The global savory snack products market is set for significant expansion, with an expected rise from USD 203.9 billion in 2022 to USD 263.0 billion by 2027, representing a robust compound annual growth rate (CAGR) of 5.2% during the forecast period.
Nuts and Seeds Segment to Lead Growth
Among the various product segments, nuts and seeds are anticipated to experience the highest CAGR from 2022 to 2027. Consumers’ increasing preference for snacks that offer health benefits, convenience, and exceptional taste has sparked recent innovations in the healthy snack market. This trend is likely to drive substantial growth in the nuts and seeds segment.
Plain/Unflavored Snacks Dominate the Market
The plain/unflavored segment takes the lead in the global savory snack products market. Taste remains a crucial factor, with consumers emphasizing gut health, immune support, and emotional well-being. Plain and unflavored snacks have emerged as the preferred choice, as consumers seek functionally-driven food that aligns with their overall health and wellness goals, a trend further amplified by the emotional impact of the COVID-19 pandemic.
Foodservice Segment to Witness Rapid Growth
The foodservice segment is expected to witness the highest growth rate in the global savory snack products market. This category encompasses restaurants, food chains, school and hospital cafeterias, and other establishments that provide food to consumers outside their homes. To enhance accessibility, savory snack manufacturers are forging strategic partnerships and agreements with foodservice providers.
North America: Second-Largest Region in the Market
North America is projected to be the second-largest region in the global savory snack products market during the forecast period. Notably, the United States has witnessed a considerable increase in dual-income and single-person households. As the workforce diversifies, snacking has become a common habit due to demanding schedules. Major savory snack manufacturers like PepsiCo, Inc. (US), General Mills, Inc. (US), and Kellogg Company (US) contribute to the region’s market growth.
In conclusion, the global savory snack products market is on a trajectory of substantial growth, with the nuts and seeds segment leading the way. Plain/unflavored snacks and the foodservice segment also play pivotal roles in this market expansion. Additionally, North America stands as a prominent region, driven by changing consumer preferences and the presence of key industry players.
