Savory Snack Products Market: Current Analysis and Forecast (2022-2028)

Global Savory Snack Products Market is expected to grow at a significant rate of around 7% during the forecast period. The savory snack products market is driven by increasing demand for convenience food products with the trend toward low-sugar, high-protein on-the-go snacks. Moreover, manufacturers have also offered innovative and diverse product ranges in terms of new flavor profiles, ingredients, shapes, and packaging to attract consumers. For instance, In January 2022, Hain Celestial agreed to acquire ParmCrisps, a fast-growing, better-for-you brand offering delicious, convenient products that are consumer favorites from Clearlake Capital Group. The acquisition deepens Hain's position in the snacking category and represents a significant step in establishing Hain as a high-growth, global healthy food company.

The Savory Snack Products Market is expected to grow at a steady rate of around 7%. Major companies in the market opted for a digital shift and launched direct-to-consumer e-commerce platforms. In addition, Snacking trends are evolving, with today's consumers seeking indulgence, adventure, flavor, and added health benefits, providing further opportunities for manufacturers.

PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc, ITC LIMITED, Mondelez International, Nestle SA, Grupo Bimbo, S.A.B. de C.V., Hain Celestial Group Inc, Blue Diamond Growers are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst product, potato chips category to witness higher CAGR during the forecast period"

Based on product, the market is segmented into potato chips, extruded snacks, popcorn, nuts & seeds, tortillas, and others. The potato Chips category is to witness higher CAGR during the forecast period. Potato chips are highly favored by consumers due to their taste, low cost, and availability. However, due to globalization, the increase in the consumption of potato chips in emerging economies is anticipated to boost market growth. For instance, in April 2021, the Simply Roasted brand launched its new range of Better for You potato crisps, manufactured in Norfolk using a patented roasting process, which cost the company approximately USD 20 million and developing 10 years.

"Amongst distribution channels, the retail to hold a significant share in the market in 2020"

On the basis of distribution channels, the savory snack products market has been classified into retail, food services, and others. The retail category is to witness higher adoption of savory snack products during the forecast period. This is mainly due to the growing demand for snack products led to an increase in retail e-commerce sales and door-to-door product delivery, which contributed to sales of savory snack products. In addition, Discount options and a wide range of options are providing customers with great value for money, making consumers around the world prefer to purchase groceries and snacks at offline retailers.

"Asia Pacific to hold a significant share in the market"

In 2020, Asia Pacific held a significant share of the global savory snack products market. This is mainly due to the expansion of the retail industry globally by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, flavored snack products are becoming more popular due to busy lifestyles, and consumers are opting for on-the-go and retail products. For instance, In February 2020, PepsiCo's acquired Be & Cheery also known as Hanfzhou Haomusi Food Co Ltd. The acquisition allowed Pepsico to strengthen its snacks portfolio. It also widened its customer base in the Chinese market by leveraging Be & Cheery's longstanding brand presence, manufacturing, and sourcing expertise along with innovation and consumer insights capabilities. Furthermore, the availability of several different flavors coupled with rising disposable income of consumers in the Asia Pacific are factors anticipated to drive the global savory snacks market forward during the forecast period.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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