The savory snack products market, valued at USD 203.9 billion in 2022, is expected to reach USD 263.0 billion by 2027, with a growth rate of 5.2% CAGR. The pandemic has spurred significant shifts in work culture and lifestyles, leading to increased demand for savory snacks worldwide. Both organized and unorganized players are witnessing a surge in demand, particularly in developing countries where local flavors cater to specific regional preferences.
Product Trends: Potato Chips Dominance
Potato chips emerge as the largest segment in the global market, favored by consumers for their taste, affordability, and widespread availability. Key players are innovating their product portfolios to meet evolving consumer preferences, expanding their offerings globally.
Flavor Dynamics: Spice Gains Momentum
Spicy flavors, particularly chili pepper, represent the second fastest-growing segment in the global market. Consumer preference for heat-infused foods has surged with the globalization of regional cuisines, driving the demand for spicy snack options.
Distribution Channels: Retail Reigns Supreme
The retail segment holds the largest share in the savory snack products industry, with retail stores offering consumers a wide range of options and the convenience of comparing products. Supermarkets’ ample shelf space and the allure of impulse buying contribute to the popularity of offline retail channels.
Regional Insights: Asia Pacific’s Growth Trajectory
Asia Pacific is poised to exhibit the highest CAGR during the forecast period, driven by economic growth in countries like China, India, Japan, and Australia. Increased agricultural productivity in the region ensures the availability of quality raw materials such as wheat and corn, essential for the snack industry. Urbanization and a preference for convenience foods further fuel the consumption of packaged snacks in the region.
Key Players
Major players in the savory snacks market include PepsiCo, Kellogg Co, General Mills Inc., Calbee, ITC LIMITED, Mondelez International, Nestle SA, Grupo Bimbo, Hain Celestial, and Blue Diamond Growers. These companies are actively innovating and expanding their product offerings to capitalize on the growing demand for savory snacks globally.
