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Savory Snacks Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global savory snacks products market was valued at USD 221.8 billion in 2022 and is projected to expand at a CAGR of 5.1% from 2023 to 2030. Increasing snack consumption due to the changing lifestyle of consumers is a major factor driving the market. In addition, the rising demand for convenience food among consumers is expected to propel the market growth. Furthermore, the growing influence of celebrity and influencers in promoting snack products is also aiding the growth of the market. For instance, in May 2021, Kellogg’s India collaborated with Bollywood Actor Varun Dhawan to launch the ‘Chocos Bigg Boss’ campaign. The campaign was used to promote Kellogg’s Chocos and the actor was seen promoting the product in a humorous way.
The demand for healthier snacks is increasing due to the rising health concerns among consumers. Savory snacks manufacturers are introducing healthy snacks with low-calorie, low-fat, and high-fiber content. For instance, in March 2021, PepsiCo Inc. launched new snacks under the brand Frito-Lay, which is the largest brand in the snack industry. The brand launched four new snacks with organic and natural ingredients, which contain no artificial flavors or colors. Furthermore, the growing trend of veganism has also led to the introduction of vegan snacks in the market. For instance, in April 2021, The Hershey Company launched a vegan-friendly snack under the brand Snack Factory. The snack is a vegan-certified product with no artificial colors, flavors, or preservatives.
Furthermore, the rising trend of in-home snacking is expected to drive the market growth. Moreover, companies are introducing new products to cater to the changing consumer preferences. For instance, in January 2021, Hormel Foods Corporation launched a new snack product under the brand Wholly Guacamole. The product is a snack-sized guacamole dip, which is available in four different flavors. Additionally, the growing demand for on-the-go snacks is further propelling the demand for the market. For instance, in June 2021, PepsiCo India launched a new range of snacks, called Kurkure Namkeen Bites. The product is a combination of traditional Indian snacks, such as bhujiya, sev, and gathiya, and is available in four different variants.
Product Insights
The potato chips segment is expected to remain the largest segment and account for a share of around 43.2% in 2022. The rising demand for potato chips is attributed to the increasing demand for ready-to-eat snacks and the growing popularity of flavored chips and snacks. According to an article published by Statista, in February 2020, potato chips were the most popular savory snack among U.S. consumers, with a total of 41% of respondents stating that they have consumed them within the past 7 days. Moreover, increasing demand for convenience foods and the rising number of working women are further driving the demand for potato chips.
The nuts and seeds segment is estimated to exhibit the fastest CAGR of 8.3% over the forecast period. Increasing awareness of the health benefits associated with nuts and seeds, along with the growing popularity of vegan diets, are some of the factors driving the demand for these products. According to an article published by the International Food Information Council Foundation, in June 2019, over half of the survey respondents stated that they have consumed nuts and seeds in the past 7 days. In addition, the availability of a variety of flavored, salted, and spiced nuts and seeds is also contributing to the growth of the segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment holds the majority share in the savory snacks market and is expected to reach USD XX billion by 2022. Supermarkets and hypermarkets offer a wide range of savory snacks to meet the changing consumer taste. They offer various varieties of snacks, including potato chips, corn snacks, and other savory snacks. The convenience of shopping and a wide variety of these products available for purchase make these stores attractive for consumers, which drives the growth of this segment.
The online segment is expected to exhibit the highest CAGR of XX% over the forecast period. The increasing penetration of internet and the growth of e-commerce websites have led to the increased adoption of online distribution channels for savory snacks. Online distribution channels offer convenience and a wide range of savory snacks to consumers, making them more attractive for purchase. Moreover, with the development of mobile apps and website platforms, it is easy for consumers to purchase savory snacks online.
Type Insights
The convenience stores segment is estimated to dominate the global savory snacks market in 2022 with a revenue share of 52.6%. Convenience stores offer a wide variety of snacks that are easy to access and can be purchased with minimal effort. They are located in various places, such as airports, malls, and supermarkets, and offer a wide variety of snacks that are convenient for consumers to purchase. Moreover, the emergence of online convenience stores, such as Amazon Go and 7-eleven, is further boosting the segment’s growth.
