Savory snacks have become an integral part of our daily lives, offering a delightful combination of flavors, textures, and convenience. From the timeless potato chips to the exotic seaweed crisps, the savory snacks market has evolved into a multi-billion-dollar industry. In this article, we will dive into the savory snacks market, exploring its growth, key trends, and the driving factors behind its ever-increasing popularity.
Market Growth and Size
The global savory snacks market has witnessed substantial growth in recent years. The rising demand for convenient and on-the-go food options, coupled with consumers' changing lifestyles, has played a pivotal role in the market's expansion. According to market research, the global savory snacks market was valued at approximately $94.3 billion in 2020 and is projected to continue growing at a CAGR of around 5% over the next few years.
Key Factors Driving Market Growth
- Changing Consumer Preferences: Consumers are becoming increasingly health-conscious, which has led to a shift in their snacking preferences. Many are opting for savory snacks that are lower in calories, sodium, and trans fats, leading to the development of healthier alternatives such as baked chips and air-popped popcorn.
- Flavors and Innovations: Companies in the savory snacks market are continuously innovating to meet the diverse taste preferences of consumers. They are introducing unique and exotic flavors, often inspired by global cuisine, to create an appealing snacking experience.
- Premium and Organic Snacks: The demand for premium and organic savory snacks is on the rise. Consumers are willing to pay a premium for high-quality ingredients, clean labeling, and sustainable practices, driving the market for these specialized products.
- Snacking Convenience: With increasingly busy lifestyles, consumers are seeking convenience in their snacks. This has led to the growth of single-serve, resealable, and portable packaging options, making savory snacks a suitable choice for those on the go.
- E-Commerce and Online Retail: The rise of e-commerce has made it easier for consumers to access a wide variety of savory snacks from the comfort of their homes. This has led to increased sales and market penetration for many brands.
Trends in the Savory Snacks Market
- Healthier Snacking: As consumers become more health-conscious, there is a growing demand for snacks that are lower in calories, saturated fats, and sodium. Brands are responding by offering better-for-you alternatives, like vegetable chips, air-popped popcorn, and baked crisps.
- Ethnic Flavors: Savory snacks inspired by global cuisines are gaining popularity. Consumers are looking for unique and authentic flavors from different parts of the world, such as sriracha, wasabi, or tikka masala.
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The global Savory Snacks Market size is expected to value at USD 218.44 billion by 2025.
Changing food patterns is one of the essential factor responsible for expansion of savory snacks industry, in the recent years.
Other factors such as changing lifestyle preferences, growing demand for convenience food, and need for maximizing limited leisure time, are expected to fuel market growth in the upcoming years.
However, rising safety concerns in regards to health hazards with excessive consummation of the products coupled with the substantial use of additives and artificial flavors is significantly hampering market growth.
Growing focus towards convenience food products with longer shelf life, savory taste, texture, product quality, and the nutritional content, has led to development of innovative packaging solution by prominent industry players.
The key players in the savory snacks market are PepsiCo, Inc., Kraft Foods, Inc., Kellogg, Inc., CALBEE, Inc., ConAgra Foods, Inc., Diamond Foods LLC, The Hain Celestial Group, Inc., General Mills, Inc., Arca Continental, S.A.B.
