Categories: Food & Beverages

Snack Food Industry – Size, Share, Trends, Analysis

The Savory Snack Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Savory Snack Products Global Market Report 2024, The savory snack products market size has grown strongly in recent years. It will grow from $118.12 billion in 2023 to $127.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased demand for convenience food, growing popularity of snacking, rise in disposable income and changing lifestyles, expansion of retail industry globally, increased urbanization.

The savory snack products market size is expected to see strong growth in the next few years. It will grow to $170.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growing demand for healthy and organic snacks, increasing demand for premium and exotic flavors, rising demand for plant-based snacks, growing popularity of online retail channels, increasing demand for gluten-free and low-calorie snacks. Major trends in the forecast period include snack hybrids, innovative flavors and textures, sustainable and eco-friendly packaging, premium and artisanal snacks, snacking rituals and occasions.

The rise in the adoption of convenience food products is contributing to the growth of the savory snack products market going forward. Restaurant meals and ready-to-eat food from grocery stores are examples of convenience foods that save time in food purchase, preparation, and cleanup. Convenience food products are useful for people who have poor cooking skills or don’t have time to search for and execute recipes from scratch and serve them as ready-to-eat meals. As a result, the rise in the adoption of convenience food products increases the demand for savory snack products. For instance, in July 2021, according to The Hindu Business Line, an Indian business newspaper, 79% of Indian households preferred to have instant food due to time constraints. Therefore, the rise in convenience food products is driving the growth of the convenience food products market moving forward.

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The savory snack products market covered in this report is segmented –

1) By Product: Potato Chips, Extruded Snacks, Popcorn, Nuts and Seeds, Puffed Snacks, Tortillas, Other Products

2) By Flavor: Barbeque, Spice, Beef, Roasted or Toasted, Other Flavors

3) By Distribution Channel: Retailers, Online, Supermarkets and Hypermarkets, Convenience Stores, Other Distribution Channels

Strategic partnerships have emerged as a key trend gaining popularity in the savory snack products market. Major companies operating in the savory snack products market are looking for partnerships to strengthen their position in the market. For instance, in June 2021, The Kellogg Company, a US-based savory snack products manufacturing company, partnered with Wendy’s, a US-based holding company for the fast-food chain, in the savory snack products market. Through this partnership, the companies released a co-branded Pringles chip flavor, Wendy’s Spicy Chicken. Furthermore, in May 2021, Utz Brands, Inc., a US-based savory snack products manufacturing company, partnered with Ferrara, a US-based candy company. Through this partnership, both companies created new and exciting snack food variety packs, including a range of indulgent sweet and salty snack foods, such as pretzels, cookies, popcorn, and cheeseballs.

The savory snack products market report table of contents includes: