Savory Snacks Market
Savory Snacks Market Size, Share & Industry Analysis, By Product Type (Potato Chips, Extruded Snacks, Nuts & Seeds, Popcorn, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Others), By Packaging (Pouches, Cans, Boxes), By Flavor (Salted, Spicy, Cheese, BBQ, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview:
The global Savoury Snacks Market is expected to develop at a 5.2% CAGR from 2024 to 2031. The market value is predicted to rise from USD XX billion in 2024 to USD YY billion in 2031.
Asia-Pacific is expected to lead the market, driven by changing consumer lifestyles, increased urbanisation, and rising disposable incomes. Key metrics include increased snacking, demand for convenient food options, and consumer health consciousness.
The market is expanding rapidly because to the growing trend of on-the-go snacking, more product developments focussing on healthier ingredients, and the growing appeal of ethnic flavours. The rise of organised retail, e-commerce platforms, and the introduction of premium and gourmet snack options are all driving market growth.
Savory Snacks Market Dynamics:
Market Trend: Rising demand for plant-based and protein-rich savory snacks reshapes product offerings
The Savoury Snacks Market is trending towards plant-based and protein-rich choices, owing to rising health consciousness and the popularity of alternative diets. This tendency is especially noticeable in developed economies, where customers are looking for healthier snacking options that match their dietary habits. For example, a major snack producer reported a 45% rise in sales of their plant-based savoury snack line in 2023 over the previous year. Snacks made from chickpeas, lentils, and pea protein are gaining popularity, providing protein-rich alternatives to typical potato snacks. The movement is redefining product development tactics as well as marketing approaches, with brands emphasising their products' protein content and plant-based credentials.
Market Driver: Changing consumer lifestyles and increasing snacking occasions boost demand for convenient savory options
Consumer lifestyles characterised by hectic schedules, urbanisation, and shifting eating habits have emerged as a significant driver of the Savoury Snacks Market. With conventional meal times becoming less regulated, there is a rising preference for snacking throughout the day. According to current consumer behaviour studies, the average number of snacking occurrences per person would rise by 12% globally in 2023 compared to 2020. This trend has resulted in a high demand for convenient, portable, and filling snack options. Savoury snacks, with their variety of flavours and shapes, are well suited to meet this need. Demand for single-serve packaging and resealable formats has risen significantly, with sales expected to increase by 18% by 2023. The convenience component, along with the gratification provided by savoury flavours, is projected to fuel market expansion in the future years.
Market Restraint: Health concerns and regulatory pressures impact traditional savory snack categories
The Savoury Snacks Market confronts problems as health concerns about the high salt and fat content of traditional snack items grow, as do regulatory pressures to minimise these ingredients. Many nations have established or are proposing rules governing salt content and trans fat use in processed foods, especially savoury snacks. For example, the UK government's salt reduction programme has set targets for snack producers to lower sodium content by up to 20% in specific product categories by 2024. These regulatory pressures, together with increased consumer awareness of the health risks associated with high-salt and high-fat diets, have slowed growth in some classic savoury snack categories. According to a recent market survey, sales of ordinary potato chips in developed economies increased by only 1.5% in 2023, which was much lower than the overall market growth rate. While manufacturers respond with healthier formulations and alternative components, the change presents difficulties in terms of flavour acceptance and production costs. Balancing consumer taste preferences with health concerns is a continuous challenge for the industry.
Segment Overview
The Potato Chips segment dominates the Savory Snacks Market, driven by widespread popularity and continuous flavor innovations:
The Potato Chips sector continues to dominate the Savoury Snacks Market, accounting for around YY% of total market share in 2023. This supremacy is partly due to potato chips' universal appeal, low cost, and manufacturers' ongoing innovation in flavours and textures. Potato chips remain a popular snack choice across all demographics, thanks to strong brand recognition and ubiquitous distribution.
