Savory Snack Market Size to Hit Around USD 390 Billion by 2030

Ottawa, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global savory snacks market is poised to grow at a registered CAGR of 5.07% over the forecast period 2022 to 2030. Pandemic herbs had a large effect on the savory snacks market. Disrupted supply chains and lock down policies had compelled the consumers to switch to the online platforms. There has been a growth in the purchases of savory snacks through the online portals and the online platforms have provided a great opportunity for the growth of the manufacturers. Major companies have come online in the recent times in order to offer the varied products.

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Regional Snapshots

The Asia pacific region is expected to have the largest market share in terms of revenue during the forecast period especially due to the contribution of many countries like Japan China and India. There is a great demand for savory snack in these nations. Increasing the awareness about childhood obesity and the availability of healthier snacking options is creating a great demand for savory snacks in this region. Many working individuals that have busy lifestyle skip meals and replace them with snacking items which are healthier.

In the Asia Pacific region major market players are offering protein based snacking options which help in sufficing the hunger for a longer period of time and provide healthy fats for the weight loss. The growing trend of vegan diet and plant-based foods has compelled the manufacturers to introduce snacks with these ingredients in order to cater to the needs of the consumers.

Report highlights

• By product, the potato chip segment will have the largest market share during the forecast period as it is offered in various flavors and the awareness regarding the health benefits of the potato chips is growing. The nuts and seeds segment is helpful in providing protein and healthy fats and it helps in meeting the demand of consumers that have health concerns. A mix of roasted nuts and seeds in a packet has a great demand across many regions as it provides a good amount of fiber and vitamins which are extremely important in case these snacks are replaced with the meals by the working-class people.
• By end user, the hypermarket and supermarkets segment in the distribution channels will have the largest market share as they have a bigger shelf allocated for providing a wide range of products. Many products offered by different brands and private labels are available in hypermarkets and supermarkets. Impulse shopping behavior is another reason why the hypermarket and supermarket segment is seeing a growth. Post pandemic the online segment has also seen a good growth and it is expected to grow well during the forecast period. The presence of Amazon and Walmart which offers all different types of snacks on the online platform is driving the growth of the market.

Recent developments

• Many savory snacks were offered by Bikano in the northern part of India. in March 2021 dry fruit mixture, Daal mixture and aloo bhujiya lemon Chaska were the products offered by this company.
  
  

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Scope of the Report

Market Dynamics

Drivers

Many major nations especially the developed ones like the US Australia Canada and France have expanded their supply chains of supermarkets and hypermarkets in order to cater the needs of the growing population. These developed nations with major manufacturing units in the developed nations are seeking to expand their territorial boundaries by going international in the developing nations to provide these food products. The availability of vegan meat based and plant-based products in this market is driving the growth of the market. Products that offer healthy ingredients and great taste are winning in the highly competitive market.

Restraints

Increasing awareness regarding the health issues related to the consumption of these savory snacks over a long period of time is creating a major restraint in the growth of this market. In order to keep the contents of the packets fresh artificial additives and preservatives are added in quantities that are extremely harmful to the body. These snacks pose a serious threat to the health of the consumers. increasing the consumption of these snacks is leading to obesity due to the excess calorie in the body. The awareness regarding all of these factors is hampering the growth of the market.

Opportunities

Growing demand for vegan food products and plant-based products is driving the growth of the market and this trend is expected to provide a good opportunity for the major market players in the savory snacks market. Over a period of time, it is studied that the frequent consumption of savory snacks may lead to various cardiovascular diseases, cancer and obesity and many consumers are seeking healthier options that provide good amount of protein and healthy fat in order to combat frequent hunger. Improved lifestyles have changed the snacking habits of all the age groups.

Challenges

If there is an increasing demand of savory snacks due to the busy lifestyle of various consumers in the developed as well as developing nations. Ready to eat snacks which are healthier and help to satiate hunger for long hours is in demand. Manufacturing of these kind of snacking options which are tasty becomes a challenge. The quality of the product offered in the Asia Pacific regions is low as compared to the other regions as the manufacturers prefer low cost equipments.

The availability of the same snack manufactured by different companies especially the local markets also create a major challenge for the growth of the companies. These products which are manufactured in the local market are offered at a lower price. The savory snacks accepted internationally may not do well in the Asia Pacific region as the local markets are more aware about the taste and spices involved in the making that drive the market. Unorganized markets provide major competition.

Related Reports

• Extruded Snacks Market Research Report 2023-2032
• Spices and Seasonings Market Research Report 2023-2032
• Online Grocery Market Research Report 2023-2032
  
  

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Market Segmentation

By Product

• Potato chips
• Extruded snacks
• Popcorn
• Nuts & seeds
• Puffed snacks
• Tortillas
• Other products (fruit & vegetable chips, and pretzels)
  
  

By Distribution Channel

• Hypermarkets & Supermarkets
• Convenience Stores
• Online
• Others

By Flavor

• Roasted/Toasted
• Barbeque
• Spice
• Beef

By Category

• Baked
• Fried
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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