Savory Snacks Market Overview:
Food makers are offering healthier savory snack choices in an attempt to appeal to the new "curious customer" in response to consumer desire for more adventurous healthy snacking experiences. Consumers' eating habits are being impacted by increasing urbanization plus hectic lifestyles, which are leading them to gradually replace primary meals with more adaptable, light, as well as convenient snacking choices.
The Savory Snacks Market was estimated at USD 188.9 billion by 2030, and this is anticipated to increase at a CAGR of 4.85 percent from 2022 to 2032.
Market Segmentation:
The Savory Snacks Market is Segmented by Item, Flavor, Region
By Region
In 2020, North America held the largest Savory Snacks Market Share, accounting for 38% of the total. It is due to an increase in the demand for complete meals and accommodations as well as an increase in the consumption of low-calorie snacks. According to the U.S. Food Industry Association, 68 percent of savory snacks are consumed in the country, which increases the demand for savory snacks. However, it is anticipated that throughout the projected timespan, the Asia-Pacific area will experience the fastest development. This can be deduced from evolving food trends and increased disposable income.
By Item
The industry for savory snacks is segmented into potatoes, nuts, chips, seeds, popcorn, and many others depending on what is sold there. The potato portion is anticipated to grow at a CAGR of 4.9 percent during the anticipated time frame, making it the segment that will do so the fastest. This is primarily related to the creation of novel tastes and broiled potato chip benefits. Less fat, high potassium, and fewer calorie levels are all contributing to the growth of this market segment.
By Flavor
According to flavor, the Savory Snacks Market is divided into Roasted/Toasted, Spice, Barbeque, and Beef sections. Grill has the largest offer in the industry in 2020. This can be mostly inferred from the fact that it incorporates supplements and provides great flavors. Furthermore, no spread or oil is needed, and there are several options available, both of which are contributing to the growth of this market.
Key players:
The major players of the Savory Snacks market are mentioned below:-
- Kraft Heinz Company (US)
- PepsiCo (US)
- The Lorenz Bahlsen Snack-World GmbH & Co KG (Germany)
- Premium Brands Holdings Corporation (Canada
- Diamond Foods LLC (US)
- CALBEE, Inc. (Japan)
- JACK LINK'S, LLC. (US)
- Orkla ASA (Norway)
- Conagra Brands, Inc. (US)
- General Mills, Inc. (US)
- Intersnack Group GmbH & Co. KG (Germany)
- Kellogg Co. (US)
- Mondelez International (US)
- Nestle SA (Switzerland)
- ITC Limited (India)
Regional Classification:
During the estimated time frame, North America is anticipated to account for the largest share of the Savory Snacks Market Trends. The presence of a few recognizable market players who offer a variety of savory bites and the growing propensity of consumers toward comfort food items are just two examples of the many elements that contribute to the region's strength. The industry for savory snacks within Asia-Pacific is anticipated to grow at the highest CAGR during the study period. Customers in the area are changing their eating habits. A person always favors eating food items, such as low-calorie snacks. The industry for savory snacks will likely be fueled by makers of tasty snacks responding to consumer demand by providing products with fewer calories.
Savory Snacks' market growth is also being impacted by advertising as well as limited-time promotions by market participants.
Industry News:
In the forecasted period of 2022 to 2029, the industry for savory snacks is anticipated to increase. The industry for savory snacks is expected to grow at a CAGR of 4.50 percent between 2022 and 2029.
Instead of having a sweet flavor profile, savory snacks generally have a salty or spicy flavor. They are produced with a variety of components, including vegetable oils, nuts, vegetables, grains, fruits, and seasonings. These salty snacks are incredibly nutritious, fiber, vitamin, plus mineral dense.
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