Savory Snacks Market By Product Type (Chips, Nuts, Popcorn, Meat Snacks, Extruded Snacks), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Specialty Stores), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Savory Snacks Market was valued at USD 312.4 billion in 2023 and will surpass USD 455.2 billion by 2030; growing at a CAGR of 5.5% during 2024 - 2030.

The global savory snacks market is on a steady growth trajectory, driven by changing consumer preferences and an increasing demand for convenient, flavorful snacks. With a diverse range of product types, including chips, nuts, popcorn, meat snacks, and extruded snacks, the market caters to various tastes and dietary requirements. The rise in snacking culture, particularly among millennials and Gen Z consumers, has further fueled the expansion of this segment. As consumers seek healthier and more diverse snack options, manufacturers are innovating with unique flavors, healthier ingredients, and premium offerings.

In addition, the distribution channels for savory snacks have evolved significantly. Traditional retail formats such as supermarkets and hypermarkets remain crucial, while online retailing is experiencing rapid growth, particularly in the wake of the COVID-19 pandemic. This shift in purchasing behavior has prompted companies to enhance their online presence and optimize supply chains to cater to the changing landscape. As the savory snacks market continues to evolve, it presents numerous opportunities for both established brands and new entrants.

Chips Segment Is Largest Owing To Diverse Product Offerings

The chips segment is the largest within the savory snacks market, driven by a wide variety of options that cater to different consumer preferences. Among the various types of chips, potato chips and tortilla chips hold significant market shares. Potato chips, known for their crispy texture and variety of flavors, remain a favorite among consumers. Brands continually innovate with new flavors and health-conscious options, including baked or low-fat variants, to attract health-conscious shoppers.

Tortilla chips are also gaining popularity, particularly with the rise of Mexican cuisine and the increasing demand for dips and salsas. Their versatility as a snack or an ingredient in various recipes contributes to their growth. Additionally, the emergence of "others" within the chips segment, which includes snacks like vegetable chips and pita chips, provides consumers with even more options. As the chips segment continues to thrive, it showcases the importance of innovation and flavor diversification in meeting consumer demands.

Nuts Segment Is Fastest Growing Owing To Health Benefits

The nuts segment is recognized as the fastest-growing sub-segment in the savory snacks market, primarily due to their perceived health benefits and nutritional value. Salted and flavored nuts are particularly popular as they offer a satisfying crunch and are rich in protein, fiber, and healthy fats. As more consumers shift towards healthier snacking alternatives, nuts have emerged as a go-to option for those seeking nutritious, on-the-go snacks.

Flavored nuts, in particular, are seeing significant growth, as brands introduce a wide array of seasonings and flavors to cater to diverse palates. From spicy and savory to sweet varieties, the innovation in flavors is attracting a broader consumer base. Furthermore, the "others" category in the nuts segment, which includes specialty nuts like macadamias and cashews, is also gaining traction, providing consumers with unique snacking options. This growing awareness of the health benefits of nuts is expected to continue driving demand in the segment.

Popcorn Segment Is Largest Owing To Versatility

The popcorn segment is the largest within the savory snacks market, celebrated for its versatility and appeal across various consumer demographics. With flavors ranging from traditional butter to gourmet options like cheese and caramel, popcorn offers a light, crunchy snack that is easily customizable. This versatility allows popcorn to cater to different taste preferences, making it a popular choice for consumers looking for both indulgent and healthier snack options.

Moreover, the increasing popularity of popcorn as a snack during social gatherings, movie nights, and events has further propelled its growth. The emergence of ready-to-eat popcorn products in innovative flavors has also contributed to the segment's success. The "others" category in the popcorn segment, which includes unique flavor profiles and premium offerings, is expected to gain traction as consumers seek diverse and exciting snacking experiences. As the demand for popcorn continues to rise, brands are likely to focus on enhancing their product offerings and expanding distribution channels.

