The global savory snack products market is expected to witness substantial growth, projecting an increase from USD 203.9 billion in 2022 to USD 263.0 billion by 2027, with a compound annual growth rate (CAGR) of 5.2% during the forecast period.
Key players in the savory snack products market include well-known companies such as PepsiCo, Kellogg Co, General Mills Inc., Calbee, ITC Limited, Mondelez International, Nestle SA, Grupo Bimbo, Hain Celestial, and Blue Diamond Growers.
The market for savory snacks is characterized by fierce competition as established companies strive to improve their market shares, while new startups quickly enter the segment. The market can be considered fragmented, with numerous organized and unorganized players operating globally and locally in various countries.
PepsiCo, a US-based company established in 1965, holds a prominent position in the food and beverage industry, especially in the savory snack products market. With operations in nearly 200 countries, PepsiCo owns 22 brands, including popular ones like Lays, Cheetos, Ruffles, Fritos, Doritos, and Walkers. Their snack portfolio encompasses a variety of products such as potato chips, puffs, sticks, corn-based snacks, tortillas, nachos, and beef snacks. PepsiCo's strategy involves launching new products to increase its market share. For example, in January 2021, the company introduced the new Doritos Flamin' Hot Cool Ranch flavored tortilla chips, aiming to enhance its brand visibility globally.
Kellogg, another significant player, excels in the breakfast cereals and ready-to-eat snacks industries. The company offers a wide range of products, including crackers, cookies, savory snacks, toaster pastries, cereal bars, granola bars, fruit-flavored snacks, and convenience foods like ready-to-eat cereals, frozen waffles, veggie foods, and noodles. Kellogg's popular brands such as Special K, Cheez-It, and Pringles contribute significantly to its revenues.
The company is expanding its production facilities worldwide to meet the growing demand. For instance, in November 2019, Kellogg announced the expansion of its existing production facility in Kunto, Poland, to increase the global production capacity of Pringles, a well-known chips brand.
