The global savory snacks market size is expected to reach $385.8 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030. Consumers' evolving lifestyles, which promote on-the-go eating, and the rising trend of replacing meals with smaller, healthier munchies are the key factors boosting the industry.
The industry for savory snacks is extremely fragmented, with both organized and unstructured firms vying for customers. Companies are attempting to evolve their portfolios by releasing fresh varieties and are spreading their sales network throughout the globe, in response to the dynamic shifts in consumption patterns and the increasing demand for items such as tortilla chips and potato chips.
A large number of consumers prefer to buy daily groceries from hypermarkets and supermarkets as these places offer an immersive and inclusive shopping experience. One of the key elements for this distribution channel's success in the industry is the freedom to physically inspect product and receive professional assistance. Additionally, the domain is influenced by how important impulse purchases are when buying a packet of salty goods. Customers around the world also prefer to buy at hypermarkets and supermarkets because they provide discounts and a broader selection of products, thus giving them more value for their money.
The consumption of baked snacks is increasing among the working population worldwide since these nutritious snacks serve to maintain the body's metabolism and also help regulate hunger between meals. The expansion of the baked savory snacks demand has been boosted by the leading manufacturers' focus on releasing novel goods, including gluten-free and low-carbohydrate baked snacks. Due to the significantly lower fat and calorie content of baked goods, customers are choosing them over fried ones as they become more health-conscious. They are being pushed to switch to the healthier baked goods by the poor health effects of fried snacks, such as high cholesterol and obesity. The trend of customers eating more-nutritious refreshments is, thus, driving the savory snacks market growth.
Consumers of all ages and from many demographics around the world, particularly millennials, appreciate fried foods a lot. Therefore, in order to grow their business and satisfy the demands of customers with various palates, the makers are concentrating on ethnic flavors. Thus, with the integration of familiar tastes in fried snacks, this category is set to grow rapidly over this decade.
North America held a sizable revenue share, in terms of revenue in 2021. The projection period will see an increase in the popularity of healthy eatables and better eating awareness and global market domination by this region. The U.S. contributes more revenue to the industry in North America.
The U.S. is regarded as the world's top consumer of savory snacks, as a result of the expanding taste variety and rising demand for quick bites. Manufacturers of snacks are reacting to the consumer demand for flavored options by providing a wide array of salty, spicy, and tangy eatables. Additionally, the market in the nation is being greatly influenced by the high snack consumption, as well as the rising demand for on-the-go snacking options.
Some of the players in the market are PepsiCo Inc., Kraft Foods Group Inc., ConAgra Foods Inc., Calbee Inc., Diamond Foods Inc., General Mills Inc., Intersnack Group GmbH, Lorenz Bahlsen Snack-World Group, and Kellogg Company.