According to MarketsandMarkets, the global savory 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. It is driven by increasing consumer’s inclination toward convenience food and work culture which has shifted towards work-from-home scenario. Additionally, consumers prefer a quick snack to go ahead with the day due to the hectic lifestyle. Moreover, the rising population is exponentially increasing the demand for chips; hence potato chips are anticipated to bolster the market growth in the forecast period.
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The savory snacks product market is majorly driven by the recent change in consumers’ food preference which has significantly shifted due to the change in the way of work-life of the people. The key driving factors for the savory snack products market are changing lifestyles and eating habits, increasing preference towards ready-to-eat packaged food, lower product prices, and booming retail industry.
The US was one of the largest consumers of savory snack products market across the globe. Adopting savory snack products has been a major trend in the country, due to rising income and inclination toward a busy lifestyle. It is largely driven by factors such as the presence of major savory snack product manufacturers, such as PepsiCo, Inc. (US), Kellogg Company (US), and General Mills, Inc. (US), and numerous start-ups such as Tri-Sum Potato Chips and North Fork Potato Chips have been investing in the savory snack products market in the region, to meet the growing demand among consumers.
Based on products, the potato chips segment is estimated to dominate the savory snacks product market in the forecasted period. Potato chips are highly preferred among consumers due to their taste, low price, and easy availability. Moreover, any flavor or spices can be added to potato chips without ruining the taste.
Among various types of flavor, plain/unflavored flavor dominated the savory snacks products market. However, spice flavor is also gaining popularity among consumers across the globe. As regional cuisines have become more globalized, consumer preference for foods that incorporate heat has increased significantly. Moreover, in line with the spicy trend, companies use peppers and Latin flavor combinations.
The savory snack products market is constantly growing with the help of eCommerce players. Advertising is the key focus of the savory snack manufacturers as they are promoting their products through online platforms while collaborating with e-retailers. Moreover, tailored products which are travel-friendly are offered by companies operating currently in the market. The global savory snacks market would experience great heights as consumers are spending more on convenient food items during the forecast period.
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