PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682822
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682822
The global savory snacks market is experiencing substantial growth, driven by evolving consumer lifestyles that favor on-the-go eating and the rising trend of replacing traditional meals with smaller, healthier snacks. In 2024, the market size is estimated at USD 281.2 billion and is projected to reach USD 417.2 billion by 2032, advancing at a compound annual growth rate (CAGR) of 5.2% during the forecast period.
This growth is primarily attributed to the increasing consumer demand for healthy snacking options, prompting food manufacturers to offer more nutritious and less fatty savory alternatives. The unexpected impact of the pandemic has also influenced work cultures and lifestyles, encouraging the consumption of savory snack products.
Key Insights
The market is segmented by product type into potato chips, extruded snacks, popcorn, nuts & seeds, puffed snacks, and tortillas. Potato chips hold a significant share due to their widespread popularity and availability.
A notable trend in the savory snacks market is the growing popularity of spicy flavors. Products containing spices and seasonings such as chili pepper, onion, ginger, garlic, and cumin are gaining traction, particularly among younger consumers seeking diverse taste experiences.
The Asia-Pacific (APAC) region holds the largest market share and is also the fastest-growing region, driven by rising urbanization, increasing disposable incomes, and changing dietary habits favoring convenient snacking options.
The savory snacks market is fragmented, with numerous players offering a variety of products to cater to diverse consumer preferences. Major companies in the market include PepsiCo Inc., The Kraft Heinz Company, ConAgra Brands Inc., Calbee Inc., Diamond Foods LLC, General Mills Inc., Intersnack Group, Lorenz Bahlsen Snack-World GmbH & Co KG Germany, Kellanova, ITC Limited, Parle Products Pvt. Ltd., Britannia Industries Limited, Nestle S.A., Haldiram Products Private Limited, and Bikanervala Foods Pvt. Ltd.