Savory Snacks Market Size

Savory Snacks Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The snack food market is expected to grow at a CAGR of 5.1% from 2024 to 2032. The CAGR for this forecast period is 4.23%. The growth of this market is driven by the increasing trend of consumers opting for convenient and on-the-go snacks, along with the rising demand for healthier snacks. As consumers become more health conscious, there is a shift towards snacking that offers nutritional benefits such as high-protein, low-fat, and organic ingredients, which are being increasingly incorporated into the product portfolios of key players in the market. Also driving growth is the technological advancement in food processing and packaging, which enables manufacturers to improve the quality and shelf life of their products while retaining their flavor and texture. The key players in the market, such as PepsiCo, Mondelez, and General Mills, are investing in research and development to launch new products that meet the evolving preferences of consumers. These players are also strengthening their positions in the market through strategic initiatives such as collaborations and acquisitions. PepsiCo’s acquisition of Bare Foods, a company that specializes in healthy snack foods, is an example of this trend. The aforementioned factors will continue to play a key role in shaping the future of the snack food market.

Regional Market Size

Regional Deep Dive

Savoury snacks are experiencing dynamic growth in several regions, driven by changing consumer preferences, increased snacking occasions, and the growing focus on health and well-being. North America is characterised by a strong demand for healthy, nourishing and flavoursome snacks. Europe combines tradition and modernity. Asia-Pacific is characterised by the rapid urbanisation and the trend towards convenient foodstuffs, which are driving the market’s expansion. The Middle East and Africa are characterised by a focus on local specialities and premium products, while in Latin America the rich cultural heritage is being translated into unique savoury snacks.

North America

• Plant-based snacks have become a major force in the savory snack industry.
• Besides, resealable bags and eco-friendly materials are being used by PepsiCo and Mondelez International to improve convenience and reduce the impact on the environment.
• The regulations concerning the labelling and the dietary recommendations of food are forcing manufacturers to reformulate their products in order to meet the demand for healthier products and to guarantee the transparency of the information on the label.

Europe

• In the meantime, the trend towards premiumization has gained ground. Brands like Kettle and Tyrrells are using the highest quality ingredients and artisanal production methods to lure the most demanding consumers.
• Health trends are also driving the development of snacks with fewer calories and without gluten. Walkers and Pringles have already launched new product lines to meet these demands.
• The regulations governing the labelling of food in the European Union have had a strong influence on the development of new products, and have led manufacturers to adopt a clearer labelling system and more transparent ingredient tracing.

Asia-Pacific

• Urbanization and changing lifestyles have increased the demand for food on the move, which is why companies like Nestlé and Unilever have launched products in this segment.
• The popularity of the old snack is revived by modernity, and the reintroduction of the old snack is the introduction of the local flavor, such as Lay's.
• It is in the interests of the manufacturer to reduce the amount of salt and artificial additives in the savory snacks, which is in line with the trend of healthy eating among consumers.

MEA

• Hence the growth of the market for imported and expensive savoury snacks, and the success of brands such as Almarai and Chipsy.
• Local tastes and ingredients are beginning to be taken seriously, and Bisco Misr has introduced products to suit local tastes and preferences.
• In order to ensure food safety and quality, the regulatory framework is evolving, thereby forcing the food industry to invest in compliance and quality assurance.

Latin America

• Brands like Frito-Lay and Bimbo are able to use the rich diversity of the cuisine of the region to create savory snacks that appeal to the tastes of the consumers.
• The demand for healthy snacks is increasing, and to meet it, manufacturers are introducing baked and low-fat varieties.
• Economic factors such as rising prices for raw materials are affecting production costs and price strategies for snack manufacturers in the region.

Did You Know?

“In the United States, almost half of the consumers snack at least twice a day, which indicates the growing importance of savory snacks in the daily diet.” — Statista, 2023

Segmental Market Size

The savory snack industry is a dynamic market, with a stable growth rate, driven by the change in consumer taste for convenient and tasty snacks. It is also driven by the growing inclination to snack on the go and the growing popularity of healthier alternatives, such as baked or grilled snacks. The expansion of distribution channels, including e-commerce, also increases the availability and variety of products for consumers, further increasing the interest of the market.

The food industry is in a state of enlightened development, and the companies PepsiCo and Mondelez are at the forefront in product development and distribution. Examples of this are the launch of snacks with vegetable ingredients and gluten-free products that meet the demands of health-conscious consumers. Savory snacks have a wide range of uses, from eating at home to taking with you on the go. The growth is accelerated by macro trends such as the trend towards clean label and sustainable production. Brands are increasingly using eco-friendly packaging and transparent ingredients. Also, new technology such as advanced flavouring and smart packaging contribute to the product's appeal and shelf life.

Future Outlook

The Savoury Snacks Market is expected to show significant growth between 2024 and 2032, when it is expected to rise from $129.3 billion to $188.9 billion, at a compound annual growth rate (CAGR) of 4.37%. Its growth is largely due to changing consumer preferences, such as the growing trend towards on-the-go snacking and the increasing demand for healthy snacks. Savoury snacks that are fortified with nutrients, organic ingredients, and lower in artificial additives are expected to grow in popularity. By 2032, it is expected that almost 30% of savoury snacks will be positioned as healthy snacks, to cater to the growing segment of health-conscious consumers.

Technological advances and innovation will play a vital role in the future of the savory snack market. The integration of smart production processes and automation in production is expected to increase efficiency and reduce costs. It will also enable companies to react quickly to changing demand. In addition, the growth of e-commerce is changing the distribution channels and making savory snacks more easily accessible to consumers. The new trends such as plant-based snacks and ethnic snacks are also expected to gain momentum as they appeal to a wide range of consumers. The use of eco-friendly packaging and sourcing practices will also drive market growth as they are in line with consumers’ values and government regulations aimed at reducing the impact on the environment.