Meat Snacks Segment Is Fastest Growing Owing To High Protein Content

The meat snacks segment is recognized as the fastest-growing sub-segment within the savory snacks market, driven by the increasing demand for high-protein snacks. Products such as jerky and sausages have gained popularity among health-conscious consumers seeking convenient, protein-rich options. The convenience of ready-to-eat meat snacks makes them an attractive choice for busy individuals and on-the-go lifestyles.

In recent years, there has been a surge in the variety of flavors and types of meat snacks available, including turkey jerky and plant-based alternatives that cater to diverse dietary preferences. The introduction of premium and artisanal meat snacks has also contributed to the growth of this segment, as consumers become more discerning about their food choices. As the demand for high-protein snacks continues to rise, the meat snacks segment is expected to maintain its momentum and attract new consumers.

Extruded Snacks Segment Is Largest Owing To Innovation

The extruded snacks segment is the largest within the savory snacks market, primarily due to its innovative product offerings and the ability to cater to various consumer preferences. Extruded snacks, including puffed snacks and rice cakes, are popular for their light texture and diverse flavors. The continuous development of new recipes and flavor combinations has positioned this segment as a favorite among consumers seeking unique snacking experiences.

Moreover, the extruded snacks segment benefits from the growing trend of healthier snacking options, as many brands are introducing products made from whole grains and natural ingredients. The "others" category within the extruded snacks segment, which includes snacks like popped chips and lentil-based snacks, further enhances the appeal of this segment. As consumers continue to seek out innovative and healthier snack choices, the extruded snacks segment is poised for continued growth and diversification.

North America Is Largest Region Owing To Strong Consumer Demand

In terms of geography, North America is the largest region in the savory snacks market, driven by robust consumer demand and a well-established retail infrastructure. The region's diverse population and evolving snacking habits contribute to a strong preference for savory snacks across various demographics. North American consumers are increasingly turning to snacks as convenient meal replacements, fueling growth in the market.

Furthermore, the presence of major snack manufacturers and a strong distribution network allows for easy access to a wide variety of savory snack products. Innovations in flavors and health-focused offerings have become commonplace in the region, leading to a competitive landscape that fosters continuous product development. As North America remains a key player in the savory snacks market, its influence on trends and consumer preferences will likely shape the future of the global market.

Competitive Landscape and Leading Companies

The savory snacks market is characterized by a competitive landscape featuring both established players and emerging brands. Leading companies such as PepsiCo, Mondelez International, and Nestlé dominate the market, offering a wide array of snack products across multiple categories. These companies leverage their extensive distribution networks and marketing expertise to maintain their positions and adapt to changing consumer preferences.

In addition to these giants, the market is witnessing the rise of smaller, innovative brands that focus on health-conscious and premium snack options. This dynamic has led to increased competition, prompting established players to diversify their product offerings and invest in new flavors and health-oriented solutions. As the savory snacks market continues to evolve, companies that prioritize innovation, sustainability, and consumer engagement will be well-positioned to thrive in this competitive environment.

Recent Developments:

• PepsiCo announced the launch of a new line of healthier savory snacks aimed at the health-conscious consumer segment, featuring reduced sodium and fat content.
• Mondelez International completed the acquisition of a popular snack brand to expand its portfolio in the savory snacks segment.
• Kellogg Company revealed plans to invest in sustainable packaging for its savory snack products, aiming to reduce environmental impact.
• General Mills launched a new range of savory popcorn snacks that incorporate unique flavor profiles, catering to changing consumer tastes.
• Conagra Brands reported a strategic partnership with a health-focused brand to develop new snack products that emphasize nutritional benefits.

List of Leading Companies:

• Associated British Foods plc
• B&G Foods, Inc.
• Calbee, Inc.
• Conagra Brands, Inc.
• Diamond Foods, Inc.
• General Mills, Inc.
• Hormel Foods Corporation
• Intersnack Group GmbH & Co. KG
• Kameda Seika Co., Ltd.
• Kellogg Company
• Mondelez International, Inc.
• Munchy’s Food Industries Sdn. Bhd.
• Nestlé S.A.
• PepsiCo, Inc.
• Utz Brands, Inc.

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