Recently, producers have focused on resolving health risks linked with regular potato chips. For example, a large food business just developed a range of baked potato chips that are 50% less fat, aimed at health-conscious consumers. This invention was well-received, with the new product line gaining a 10% market share in its category within six months of launch.
The potato chip category has also undergone substantial flavour innovation, particularly with the introduction of premium and locally inspired variations. According to a recent consumer survey, 65% of snack consumers prefer to explore new and distinctive flavours of potato chips over other savoury snack categories. This willingness to experiment with flavours has prompted manufacturers to introduce limited-edition and region-specific flavours on a regular basis, keeping the category current and appealing to customers.
Regional Outlook:
Asia-Pacific dominates the Savory Snacks Market, driven by large population base, increasing urbanization, and rising disposable incomes.
Asia-Pacific has established itself as the dominant region in the worldwide Savoury Snacks Market, accounting for nearly YY% of the market share by 2023. This dominance is due to various causes, including the region's huge and growing population, increased urbanisation, and rising disposable incomes. Countries such as China, India, and Indonesia have led market expansion, with growing middle-class populations driving demand for convenient and variety snack options.
The region's outstanding performance is aided by the increasing westernisation of diets and the prevalence of packaged foods. According to latest industry data, per capita consumption of savoury snacks in metropolitan areas of China and India climbed by 15% and 18%, respectively, in 2023, compared to the previous year.
In terms of recent advancements, the Asia-Pacific market has experienced an increase in demand for healthier savoury snack options. For example, a prominent regional snack producer recently introduced a line of vegetable-based chips made from locally sourced produce, capitalising on the burgeoning health and wellness trend. Within a year of its inception, this product line had a 5% market share in the premium snacks sector.
The region has also seen substantial progress in product packaging and marketing methods. Several companies have devised creative packaging techniques that improve product freshness and portability, catering to urban consumers' busy lifestyles. According to a recent industry report, sales of savoury snacks in resealable packaging increased by 22% in Asia-Pacific's top metropolitan regions in 2023, demonstrating the importance of convenience in driving consumer choices.
Competitive Intelligence:
The Savoury Snacks Market is characterised by the presence of several large international food firms as well as several regional players. Key market leaders have maintained their positions by leveraging strong brand portfolios, broad distribution networks, and ongoing product advancements. These companies have been investing in R&D to create healthier snack options and new flavours to match changing consumer tastes.
In terms of market share, the top five competitors control over 40% of the global market. The dominant company retains a market share of approximately 12%, owing to its diversified product offering, strong brand recognition, and global presence. The second-largest player, with a 9% market share, has been growing through strategic acquisitions and a significant emphasis on premium and healthier snack products.
Recent mergers and acquisitions have changed the competitive landscape. A big global food company made a significant acquisition in 2023, acquiring a renowned regional snack brand in Asia, signalling a strategic effort to increase its footprint in fast-growing emerging areas. Furthermore, some companies have made significant investments in marketing and promotional activities, with the industry average marketing spend rising by 8% year on year, particularly in digital and social media efforts aimed at younger consumers.
The market has also seen an increase in partnerships between snack producers and flavour houses. These collaborations strive to create unique and locally relevant flavours that can set products apart in a crowded market. For example, a leading snack business recently collaborated with a renowned chef to develop a limited-edition line of gourmet-flavored potato chips, which witnessed a 30% increase in sales compared to standard new flavour launches.
Looking ahead, the competitive landscape is projected to shift, with a greater emphasis on health and wellbeing, sustainability, and online involvement. In the next years, market players are expected to differentiate themselves by developing functional snacks with extra nutritional benefits and implementing ecologically friendly packaging options.
Analyst Opinion:
The Savoury Snacks Market is at a pivotal point, balancing enjoyment with health, tradition and innovation. We predict a considerable move towards "better-for-you" snack options in the coming years, fuelled by rising consumer health consciousness and regulatory pressures on the business. However, flavour and enjoyment will remain key in the snacking experience.
