According to the report titled "Savory Snack Products Market by Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Puffed Snacks, Tortillas), Flavor (Barbeque, Spice, Salty, Plain/Unflavored), Distribution Channel and Region - Global Forecast to 2027" by MarketsandMarkets, the global savory snack products market is estimated to be valued at USD 203.9 billion in 2022, with a projected growth to USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period.
The market is primarily driven by shifting consumer preferences towards convenience foods, particularly due to increasingly hectic lifestyles. Savory snack products have emerged as convenient meal alternatives, catering to the needs of working-class populations and college graduates who seek quick and satisfying snack options to fuel their busy schedules without compromising on taste or nutrition.
The nuts & seeds segment is anticipated to experience the highest growth rate during the forecast period. Consumers' preferences for snacks that offer health benefits, convenience, and taste have led to innovations in the healthy snack segment, driving the growth of nuts & seeds products.
The plain/unflavored segment dominates the flavor preferences in the global savory snack products market. Taste preferences are shifting towards simpler, unflavored options, driven by a growing focus on gut health, immune support, and emotional well-being. Emerging flavors and ingredients cater to health-conscious consumers seeking functional foods that align with their wellness goals.
The foodservice segment is expected to witness rapid growth, encompassing restaurants, food chains, schools, hospital cafeterias, and other foodservice formats. Savory snack manufacturers are forging strategic partnerships with foodservice establishments to expand their product reach and availability to consumers.
North America emerges as a significant region in the global savory snack products market, driven by the rise in dual-income and single-person households in the US. Busy schedules necessitate snacking habits, further fueled by the presence of major savory snack manufacturers like PepsiCo, Inc., General Mills, Inc., and Kellogg Company.
Leading companies such as PepsiCo, Kellogg Co, General Mills Inc., Calbee, ITC LIMITED, Mondelez International, Nestle SA, Grupo Bimbo, Hain Celestial, and Blue Diamond Growers are profiled in the report, highlighting their marketing strategies, product portfolios, and development initiatives.