The vending machines segment is expected to expand at the highest CAGR of 10.5% during the forecast period. Vending machines are used as a quick and easy way to purchase snacks without having to make a purchase in person. Furthermore, the increasing use of technology in vending machines, such as automated payment systems and automatic product delivery, is further boosting the segment’s growth. Moreover, the increasing adoption of vending machines in schools, offices, and universities is also driving the segment’s growth.
Regional Insights
Asia Pacific is expected to be the most lucrative region over the forecast period. This is attributed to the presence of large populations in countries such as China and India, coupled with the growing disposable incomes of the population. India is expected to remain a key market for savory snacks, due to the changing food habits of consumers. For instance, according to the India Brand Equity Foundation, in 2019 the savory snacks market in India was estimated to be worth US$ 5.3 billion and is expected to witness a CAGR of over 10% during the forecast period.
Europe is anticipated to be the second-largest market for savory snacks. The growing demand for convenience food products among consumers is expected to drive the growth of the market in the region. Moreover, the presence of premium and gourmet snacks in the region has further bolstered the growth of the market. For instance, in April 2021, Mondelez International launched a new range of premium gourmet snacks in the U.K. market.
Financial Projections
In this part of the savory snacks products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your savory snacks products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a savory snacks products business comes from retail sales, online sales, food service, and wholesale distribution. Here you will find a list with a description of each of these categories and other possible sources of profit such as private label and co-packaging services.
Projecting Expenses
In this section, all the regular expenses related to keeping the savory snacks products business running will be described. The list of operating expenses includes production costs, packaging, labor, rent, utilities, marketing and advertising, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the savory snacks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, PepsiCo launched a new range of protein-based snacks.
– In August 2022, Kellogg’s launched a new range of plant-based snacks.
– In October 2022, Frito-Lay launched a new line of low-fat snacks.
Some of the prominent players in the savory snacks market include:
– PepsiCo
– Kellogg’s
– Frito-Lay
– Kraft Heinz
– General Mills
– Mondelez International
– Hershey’s
– Mars Inc.
– Conagra Brands
– Snyder’s-Lance
Global Savory Snacks Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global savory snacks market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Potato-based Snacks
– Corn-based Snacks
– Nuts & Seeds
– Meat Snacks
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Savory Snacks Market?
[A]: The increasing demand for convenience food, rising disposable income, and the availability of a wide variety of savory snacks are some of the major factors driving the growth of the savory snacks market. Moreover, the growing health consciousness amongst consumers, and the introduction of healthy savory snacks such as organic and gluten-free snacks have further augmented the growth of this market.
[Q]: What are the Major Trends in the Savory Snacks Market?
[A]: The increasing popularity of convenience food, growing demand for on-the-go snacks, and the introduction of innovative flavors are some of the major trends in the savory snacks market. Additionally, the increasing demand for healthy snacks, rising popularity of natural flavors, and the emergence of hybrid snacks are expected to boost the growth of the savory snacks market during the forecast period.
[Q]: Who are the Key Players in the Savory Snacks Market?
[A]: Some of the key players in the savory snacks market include Mondelez International, Inc., PepsiCo, Inc., General Mills, Inc., Conagra Brands, Inc., Nestle S.A., Kellogg Company, The Kraft Heinz Company, Calbee, Inc., Intersnack Group GmbH & Co. KG, and United Biscuits.
[Q]: Which Region Offers the Largest Opportunity for Sales of Savory Snacks?
[A]: Asia Pacific is expected to be the most lucrative region in the savory snacks market, with an absolute dollar opportunity of US$ 32.4 Bn during the forecast period. The increasing disposable income, rising health consciousness amongst consumers, and the availability of a wide variety of savory snacks are some of the factors driving the growth of the savory snacks market in this region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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