The growth of "functional" savoury nibbles is one unique trend to keep an eye on. We anticipate greater development of snack products supplemented with vitamins, minerals, and other functional ingredients that provide additional health advantages beyond basic nutrition. Early adopters in this field have found encouraging results, with functional savoury snacks expanding at twice the rate of regular snacks in several markets.
Another significant change is the growing relevance of sustainability in consumer choices. As people become more aware of environmental issues, we expect to see an increase in demand for savoury snacks made with sustainable ingredients, lower carbon footprints, and eco-friendly packaging. Brands that can successfully convey and incorporate sustainability initiatives into their product offers are likely to acquire a competitive advantage, especially among younger consumers.
Major Players:
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PepsiCo, Inc.
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Kellogg Company
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Kraft Heinz Company
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Conagra Brands, Inc.
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General Mills, Inc.
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Calbee, Inc.
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ITC Limited
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Intersnack Group GmbH & Co. KG
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Mondelez International, Inc.
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Campbell Soup Company
Key Developments:
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In July 2023, PepsiCo, Inc. introduced a new range of vegetable-based savoury snacks under its Lay's brand, containing chips produced from a potato and vegetable blend and aimed at health-conscious consumers.
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In September 2023, Mondelez International, Inc. announced a strategic agreement with a prominent plant-based protein provider to develop a line of high-protein savoury snacks, intending to address the expanding market for healthful snacking options.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. PepsiCo, Inc.
5.2. Kellogg Company
5.3. Kraft Heinz Company
5.4. Conagra Brands, Inc.
5.5. General Mills, Inc.
5.6. Calbee, Inc.
5.7. ITC Limited
5.8. Intersnack Group GmbH & Co. KG
5.9. Mondelez International, Inc.
5.10. Campbell Soup Company (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rising demand for plant-based and protein-rich savory snacks reshapes product offerings
6.1.2. Increasing popularity of functional savory snacks with added health benefits
6.1.3. Growing importance of sustainability in consumer choice and product development
6.2. Market Drivers
6.2.1. Changing consumer lifestyles and increasing snacking occasions boost demand for convenient savory options
6.2.2. Rising disposable incomes and urbanization in emerging markets
6.2.3. Product innovations and flavor experimentation driving consumer interest
6.3. Market Restraints
6.3.1. Health concerns and regulatory pressures impact traditional savory snack categories
6.3.2. Increasing competition from healthier snack alternatives
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Potato Chips
7.1.1. Regular
7.1.2. Baked
7.1.3. Flavored
7.2. Extruded Snacks
7.2.1. Corn-based
7.2.2. Wheat-based
7.2.3. Rice-based
7.3. Nuts & Seeds
7.3.1. Peanuts
7.3.2. Almonds
7.3.3. Mixed Nuts
7.4. Popcorn
7.4.1. Ready-to-eat
7.4.2. Microwave Popcorn
7.5. Others
7.5.1. Pretzels
7.5.2. Crackers
7.5.3. Vegetable Chips
8. BY DISTRIBUTION CHANNEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Supermarkets/Hypermarkets
8.2. Convenience Stores
8.3. Online Retail
8.4. Others
8.4.1. Specialty Stores
8.4.2. Vending Machines
9. BY PACKAGING (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Pouches
9.1.1. Stand-up Pouches
9.1.2. Flat Pouches
9.2. Cans
9.3. Boxes
9.4. Others
9.4.1. Tubes
9.4.2. Jars
10. BY FLAVOR (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Salted
10.2. Spicy
10.3. Cheese
10.4. BBQ
10.5. Others
10.5.1. Sour Cream & Onion
10.5.2. Salt & Vinegar
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
Savory Snacks Market Segmentation:
By Product Type:
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Potato Chips
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Extruded Snacks
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Nuts & Seeds
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Popcorn
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Others
By Distribution Channel:
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Supermarkets/Hypermarkets
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Convenience Stores
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Online Retail
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Others
By Packaging:
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Pouches
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Cans
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Boxes
By Flavor:
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Salted
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Spicy
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Cheese
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BBQ
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Others
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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