The global savory snack products market size was estimated at USD 203.9 billion in 2022 and is expected to reach USD 263.0 billion by 2027 growing at CAGR of 5.2%. The pandemic has caused significant shifts in work culture and lifestyles, resulting in a higher demand for savory snack products among consumers. As a result, both organized and unorganized players in the global market are experiencing a surge in demand for these products. In developing countries, the unorganized sector dominates the savory snacks market, with local players offering snacks with unique flavors that cater to specific regions.
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Drivers: Expansion of retail industry globally
The retail sector is one the largest sales channel for savory snack products sales across the globe. Key developed regions like the US, Canada, UK, France, Australia, and others have a large chain of supermarkets & hypermarkets that cater to most of the population. However, 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.
By flavor, spice is the second fastest growing segment in the global market.
Spicy flavor plays an important role in the snacks food industry. 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.
By distribution channel, the retail segment accounts for the largest share in savory snack products market in 2021
Retail stores offer various brands a wide range of savory snack products, enabling the consumers to compare and make an informed purchasing decision. Furthermore, retail stores can be attributed to the large shelf spaces available in supermarkets and the importance of impulse buying when buying a pack of savory snacks. Discount options and a wider variety of options have given the customers more value for money, resulting in consumers across the globe preferring shopping or getting groceries and snacks from offline retail stores.
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North America is the second-largest region in the savory snack products market in the forecast period.
North America is the second-largest region in the global savory snack products market in the forecast period. The number of dual-income and single-person households is significantly growing in the US. With the workforce increasingly comprising people of all gender identities, the schedules become more demanding, leading to snacking as a habit. The presence of major savory snack manufacturers such as PepsiCo, Inc. (US), General Mills, Inc. (US), Kellogg Company (US), among others, further drives the market in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as PepsiCo (US), Kellogg Co (US), General Mills Inc. (US), Calbee (Japan), ITC LIMITED (India), Mondelez International (US), Nestle SA (Switzerland), Grupo Bimbo (Mexico), Hain Celestial (US), and Blue Diamond Growers (US).
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