Kellogg Co., Kikkoman Corp., Mondelez International Inc., Nestle SA, Parle Products Pvt. Ltd., PepsiCo Inc., The Hain Celestial Group Inc., The Kraft Heinz Co., Unilever PLC

Analyst Review

In today's work culture and hectic lifestyles, consumers across different continents seek convenience and satisfaction from savory snacks. The unorganized sector, including convenience stores and retail formats, caters to this demand. As urbanization rises and competition intensifies, millennials and Gen-Xers prioritize healthy eating habits, seeking satiety and muscle nutrition. The digital shift has led to increased demand for convenient, on-the-go protein snacks.

Key Market Drivers

The Savory Snacks Market experiences significant growth due to increasing consumption of convenience foods, driven by busy lifestyles and urbanization. Key ingredients, such as wheat, corn, flours, vegetable oil, salt, and sugar, are commonly used in the production of savory snacks like chips, crackers, popcorn, and snack bars. However, the excessive use of artificial additives, preservatives, and excess calories can lead to body weight gain and obesity, contributing to the prevalence of chronic diseases such as cardiovascular diseases, hypertension, cancer, and diabetes. Essential nutrients are often sacrificed in the pursuit of convenience and affordability. Exposure to these eating patterns varies among age groups, with busy lifestyles and standard of living influencing consumption patterns. Product quality, local flavors, and spices differentiate product segments, with potato chips, for example, offering a taste that appeals to a wide audience due to their low price and easy availability. The snacking industry continues to evolve, with brands incorporating natural ingredients, such as chili pepper extract and color, into their product portfolios to cater to health-conscious consumers. Retail stores remain a significant distribution channel for these prepared foods.

Challenges and Opportunities

The Savory Snacks Market is experiencing a significant shift towards healthier options due to rising health concerns and urbanization. Supermarkets and convenience stores are reallocating shelf spaces to accommodate this trend, with impulse buying driving demand for low-fat, low-salt, and low-sugar snacks. Offline retail stores, including Aldi, are responding by offering healthier alternatives such as baked chips, vegetable crisps, and air-popped popcorn. Millennials and Gen-Xers are leading this trend, with a preference for protein-based options, honey mustard, and Moroccan Spiced Veg. The Potato chips segment is evolving, with brands like Simply Roasted introducing sea salt, mature cheddar, red onion, and cider vinegar flavors. Meat-based refreshments are also gaining popularity, with health risks and calorie counts influencing consumer choices. Urbanization levels and hectic lifestyles are driving the demand for convenience items, including pretzels and extruded appetizers. Traditional meals are being replaced with healthier snacks, and the digital shift is influencing consumer behavior. Franchise contracts and imported goods are also impacting the food retail landscape. Overall, the savory snacks market is facing challenges in producing tastier, healthier snacks while catering to customer desires for convenience and nutrition.

In today's work culture and lifestyles, consumers across different continents are seeing an increase in disposable income. This trend is driving growth in various industries, including the savory snacks market. The unorganized sector is facing intense competition from established players like the Kellogg Company, who are expanding their customer base. However, this growth comes with challenges. As people's standard of living improves, there is a growing concern about health issues related to snacking. Key ingredients such as wheat, corn, flours, vegetable oil, salt, sugar, artificial additives, and preservatives contribute to excess calories, body weight gain, obesity, and chronic diseases like cardiovascular diseases, hypertension, cancer, and diabetes. A study of eating patterns reveals that busy age groups are the largest consumers of savory snacks. To cater to local preferences, companies are investing in product quality and incorporating essential nutrients while maintaining exposure to traditional flavors and spices. The retail industry and retail sector are responding by offering a wide range of options to meet the diverse needs of consumers. Despite these challenges, the savory snacks market continues to be a deep-pocket investment opportunity in both developed and developing nations.

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Market Overview

The savory snacks market is a significant sector in the food industry, comprising a diverse range of products such as chips, dips, pretzels, and more. Consumers prefer convenient, on-the-go options, leading to a high demand for portable snacks. Companies utilize innovative technologies to produce consumer-preferred flavors and textures. Sustainability is a key concern, with many firms focusing on eco-friendly packaging and sourcing. Consumers' preferences for clean labels and natural ingredients are driving product development. The sector also faces challenges such as increasing health consciousness and changing demographics. Despite these challenges, the savory snacks market continues to grow, driven by consumer demand and technological advancements.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio