Savory Snacks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global savory snacks market is projected to register a CAGR of 4.53% during the forecast period (2022 - 2027).

The COVID-19 pandemic-induced lockdown across the globe resulted in several bottlenecks across the value chain in the industry. Additionally, consumers spending more time working and studying from home increased their consumption of savory snacks, thus, boosting the global demand. With rising demand and the inability of the brick and mortar stores to fulfill it, consumers shifted their buying preference to online stores. As a result, the savory snack manufacturers capitalized on such opportunities to optimize their operations and product availability in stores to cater to the growing demand.

The savory snacks market is driven by increasing demand for convenient food products with an on-the-go trend for snacking, low in sugar and high in protein. Also, manufacturers have offered innovative and diverse product ranges regarding new flavor profiles, ingredients, shapes, and packaging to gain consumers.

However, the market faces challenges as consumer preference for healthy snacks increases, i.e., reduced fat and sodium content. Also, the high acrylamide content has become the primary concern for manufacturers, as consumers demand transparency about the ingredients used and label claims.

Key Market Trends

Growing Popularity for Meat-based Snacks

With the growing consumer awareness regarding healthy snacking habits, consumers are looking for meat-based snacks, boosting the savory snack market. They demand protein in their savory snack packs for various factors, including satiety, weight loss, energy, muscle support, healthy aging, and general nutrition. This makes way for the inclusion of protein-rich snacks, such as lean beef or turkey, in a regular diet, which, in turn, enables the players in the market to come up with more meat-based snack options. Traditionally, meat snacks typically rest on shelves of convenience stores, but as more consumers demand healthier and leaner snacks, they occupy a larger shelf space of different retail store formats. Increasing market penetration and growing consumer demand for meat snacks are expected to drive the overall demand for savory snacks. Also, meat snack comes in different flavors such as teriyaki, spicy, smoked, and hickory, giving consumers various choices.

North America Holds the Major Share

The North American region dominates the global savory snack market as consumers prioritize the portability, convenience, and indulgence offered by savory snacks. Additionally, the snackification trend among the consumers in the region is an all-day habit, with snacking at least once a day among all age consumers. The Frito Lay Corporation is a dominant player in the savory snack market in the region. Chips/crisps and tortilla/corn chips are American consumers' two most popular snack selections, with chips/crisps capturing the highest value sales. Different preparation techniques are expanding the flavor map especially roasted coconut kale chips, oven-roasted sweet potato chips, and a wide variety of roasted nuts, which are increasing the demand for savory snacks in the American market.​

Competitive Landscape

The players continue to innovate with flavor and texture and have effectively marketed these innovations to consumers. The significant players studied in the market include General Mills, Calbee Foods Co Ltd., Link Snacks Inc., Mondelez International, ConAgra Foods, ITC Limited, Arca Continental, The Kelloggs Company, Blue Diamonds Growers, and PepsiCo Inc., which are focusing on expansion, partnership, and product innovation. The Blue Diamonds Growers company renegotiated the US-Korea free trade agreement (KORUS), which will further expand its presence in South Korea. In the Asia-Pacific region, a large concentration of small and unorganized regional players account for most category sales.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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