Savory Snacks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Savory Snacks Market is segmented by Product Type (Potato Chips, Extruded Snacks, Nuts and Seeds, Popcorn, Meat Snacks, and Others); by Distribution Channel into (Supermarket/hypermarket, Convenience Store, Specialty Stores, Online Stores, and Others); and by Geography (North America, Europe, Asia-Pacific, South America and Middle East and Africa). The report offers market size and forecasts in value (USD million) for the above segments.

Market Snapshot

Global Savory Snacks Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 4.53 %

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Market Overview

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).

By Type
Potato Chips
Extruded Snacks
Nuts and Seeds
Popcorn
Meat Snacks
Others
By Distribution Channel
Hypermarkets/Supermarkets
Specialty Stores
Online Store
Convenience Stores
Other Distribution Channels
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
United Arab Emirates
South Africa
Rest of Middle East & Africa

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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.

Global Savory Snacks Market1

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.​

Global Savory Snacks Market2

Competitive Landscape

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.

Recent Developments

  • 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. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Potato Chips

      2. 5.1.2 Extruded Snacks

      3. 5.1.3 Nuts and Seeds

      4. 5.1.4 Popcorn

      5. 5.1.5 Meat Snacks

      6. 5.1.6 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Hypermarkets/Supermarkets

      2. 5.2.2 Specialty Stores

      3. 5.2.3 Online Store

      4. 5.2.4 Convenience Stores

      5. 5.2.5 Other Distribution Channels

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 Spain

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 ConAgra Brands Inc.

      2. 6.4.2 General Mills Inc.

      3. 6.4.3 Mondelez International

      4. 6.4.4 ITC Limited

      5. 6.4.5 PepsiCo Inc.

      6. 6.4.6 The Kelloggs Company

      7. 6.4.7 Arca Continental

      8. 6.4.8 Calbee Foods Co Ltd.

      9. 6.4.9 Blue Diamonds Growers

      10. 6.4.10 Link Snacks Inc.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Savory Snacks Market market is studied from 2016 - 2026.

The Savory Snacks Market is growing at a CAGR of 4.53% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

ConAgra Brands Inc., General Mills Inc., ITC Limited, The Kelloggs Company, PepsiCo Inc. are the major companies operating in Savory Snacks Market.

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