According to SPER Market Research, the Savory Snack Products Market estimated to reach USD 299 billion by 2030 with a CAGR of 4.9%.
Shifting of consumer preference to convenience food, changing work culture, Expansion of the retail industry globally like the US, Canada, UK, France, Australia, and others have a large chain of supermarkets & hypermarkets that cater to most of the population promoting savory snacks among consumers
Increasing demand for healthy snacks, growing ecommerce penetration in the developing countries creates opportunities for savory snacks market.
The overall food & beverage industry got affected by COVID-19 pandemic; decrease in the manufacturing and supply of ingredients for the food & beverage industry. Because of isolation there is short supply and even cancellations, which is hampering the domestic market.
Customers' food preferences has changed the and pushed them to include many healthy and nutritious food products, consumer demand for nuts & seeds, fruit & vegetable-based foods, and products derived from natural sources is likely to gain a higher level of importance.
Health issues associated with consumption of snacks products, Growing inclination of consumers toward low fat and low sodium products, Volatile price of the raw materials, Intense competition from unorganized local players; these are the challenges for savory snacks market.
The potato chip was the largest segment in the global savory snack products market. Spice is the second fastest growing segment in the global savory snack products market. The retail segment accounts for the largest share in savory snack products market in 2021.
Asia Pacific is projected to grow at the highest CAGR during the forecast period. Asia Pacific’s growth is credited to the increasing demand for the snacks with health benefits. The Asia Pacific growth is due to easier and better availability of good-quality raw materials such as wheat, and corn, required by the snack industry. Rising consumers’ inclination towards convenience food in an urbanized world has boosted the consumption of packaged snacks.
North America market growth is due to increasing awareness for healthy lifestyle. The savory snack products market is categorized by many organized and unorganized players globally.
The Global Savory Snack Products Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Amica Chips S.p.A., Blue Diamond Growers, Calbee, Campbell Soup Company, Conagra Brands, General Mills Inc., Grupo Bimbo, Hain Celestial, Intersnack Group GmbH & Co. KG, ITC Limited, Kellogg Co., Mars, Incorporated ,Mondelez International, Nestle SA, Old Dutch Foods Inc., PepsiCo, The Kraft Heinz Company, The Lorenz Bahlsen Snack-World GmbH & Co KG Germany, Tropical Heat, Universal Robina Corporation.
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2030. This report provides data for the growth estimates and forecasts of the Global Savory Snack Products Market for retail industries, food & beverages industries in Asia Pacific and worldwide. This report also provides the data for key regional segments of North America, Europe, Asia Pacific, and Rest of the World.
This study also encompasses various drivers and restraining factors for this market for the forecast period. Various growth opportunities are also discussed in the report.