Meticulous Research® Forecasts Savory Snacks Market to Reach $347.2 Billion by 2029

Meticulous Research®, a global leader in market research and intelligence, has announced the release of its comprehensive report titled, "Savory Snacks Market by Type (Potato Chips, Extruded Snacks, Nuts & Seeds, Meat Snacks), Flavor (Barbecue, Spice, Salty, Plain), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Channels) - Global Forecast to 2029."

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The savory snacks market is projected to achieve a remarkable $347.2 billion by 2029, with a compound annual growth rate (CAGR) of 7.3% from 2022 to 2029. This robust growth is fueled by the increasing consumer preference for healthier snacking options, the rising popularity of convenience foods, and the accelerated pace of modern lifestyles. Additionally, the expansion of the global retail sector plays a pivotal role in driving market growth.

Emerging economies in Latin America, Asia, and the Middle East & Africa present substantial opportunities for market expansion, driven by the growing penetration of e-commerce. Despite these promising prospects, the market faces challenges, including health concerns related to snack consumption and volatile raw material prices.

The study provides a detailed analysis of historical market data from 2020 and 2021, current estimates for 2022, and future forecasts up to 2029. The market is segmented by type, flavor, distribution channel, and geography.

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Market Segmentation Insights:
• By Type: The savory snacks market is segmented into potato chips, extruded snacks, nuts & seeds, meat snacks, popcorn, puffed snacks, and other savory types. In 2022, potato chips are expected to dominate the market due to their taste, affordability, variety, and the growing availability of healthier options like low-sodium and low-fat versions. Conversely, the nuts & seeds segment is anticipated to grow significantly, driven by increased awareness of their nutritional benefits, popularity of the paleo diet, and advancements in product development.

• By Flavor: The market is divided into barbeque, spice, salty, plain/unflavored, and other flavors. In 2022, the plain/unflavored segment is expected to hold the largest share due to consumer preference for simple, unflavored options. However, the spice segment is predicted to experience notable growth during the forecast period.

• By Distribution Channel: The market is categorized into supermarkets & hypermarkets, convenience stores, specialty stores, online channels, and other retail outlets. Supermarkets & hypermarkets are expected to lead the market share in 2022 due to their widespread presence and consumer preference. However, online channels are anticipated to see significant growth, driven by increasing internet access, consumer convenience, competitive pricing, and a broader product selection.

• By Geography: North America is projected to hold the largest market share in 2022, attributed to its established food industry, growing health consciousness, demand for clean-label products, and easy availability of snacks. Within North America, the U.S. is expected to dominate due to its preference for convenience foods, changing household dynamics, and interest in unique snack flavors and health trends.

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Key Players:
The report identifies key players in the savory snacks market, including General Mills, Inc. (U.S.), Kellogg Company (U.S.), The Kraft Heinz Company (U.S.), The Hain Celestial Group, Inc. (U.S.), PepsiCo, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Mondelēz International, Inc. (U.S.), Nestlé S.A. (Switzerland), Calbee, Inc. (Japan), Blue Diamond Growers (U.S.), ITC Limited (India), Grupo Bimbo, S.A.B. de C.V. (Mexico), Diamond Foods, LLC (U.S.), Link Snacks, Inc. (U.S.), and Intersnack Group GmbH & Co. KG (Germany).

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This release was published on openPR.