Savory Snack Products Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Tortillas, Others); Flavor (Barbeque, Spice, Salty, Plain/Unflavored, Other); Distribution Channel (Retail, Foodservices, Others)); and Region/Country
Global Savory Snack Products Market is expected to grow at a significant rate of around 7% during the forecast period. The savory snack products market is driven by increasing demand for convenience food products with the trend toward low-sugar, high-protein on-the-go snacks. Moreover, manufacturers have also offered innovative and diverse product ranges in terms of new flavor profiles, ingredients, shapes, and packaging to attract consumers. For instance, In January 2022, Hain Celestial agreed to acquire ParmCrisps, a fast-growing, better-for-you brand offering delicious, convenient products that are consumer favorites from Clearlake Capital Group. The acquisition deepens Hain’s position in the snacking category and represents a significant step in establishing Hain as a high-growth, global healthy food company.
The Savory Snack Products Market is expected to grow at a steady rate of around 7%. Major companies in the market opted for a digital shift and launched direct-to-consumer e-commerce platforms. In addition, Snacking trends are evolving, with today’s consumers seeking indulgence, adventure, flavor, and added health benefits, providing further opportunities for manufacturers.
PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc, ITC LIMITED, Mondelēz International, Nestle SA, Grupo Bimbo, S.A.B. de C.V., Hain Celestial Group Inc, Blue Diamond Growers are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, potato chips category to witness higher CAGR during the forecast period”
Based on product, the market is segmented into potato chips, extruded snacks, popcorn, nuts & seeds, tortillas, and others. The potato Chips category is to witness higher CAGR during the forecast period. Potato chips are highly favored by consumers due to their taste, low cost, and availability. However, due to globalization, the increase in the consumption of potato chips in emerging economies is anticipated to boost market growth. For instance, in April 2021, the Simply Roasted brand launched its new range of Better for You potato crisps, manufactured in Norfolk using a patented roasting process, which cost the company approximately USD 20 million and developing 10 years.
“Amongst distribution channels, the retail to hold a significant share in the market in 2020”
On the basis of distribution channels, the savory snack products market has been classified into retail, food services, and others. The retail category is to witness higher adoption of savory snack products during the forecast period. This is mainly due to the growing demand for snack products led to an increase in retail e-commerce sales and door-to-door product delivery, which contributed to sales of savory snack products. In addition, Discount options and a wide range of options are providing customers with great value for money, making consumers around the world prefer to purchase groceries and snacks at offline retailers.
“Asia Pacific to hold a significant share in the market”
In 2020, Asia Pacific held a significant share of the global savory snack products market. This is mainly due to the expansion of the retail industry globally by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, flavored snack products are becoming more popular due to busy lifestyles, and consumers are opting for on-the-go and retail products. For instance, In February 2020, PepsiCo’s acquired Be & Cheery also known as Hanfzhou Haomusi Food Co Ltd. The acquisition allowed Pepsico to strengthen its snacks portfolio. It also widened its customer base in the Chinese market by leveraging Be & Cheery’s longstanding brand presence, manufacturing, and sourcing expertise along with innovation and consumer insights capabilities. Furthermore, the availability of several different flavors coupled with rising disposable income of consumers in the Asia Pacific are factors anticipated to drive the global savory snacks market forward during the forecast period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Savory Snack Products market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Savory Snack Products Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global savory snack products market were the three major steps undertaken to create and analyze the adoption of savory snack products in major regions globally. exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Savory Snack Products market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the savory snack products market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the savory snack products market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, flavor, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Savory Snack Products market. Further, we conducted factor analysis using dependent and independent variables such as product, flavor, and distribution channels of savory snack products. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the savory snack products market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global savory snack products market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the savory snack products market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global savory snack products market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global savory snack products market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, flavor, and distribution channel in the global savory snack products market.
The main objective of the Global Savory Snack Products Market Study
The current & future market trends of the global savory snack products market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the savory snack products market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, flavor, and distribution channel.
- Define and analysis of the regulatory framework for the savory snack products
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the savory snack products market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Savory Snack Products market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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