The global savory snack products market size is expected to reach USD 317.69 billion by 2030 according to a new study by Polaris Market Research. The report “Savory Snack Products Market Share, Size, Trends, Industry Analysis Report, By Distribution Channel (Retail, Foodservices); By Flavor (Barbeque, Spicy, Salty, Plain/Unflavored, Others); By Product; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Changes in work culture and habits as a result of the pandemic's abrupt impact are pushing savory goods among customers. The global market for savory snack products is characterized by a large number of both organized and unstructured companies. A large portion of the savory snacks industry in most emerging nations is unorganized, as local firms offer wide region-specific products.
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Manufacturers are investing in introducing new ingredients, varieties, and processing techniques to fulfill expanding demand and respond to changing consumer preferences, which has had a significant impact on the industry. For instance, in May 2021, Bikano debuted numerous new savory snacks Aloo Bhujia-Lemon Chaska, 'Daal Mixture,' and 'Dry Fruit Mixture.' The majority of these items are priced between INR 5 and 10 for each pack.
Furthermore, in January 2022, Hain Celestial agreed to buy ParmCrisps from Clearlake Capital Group, offering delicious, consumer-specific products. The acquisition strengthens Hain's position in the snacking sector and is a key step toward establishing Hain as a worldwide healthy food brand with strong growth potential.
Also, in March 2021, Club Crisps and Town House Dipping Thins were introduced by Kellogg's Crackers. These two variations are thinner and crispier versions of the brands, giving snackers more options for customizing their eating experiences throughout the day. Thus, these investments by the major players for flavored refreshment launches and change in the habits of people has increased the demand for savory food products, which is driving the industry growth during the forecast period.
Based on the product, the potato chips segment accounted for the leading share in the industry. Potato chips are popular among consumers because of their flavor, low cost, and ease of availability. Potato chip consumption has increased over time, and dynamic variations in consumption patterns have prompted important market participants to reinvent their products. These product portfolios now include newer product lines and are growing globally.
Major players such as Pepsico, Calbee, Conagra Brands, General Mills, Inc., ITC Limited, Kellogg Co., Grupo Bimbo, Hain Celestial, Blue Diamond Growers, Mars, Incorporated, Mondelez International, Nestle SA, The Kraft Heinz Company, and Universal Robina Corporation are some key players operating in the global market. In May 2021 Chipta S.A was acquired by Mondelez International.
Polaris Market Research has segmented the savory snack products market report based on product, flavor, distribution channel, and region:
Savory Snack Products, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Savory Snack Products, Flavor Outlook (Revenue - USD Billion, 2018 - 2030)
Savory Snack Products, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Savory Snack Products, Regional Outlook (Revenue - USD Billion, 2018 - 2030)