Savory Snack Products Global Market Report 2024

Savory snack products are characterized by their salty or spicy flavors, as opposed to sweetness. These snacks typically involve the use of savory ingredients such as grains, starch, vegetables, seasonings, and vegetable oils.

The primary varieties of savory snack products encompass potato chips, extruded snacks, popcorn, nuts and seeds, puffed snacks, tortillas, and others. Potato chips, for instance, are thinly sliced potatoes that undergo frying until achieving crispiness, followed by seasoning. They can be consumed either hot or cold, with flavor options such as barbecue, spice, beef, roasted, or toasted. These snacks are distributed through various channels, including retailers, online platforms, supermarkets, hypermarkets, convenience stores, and others.

The savory snack product market research report is one of a series of new reports that provides savory snack product market statistics, including savory snack product industry global market size, regional shares, competitors with a savory snack product market share, detailed savory snack product market segments, market trends and opportunities, and any further data you may need to thrive in the savory snack product industry. This savory snack product market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The savory snack products market size has grown strongly in recent years. It will grow from $118.12 billion in 2023 to $127.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed during the historic period can be attributed to several factors, including an increased demand for convenience food, the growing popularity of snacking, a rise in disposable income, changing lifestyles, and the expansion of the retail industry globally, coupled with increased urbanization.

The savory snack products market size is expected to see strong growth in the next few years. It will grow to $170.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to several factors, including the growing demand for healthy and organic snacks, an increasing preference for premium and exotic flavors, a rising interest in plant-based snacks, the growing popularity of online retail channels, and an increased demand for gluten-free and low-calorie snacks. Key trends in the forecast period include the emergence of snack hybrids, innovative flavors and textures, a focus on sustainable and eco-friendly packaging, the prominence of premium and artisanal snacks, and a growing emphasis on snacking rituals and occasions.

The growth of the savory snack products market is being fueled by the increasing adoption of convenience food products. Convenience foods, such as restaurant meals and ready-to-eat options from grocery stores, cater to individuals seeking time-efficient solutions in food purchase, preparation, and cleanup. These ready-to-eat products are particularly beneficial for those lacking cooking skills or time to prepare meals from scratch. Notably, 79% of Indian households, as reported by The Hindu Business Line in July 2021, expressed a preference for instant food due to time constraints. Consequently, the surge in convenience food product adoption is a significant driver for the growth of the savory snack products market.

The savory snack products market is expected to witness growth propelled by the increasing prevalence of e-commerce and online shopping. E-commerce, involving the buying and selling of goods and services online, and online shopping, where products are purchased through digital platforms, offer convenience, diverse product selections, detailed information, personalization, and promotional incentives. The global accessibility and direct-to-consumer approach facilitated by e-commerce platforms have created new markets and opportunities for snack companies. For example, data from the United States Department of Commerce in May 2021 revealed a substantial 39.0% increase in US e-commerce sales during the first quarter of 2021 compared to the same period in 2020. This surge in e-commerce and online shopping is a driving force behind the growth of the savory snack products market.

A prominent trend in the savory snack products market is the emergence of strategic partnerships among major companies. To fortify their market positions, companies in the savory snack products sector are increasingly forming partnerships. An illustration of this trend is the collaboration between The Kellogg Company, a US-based savory snack products manufacturer, and Wendy's, a US-based fast-food chain holding company. The partnership led to the introduction of a co-branded Pringles chip flavor, Wendy’s Spicy Chicken. Similarly, Utz Brands, Inc., a US-based savory snack products manufacturer, joined forces with Ferrara, a US-based candy company, to create new snack food variety packs featuring a mix of sweet and salty indulgences like pretzels, cookies, popcorn, and cheeseballs.

Major companies in the savory snack products market are focusing on developing gluten-free products. This emphasis on gluten-free offerings caters to a range of preferences and needs, from medical conditions like celiac disease to personal dietary choices and health and wellness trends. An example is Rivalz, a US-based food products company, launching savory products in August 2023 with single-serving 1 oz packs. These innovative snacks boast a dual-textured composition with a crunchy vegetable-based shell and a nutrient-rich filling, available in flavors like Late Night Pizza, Extra Chedda' Mac, and Spicy Street Taco. With attributes like being vegan, gluten-free, non-GMO, kosher, and free from artificial additives, these snacks cater to various diets and lifestyles, contributing to their appeal.

In December 2021, Utz Brands Inc., a US-based snack food company, completed the acquisition of R.W. Garcia Holdings LLC for $56 million. This strategic move positions Utz Brands to enhance its production capabilities across the North, East, and West regions of the United States. R.W. Garcia Holdings LLC, a US-based family-owned company, specializes in manufacturing savory snack products, including high-quality tortilla chips, crackers, and corn chips.

Major companies operating in the savory snack products market include PepsiCo Inc., Kellogg Company, General Mills Inc., Calbee Inc., ITC Limited, The Hain Celestial Group Inc., Conagra Brands Inc., The Kraft Heinz Company, Mondelez International Inc., Nestlé S.A., Grupo Bimbo S.A.B. de C.V., Aviko B.V., Intersnack Group GmbH & Co. KG, Haldiram's Snacks Pvt. Ltd., Hormel Foods Corporation, Tyson Foods Inc., Lamb Weston Holdings Inc., McCain Foods Limited, Frito-Lay North America Inc., Parle Products Pvt Ltd., Anji Foodstuff Co Ltd., Blue Diamond Growers, Snyder's-Lance Inc., The Hershey Company, Lorenz Bahlsen Snack-World GmbH & Co. KG, Orkla ASA, pladis global, Want Want China Holdings Limited, Arca Continental S.A.B. de C.V., Universal Robina Corporation

North America was the largest region in the savory snack products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the savory snack products market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the savory snack products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The savory snack product market consists of sales of baked snacks, meat snacks, savory biscuits, nuts and seeds, puffed snacks, tortillas. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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