The millennials are expected to boost the industry’s growth during the forecast period due to the burgeoning demand for snacks from these set of individuals.
The savoury snacks market is anticipated to expand at a CAGR of 4.1% over the anticipated forecast period, according to data from Future Market Insights. Market value is anticipated to rise from USD 274.9 billion in 2022 to USD 410.9 billion in 2032. The market for savoury snacks had a value of USD 267.2 billion at the end of 2021 and is projected to expand by 2.9% year over year in 2022.
Savory snacks include foods like potato chips, tacos, savoury biscuits, and other baked snacks that contain salts. They fall under the category of convenience foods because they are time-saving.
Due to their growing appetite for snacks, millennials are anticipated to contribute to the industry's growth during the projection period.
Consumers' growing knowledge of the health advantages of salty snack intake is a key trend that has a big impact on the expansion of the global savoury snack market.
Low in calories and gluten-free, savoury snacks are suitable for those with diabetes and obesity.
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Consumers are conscious of the food they consume, so they tend to spend on healthy food products that are sugar-free.
Diabetes has threatened the globe, and the food and beverage industry is trying to curb it by innovating sugar-free products.
Furthermore, the availability of several different flavors coupled with rising disposable income of consumers in the Asia Pacific are factors anticipated to drive the global savory snacks market forward during the forecast period.
Besides, the burgeoning demand for potato chips is expected to boost the global market in a few years.
Savory Snacks Market Growth Driven by Growing Consumers’ Demand for Healthy Food Products
Health consciousness is the key factor fueling the growth of the food and beverage industry.
Consumers are more conscious of their health than ever, and this has fostered several industries, especially the food processing industry, to produce food items with impressive health benefits.
Manufacturers in the savory snacks market invest huge amounts of money in research development to innovate products with high nutritive value and health befitting properties.
Key players spend more on innovating new products since consumers are more attracted to markets with varieties.
The incorporation of proteins in snack has further instigated the tremendous growth of the savory snacks market.
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Protein-rich snacks like lean beef, turkey are often tasty and yummy when consumed, and this is expected to create a surge in demand for savory snacks globally.
Moreover, the availability of savory snacks in various retail stores is expected to fuel the industry’s growth during the forecast period.
Consumers spend more on convenience food items when they shop at retail stores, and this is the key factor driving the industry’s growth presently.
Savory Snacks Market: Region-wise Analysis
Geographically, North America’s global savory snacks market is dominated by the growing demand for convenience food products and the rising disposable income of consumers in the region.
The United States is slated to contribute significantly to the industry’s growth in this region, followed by Canada.
Consumers in Europe are driven by the taste and convenience offered by savory snacks.
As a result, Europe has ranked the second-largest market as revenue is expected to increase drastically in the region.
Health consciousness among consumers also has significant importance on the industry’s growth in the region.
The Asia Pacific is estimated to be the fastest-growing market with a double-digit CAGR during the forecast period.
Rising disposable income, growing population size, and increasing demand for convenience food fuel the growth in the Asia Pacific.
Other regions will register moderate growth over the forecast period.
Savory Snacks Market: Competitive Landscape
The global market is highly competitive with no dominant player. Leading players continue to adopt strategies like product innovation, and advertisement to fuel the growth of the industry. The major players operating in the market are;
Region-wise Analysis
Report Highlights
The research report presents a comprehensive assessment of market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data and projections with suitable set of assumptions and methodology. Research report provides analysis and information by categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies
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Global Savory Snacks Market Segment Analysis
The global savory snacks market can be segmented on the following basis:
By Type
By Distribution Channel
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA.
Jan 27, 2023
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