Savory Snack Products Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 Savory snacks are gluten-free with low-calorie content, which makes them edible for diabetes and obesity patients. In addition, consumers are conscious of the foods they consume, so they typically spend money on healthy foods that are sugar-free. As a result, the rise in the adoption of convenience food products increases the demand for savory snack products.

The Savory Snack Products Market is expected to grow at a steady rate of around 7% during the forecast period (2022-2028) owing to the expansion of the retail industry globally. Moreover, the retail sector is one of the largest sales channels for savory snack product sales across the globe. Major companies operating in the savory snack products market are looking for partnerships to strengthen their position in the market. For instance, in June 2021, The Kellogg Company, a US-based savory snack products manufacturing company, partnered with Wendy's, a US-based holding company for the fast-food chain, in the savory snack products market.

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Based on product, the market is segmented into potato chips, extruded snacks, popcorn, nuts & seeds, tortillas, and others. Potato Chips category to witness higher CAGR during the forecast period.  This is largely due to the development of new flavored and medicinal benefits such as low calorie, low fat, and high potassium content also contribute to the development of this market region.

Based on the flavor, the market is categorized into barbeque, spice, salty, plain/unflavored, and other. Among these, the spice to hold a significant share in the market in 2020. This is mainly due to the aromatic taste plays an important role in the snack industry. In addition, belonging to the spicy flavor category, chili peppers enhance the flavor (heat, spiciness, warmth, chewiness) and color of cooked foods. For food manufacturers, these ingredients are often included in extracts. As local cuisine becomes more globalized, consumer preference for foods containing heat has increased significantly.

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APAC to witness extensive growth

For a better understanding of the market adoption of the Savory Snack Products industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the consumers in this region are beginning to adopt healthier lifestyles due to growing concerns about childhood obesity. Furthermore, with better snacks becoming more and more available, segments such as popcorn, which saw strong sales growth, are meeting consumer demand in the region. For instance, In January 2021, PepsiCo announced to launch ready-to-eat Cheetos popcorn. The popcorn is infused with “cheetle,” the brand’s proprietary cheesy orange and red dusting.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Savory Snack Products market are PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc, ITC LIMITED, Mondelēz International, Nestle SA, Grupo Bimbo, S.A.B. de C.V., Hain Celestial Group Inc, Blue Diamond Growers.

“Global Savory Snack Products Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Tortillas, and Others)

2.      By Flavor (Barbeque, Spice, Salty, Plain/Unflavored, and AWD)

3.      By Distribution Channel Retail, Food Services, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc, ITC LIMITED, Mondelēz International, Nestle SA, Grupo Bimbo, S.A.B. de C.V., Hain Celestial Group Inc, Blue Diamond Growers)

Key questions answered in the study:

1.      What are the current and future trends of the global savory snack products industry?

2.      How the industry has been evolving in terms of product, flavor, and distribution channel?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global savory snack products industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global savory snack products suppliers across various region and countries?