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Savory Snack Products Market by Product, Flavor, Distribution Channel and Region - Global Forecast to 2027

03-05-2022 12:01 PM CET | Fashion, Lifestyle, Trends

Press release from: DeepResearchReports

Savory Snack Products Market by Product, Flavor, Distribution

The savory snack products market is projected to grow at a CAGR of 5.2% during the forecast period."

According to MarketsandMarkets, the global savory snack products market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value. The market is primarily driven by factors such as shifting consumer preference to convenience foods. Moreover, In recent years, the savory snacks market has been highly impacted by innovations as manufacturers are investing in introducing new ingredients, new variants, and processing techniques to meet the increasing demand and cater to the changing consumer preferences.

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"By product, potato chips was the largest segment in 2021 and anticipated to grow at a significant growth rate over the forecast period."

By product, the potato chips segment is estimated to dominate the market for savory snacks in terms of value, in 2022. Earlier, potato chips were part of western culture; however, due to globalization, the increase in the consumption of potato chips in emerging economies is anticipated to boost the market growth.

"By flavor, plain/unflavoured segment is estimated to grow at the highest CAGR during the forecasted period."

By flavor, plain/unflavoredis estimated to dominate the savory snack products market in 2022. Plain and unflavored snacks are becoming consumers' first preference. Furthermore, consumers are looking for products with consumer-friendly ingredients, clean label claims, and locally and ethically sourced ingredients, helping companies manufacture products focusing on health and wellness.

"By distribution channel, retail segment dominates the market in 2021."

By distribution channel, retail segment is estimated to dominate the savory snack products market by 2022. The online store segment is projected to grow at the significant CAGR in the retail sub-category. With the rise in demand for snack products, there has been an increase in eCommerce retail sales and door-to-door delivery of products, which has contributed to the sales of savory snack products

"Asia Pacific is estimated to be the largest region in 2022 and anticipated a significant growth rate over the forecast period. "

The Asia Pacific accounted for a significant share in the savory snack products market in 2021. In the Asia Pacific region, savory snack products are gaining popularity due to busy lifestyles, urging consumers to opt for on-the-go and RTE products. Furthermore, 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 purchase, along with an element of indulgence.

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Leading players profiled in this report include the following:

PepsiCo (US)
Kellogg Co (US)
General Mills Inc. (US)
CalbeeInc. (Japan)
ITC LIMITED (India)
Mondelez International (US)
Nestle SA (Switzerland)
Grupo Bimbo(Mexico)
Hain Celestial (US)
Blue Diamond Growers (US)

Corporate Headquarters
Tower B5, office 101,
Magarpatta SEZ,
Hadapsar, Pune-411013, India

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