Savory Snacks Market Size, Share & Trends Analysis Report 2022 - 2030

Savory Snacks Industry Overview

The global savory snacks market size was valued at USD 250.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. With consumer demand for more experimental healthy snacking experiences, food manufacturers are aiming to appeal to the new "curious consumer" by launching healthier savory snack options. Rising urbanization and hectic lifestyles are impacting the eating habits of consumers who are progressively substituting more flexible, light, and convenient snacking options for main meals.

The COVID-19 pandemic restrictions prompted a couple of emerging trends in the market. With people stuck at home started to snack a lot more and key players such as PepsiCo, Mondelēz International witnessed an increase in sales in the snacks category. According to Harris Poll 2021, 9 in 10 Europeans claimed that they are snacking as much or more than before, partially due to the rise of remote working across Europe and Russia. Such factors are likely to support the growth of the savory snacks market.

According to the MondelÄ“z International’s 2020 State of Snacking report, during the pandemic, snacking became a source of comfort and a method to break up the monotony of quarantine, with 88% of people adopting or continuing their snacking habits. To capitalize on new opportunities created by the COVID-19 pandemic in the digital space, many companies opted for a digital shift and launched direct-to-consumer e-commerce platforms.

Gather more insights about the market drivers, restrains and growth of the Global Savory Snacks market

 

For instance, in May 2020 PepsiCo launched two direct-to-consumer websites in the U.S.-Pantryshop.com and Snacks.com where consumers can order an assortment of the company's products. Snacks.com helps consumers to order from more than 100 Frito-Lay products like Lay's, Tostitos, Cheetos, and Ruffles, as well as dips, crackers, and nuts. Such initiatives by key players in the market are likely to propel market growth.

Snack trends are evolving, and consumers nowadays seek indulgence, adventure, taste, and added health benefits, which presents an added opportunity for manufacturers. According to the report published by the Kerry Group in January 2021, millennials and Gen-Xers are more inclined to novel flavors in snacks, with over 80% in the age group 26- to 35-years claiming that they tend to discover new flavors.

Some of the popular flavors in snacks within this demographic include jalapeno, black truffle, and mustard. To gain maximum traction with this demographic, manufacturers are launching new products in various premium flavors. For instance, in May 2021 Dot's Homestyle Pretzels expanded its product portfolio by launching its newest flavor of honey mustard.

Growing consumer demand for healthy options is influencing categories throughout savory snacks. Consumers are seeking protein-based options for a variety of reasons such as satiety, energy, muscle support, weight loss, healthy aging, and general nutrition. Products that offer convenience and great taste along with healthy ingredients could be a winning strategy for manufacturers.

For instance, in January 2022 Plant-based food brand, Gosh! launched its chilled, ready-to-eat, healthy Snack Bites in more than 1,000 Aldi stores across the U.K. and Ireland. The health options are available in plant-based Smokey BBQ Sweet Potato and Moroccan Spiced Veg made from 100% natural ingredients, baked vegan, and free-from the top 14 allergens such as gluten, soy, and nuts.

Along with product portfolio expansion, many key players are acquiring savory snack brands to expand brand portfolio and international expansion. For instance, in February 2020 PepsiCo announced the acquisition of Hangzhou Haomusi Food Co Ltd, known as Be & Cheery, for USD 705 million. The acquisition would help strengthen the company’s snacks portfolio but also further widen its customer base in the Chinese market by leveraging the brand’s image, manufacturing, and supply chain expertise along with innovation and consumer insights capabilities.

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Savory Snacks Market Segmentation

Grand View Research has segmented the global savory snacks market on the basis of product, distribution channel, and region:

Savory Snacks Product Outlook (Revenue, USD Million, 2017 - 2030)

• Potato Chips
• Corn & Tortilla Chips
• Nuts & Seeds
• Popcorn
• Pretzels
• Others

 Savory Snacks Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Hypermarkets & Supermarkets
• Convenience Stores
• Online
• Others

Savory Snacks Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Market Share Insights

• September 2021: Kazoo launched the world’s first water-saving tortilla chips. The company’s snacks are made with 40% corn germ created from corn starch
  
  
• March 2021: Future Group announces its plan to sell U.S.-based Terra Chips in India. For the expansion, Hain Celestial Group entered into a joint venture to manufacture Terra Chips in India

Key Companies profiled:

Some of the key players operating in the savory snacks market include:

• PepsiCo
• The Kraft Heinz Company
• The Kellogg Company
• Calbee
• Hain Celestial
• Conagra Brands, Inc
• General Mills, Inc.
• Blue Diamond Growers
• ITC Limited
• Grupo Bimbo

 

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