According to the latest report by IMARC Group, titled “Savory Snacks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market. The savory snacks market report also includes competitor and regional analysis, and contemporary advancements in the market. The global savory snacks market size reached US$ 129.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 175.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.
Savory Snacks Market Overview:
Savory snacks refer to a range of food items, such as potato or corn chips, tacos, crackers, tortillas, popcorn, pretzels, meat snacks, nuts, seeds, salted biscuits, and other puffed or baked products, that have a salty or spicy taste instead of a sweet flavor. They are made of staple raw materials and ingredients like vegetables, fruits, nuts, grains, oils, starch, and seasonings and serve as a rich source of essential nutrients and minerals, including carbohydrates, fat, protein, fiber, and vitamins, offering a quick source of energy. These savory snacks fall under the category of convenience foods because they are usually ready to eat (RTE) and save time spent cooking. They are typically consumed as meal accompaniments or in-between meals as a snack for sharing and eating on the go in small quantities.
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Global Savory Snacks Market Trends:
Expanding food and beverage (F&B) sector and the increasing popularity of convenience foods and on-the-go snacks are primarily driving the market growth. In addition to this, increasing exposure to international cultures due to globalization and social media, especially western lifestyles, is influencing consumers’ eating patterns, thus increasing the trend of snacking among the masses.
Moreover, escalating concerns and awareness about the risk of chronic diseases, such as hypertension, cardiovascular disorders (CVD), cancer, obesity, and diabetes caused by inadequate consumption of essential nutrients, is fuelling the demand for healthy savory snack options. In line with this, the launch of protein-rich, low-calorie, gluten-free, and sugar-free options to satiate appetite, energize, improve muscle mass, and support weight loss is contributing to the market growth.
Furthermore, ongoing product innovations, aggressive marketing campaigns, convenient and attractive product packaging solutions, and extensive research and development (R&D) activities to enhance product quality and production processes are aiding in market expansion. Besides this, the flourishing retail and e-commerce industry, the growing working population, inflating disposable income levels, evolving lifestyles, and hectic schedules are creating a positive outlook for the market.
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Key Market Segmentation:
Top Savory Snacks Brands Worldwide:
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