|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global savory snacks market is projected to register a CAGR of 4.53% during the forecast period (2021 - 2026).
The COVID-19 pandemic induced lockdown across the globe resulted in several bottlenecks across the value-chain in the industry. Additionally, consumers spending more time working and studying from home, increased their consumption of savory snacks, thus, boosting the demand across the globe. With rising demand and the inability of the brick and mortar stores to fulfill it, consumers shifted their buying preference to online stores. As a result, the savory snacks manufacturers capitalised on such opportunities to optimise their operations and product availability in stores to cater to the growing demand.
The savory snacks market is driven by increasing demand for convenient food products with an on-the-go trend for snacking which is low in sugar, and high in protein. Also, manufacturers in the market have been offering innovative and diverse product range in terms of new flavor profiles, ingredients, shapes, and packaging to gain consumer.
There exists a huge opportunity for new product developments and innovations in the market. Also, the regional players are expected to increase their market penetration with improved retail landscape and marketing strategies.
However, the market faces challenges as consumer preference for healthy snacks are increasing i.e., reduced fat and sodium content. Also, the high acrylamide content has become major concern for manufacturers, as consumers demand transparency about the ingredients used and label claims.
Scope of the Report
Savory snacks are snack food products which has a salty or spicy flavour. The global savory snacks market is segmented by product type into potato chips, extruded snacks, nuts & seeds, popcorn, meat snacks, and others. By distribution channel, the market is segmented into supermarkets/hypermarkets, specialist retailers, convenience stores, online channels, and others. It also provides an analysis of the savory snack market in the emerging and established geographical regions by covering regions, such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).
|Nuts and Seeds|
|By Distribution Channel|
|Other Distribution Channels|
Key Market Trends
Growing Popularity for Meat-based Snacks
With the growing consumer awareness regarding healthy snacking habits, consumers are looking for meat-based snacks which is boosting the savory snack market. They demand protein in their savory snack packs for a variety of factors including satiety, weight loss, energy, muscle support, healthy aging, and general nutrition. This makes way for the inclusion of protein-rich snacks, such as lean beef or turkey, in a regular diet, which, in turn, enables the players in the market to come up with more meat-based snack options. Traditionally, meat snacks typically rests on shelves of convenience stores, but as more consumers demand healthier and leaner snacks, they are occupying larger shelf space of different retial store formats. Increasing market penetration and growing consumer demand for meat snacks are expected to drive the overall demand for savory snacks. Also, meat snack comes in different flavor such as teriyaki, spicy, smoked, and hickory which gives consumers a variety of choices.
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North America holds the Major Share in the Global Savory Snacks Market
The global savory snack market is dominated by the North American region as the consumers continue to prioritize the portability, convenience, and indulgence offered by the savory snacks. Additionally, the snackification trend among the consumers in the region is an all-day habit, with snacking at least once a day among all age consumers. The Frito Lay Corporation is one of the dominant player in the savory snack market in the region. Chips/crisps and tortilla/corn chips are the two most popular snack selections of American consumers, with chips/crisps capturing the highest value sales. Different preparation techniques are expanding the flavor map especially roasted coconut kale chips, oven-roasted sweet potato chips, and a wide variety of roasted nuts are increasing the demand of savory snacks in American market.
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The players continues to innovate with both flavor and texture and has been effective in marketing these innovations to consumers. The major players studied in the market include General Mills, ConAgra Foods, ITC Limited, The Kelloggs Company, and PepsiCo Inc., are focusing on expansion, partnership and product innovation. The Blue Diamonds Growers company completed the renegotiation of the US-Korea free trade agreement (KORUS) which will further expand its presence in South Korea. In Asia-Pacific region, large concentration of small and unorganised regional players account for the majority of category sales.
- In May 2021, Mondelez Internationl, Inc., announced an agreement to acquire Chipta S.A., a high-growth key player in the Central and Eastern European croissants and baked snack category.
- In March 2021, Bikano launched several new savoury snacks in the northern part of India. Products launhed include Aloo Bhujia-Lemon Chaska, ‘Daal Mixture’ and ‘Dry Fruit Mixture’, among others. Most of these products are priced at INR 5 and INR 10 per pack. These product launches were just before an ancient Indian festival - Holi, when the savory snacks are in more demand.
- In January 2020, Lay's in the United States, introduced three new chip flavors across its entire portfolio: Lay's Cheddar Jalapeño, Lay's Poppables Sea Salt and Vinegar, and Lay's Kettle Cooked Flamin' Hot.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Potato Chips
5.1.2 Extruded Snacks
5.1.3 Nuts and Seeds
5.1.5 Meat Snacks
5.2 By Distribution Channel
5.2.2 Specialty Stores
5.2.3 Online Store
5.2.4 Convenience Stores
5.2.5 Other Distribution Channels
5.3 By Geography
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle East & Africa
188.8.131.52 United Arab Emirates
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 ConAgra Brands Inc.
6.4.2 General Mills Inc.
6.4.3 Mondelez International
6.4.4 ITC Limited
6.4.5 PepsiCo Inc.
6.4.6 The Kelloggs Company
6.4.7 Arca Continental
6.4.8 Calbee Foods Co Ltd.
6.4.9 Blue Diamonds Growers
6.4.10 Link Snacks Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Savory Snacks Market market is studied from 2016 - 2026.
What is the growth rate of Savory Snacks Market?
The Savory Snacks Market is growing at a CAGR of 4.53% over the next 5 years.
Which region has highest growth rate in Savory Snacks Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Savory Snacks Market?
North America holds highest share in 2020.
Who are the key players in Savory Snacks Market?
ConAgra Brands Inc., General Mills Inc., ITC Limited, The Kelloggs Company, PepsiCo Inc. are the major companies operating in Savory Snacks Market.