The Worldwide Savoury Snack Products Industry is Expected to Reach $263 Billion by 2027 - ResearchAndMarkets.com

The global savoury snack products market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value.

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Retrieved on: 
Friday, March 4, 2022
Information
Tags: 
Food, Beverage, Retail, USD, RTE, Region, Market share, E-commerce, CAGR, Snack, Row, Health, Potato chip, Fast food, Tortilla
Geotags: 
EUROPE, AFRICA, SOUTH AMERICA, TURKEY, ASIA, MIDDLE EAST, NORTH AMERICA
Summary
Key Points: 
  • The global savoury snack products market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value.
  • By flavour, plain/unflavored is estimated to dominate the savoury snack products market in 2022.
  • By distribution channel, the retail segment is estimated to dominate the savoury snack products market by 2022.
  • In the Asia Pacific region, savoury snack products are gaining popularity due to busy lifestyles, urging consumers to opt for on-the-go and RTE products.


The "Global Savoury Snack Products Market by Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Puffed Snacks, Tortillas), Flavor (Barbeque, Spice, Salty, Plain/Unflavored), Distribution Channel and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global savoury snack products market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value.

The market is primarily driven by factors such as shifting consumer preference to convenience foods. Moreover, In recent years, the savoury snacks market has been highly impacted by innovations as manufacturers are investing in introducing new ingredients, new variants, and processing techniques to meet the increasing demand and cater to the changing consumer preferences.

By product, potato chips were the largest segment in 2021 and anticipated to grow at a significant growth rate over the forecast period

By product, the potato chips segment is estimated to dominate the market for savoury snacks in terms of value, in 2022. Earlier, potato chips were part of western culture; however, due to globalization, the increase in the consumption of potato chips in emerging economies is anticipated to boost market growth.

By flavour, the plain/unflavoured segment is estimated to grow at the highest CAGR during the forecasted period

By flavour, plain/unflavored is estimated to dominate the savoury snack products market in 2022. Plain and unflavored snacks are becoming consumers' first preference. Furthermore, consumers are looking for products with consumer-friendly ingredients, clean label claims, and locally and ethically sourced ingredients, helping companies manufacture products focusing on health and wellness.

By distribution channel, the retail segment dominates the market in 2021

By distribution channel, the retail segment is estimated to dominate the savoury snack products market by 2022. The online store segment is projected to grow at the significant CAGR in the retail sub-category. With the rise in demand for snack products, there has been an increase in eCommerce retail sales and door-to-door delivery of products, which has contributed to the sales of savoury snack products

Asia Pacific is estimated to be the largest region in 2022 and anticipated a significant growth rate over the forecast period

The Asia Pacific accounted for a significant share in the savoury snack products market in 2021. In the Asia Pacific region, savoury snack products are gaining popularity due to busy lifestyles, urging consumers to opt for on-the-go and RTE products. Furthermore, as the concept of pre-dinner appetizers has been gaining popularity, with a proportionate increase in dual-income families, snacks are becoming an integral part of planned purchase, along with an element of indulgence.

The savoury snack products market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, and RoW (South America, Africa, Turkey, Middle East).

Market Dynamics

Drivers

  • Shifting Consumer Preference to Convenience Food
  • Changing Work Culture is Promoting savoury Snacks Among Consumers
  • Expansion of the Retail Industry Globally

Restraints

  • Health Issues Associated with Consumption of Snacks Products
  • Growing Inclination of Consumers Toward Low Fat and Low Sodium Products

Opportunities

  • Increasing Demand for Healthy Snacks
  • Growing Ecommerce Penetration in the Developing Countries

Challenges

  • Volatile Price of the Raw Materials
  • Intense Competition from Unorganized Local Players

Companies Mentioned

  • Amica Chips S.P.A.
  • Blue Diamond Growers
  • Calbee
  • Campbell Soup Company
  • Conagra Brands
  • General Mills, Inc.
  • Grupo Bimbo
  • Hain Celestial
  • Intersnack Group GmbH & Co.
  • Itc Limited
  • Kellogg Co.
  • Mars, Incorporated
  • Mondelez International
  • Nestle Sa
  • Old Dutch Foods Inc.
  • Pepsico
  • The Kraft Heinz Company
  • The Lorenz Bahlsen Snack-World GmbH & Co Kg Germany
  • Tropical Heat
  • Universal Robina Corporation

For more information about this report visit https://www.researchandmarkets.com/r/1n6e6o

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