The savory snacks market is projected to grow at a CAGR of 6.5% during the forecast period (2020-2026). The savory snacks market is compelled by the rising demand for convenient food products with the on-the-go trend for snacking options, specifically increasing preference for plant-based snacks. Savory snack companies are coming up with diversified product offerings in terms of flavor profiles and shapes to gain customer attention. However, the market faces challenges with growing consumer preference for healthy snacking choices including reduced fat and sodium content. Also, the high acrylamide content has had become a major concern among manufacturers, as consumers demand transparency in the label claim.

Further, with the growing consumer awareness regarding healthy snacking habits, consumers are looking for something that has more substance or staying power than chips and candies. This has made way for the inclusion of protein-rich snacks, including turkey or lean beef, in regular diet, that, in turn, allows the market players to launch more meat-based snacking options. Conventionally, meat snacks were typically sold in convenience stores, but as more customers demanded healthier and leaner snacks, more and more retail channels have started selling them.

Segmental Outlook  

The global savory snacks market is segmented based on product and distribution channels. Based on the product, the savory snacks market is segmented into extruded snacks, potato chips, nuts & seeds, meat snacks, popcorn, and others. The distribution channel segment includes conventional stores (offline) and online retail. 

Nuts & Seeds Segment to Grow Considerably 

Nuts & seeds segment is growing considerably in the global savory snacks market. Owing to their versatility and superior nutritional profiles, the nuts, and seeds segment has occupied one of the premium places in the global savory snack market. There has been an emerging trend of ‘superfoods’ that have added health-promoting traits over and above their basic nutritional profiles. Nuts and seeds, such as almonds, walnuts, chia, and hemp are increasingly being considered in the category of superfoods, thereby, driving their growth as base ingredients in savory snacks. The concept of the paleo diet has also emphasized protein intake from nuts and seeds. Snack companies are increasingly launching nuts and seeds-based savory snacks that are in line with health and wellness trends.

Regional Outlook

The global savory snacks market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific has expectedly dominated the savory snacks market in 2019 and is projected to sustain its dominance during the forecast period. Further, the market in the Asia-Pacific region is expected to record the fastest growth rate over the forecast period. The emerging economies such as China, India, Vietnam, and the Philippines are seeing an outsized growth, driven by the demographic shifts, and growing trend for premium and healthy snacks. The market in Asia-Pacific is driven by the increasing disposable income and growing urbanization in major economies. Changing consumer lifestyles, product varieties, and growth in distribution channels are some of the factors contributing to the increasing sales of savory snacks. There is great potential in products targeted at teenagers and older children, particularly in the emerging markets. This is because parents are often willing to spend on their children before indulging themselves. In recent times, a key trend that has been witnessed across all markets is reduced package sizes as a way of motivating more frequent snacking, by making it both convenient and easier to control portions.

Global Savory Snacks Market Growth, by Region 2020-2026

Market Players Outlook

The report covers the portfolio of key savory snacks market players including PepsiCo, Inc., the Kraft Heinz Co., General Mills, Inc., and ConAgra Brands, Intersnack Group GmbH, ITC Limited, Lamb Weston Holdings, Inc.,  and The Hain Celestial Group, Inc., among others. These key players have adopted new product launch, continuous innovation, and acquisition as their key developmental strategies to cater to the rising demands for savory snacks. There exists a huge opportunity among companies with new flavor developments and innovations. Also, the regional players have been improving their marketing strategies and retail landscape to increase their market penetration. Major acquisition by PepsiCo in the global savory snacks market includes-

• In February 2020, PepsiCo, Inc. announced to acquire Hangzhou Haomusi Food Co., Ltd, one of the largest online snack companies in China, from Haoxiangni Health Food Co., Ltd. for $705 million. 
• In July 2019, PepsiCo acquired Pioneer Foods Group in a transaction valued at $1.7 billion. The company aimed to expand in South Africa and into sub-Saharan Africa. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global savory snacks market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.