Savory Snack Products Market Worth USD263bn by 2027

According to a recent report published by MarketsandMarkets, the global Savory Snack Products Market size is estimated to be valued at USD203.9bn in 2022 and is projected to reach USD 263bn by 2027, recording a CAGR of 5.2% during the forecast period in terms of value. The market is driven by shifting consumer preferences to convenience food or on-the-go food owing to their increasing hectic lifestyle. Furthermore, these savory snack products have emerged as a meal alternative for many working-class populations and college grads. Savory snack products help to quench their hunger without taking any extra breaks during their work and also helps them to restrict themselves from overeating during the mealtime. Therefore, the demand for savory snacks has increased significantly across the globe.

The nuts & seeds product segment is projected to grow at the highest CAGR in the global savory snack products market

Based on product, nuts & seeds segment is forecasted to grow at the highest CAGR from 2022 to 2027. Consumers’ preferences for snacks that deliver health, convenience, and taste have sparked recent innovations in several healthy snack segments. This is expected to drive the growth for nuts & seeds.

The plain/unflavored segment was the largest flavor segment in the global savory snack products market

Taste leads the way to the growing focus on gut health, immune support, and emotional well-being. Plain and unflavored snacks are becoming consumers’ first preference. The COVID-19 pandemic has affected consumers deeply emotionally, changing priorities and perceptions about health and wellness. Emerging flavors and ingredients impact the proactive consumer, looking for functionally forward food that helps them achieve their overall health and wellness goals.

Foodservice segment is anticipated to be the fastest-growing form in the global savory snack products market

Foodservice includes all those businesses, institutions, and companies that serve food to people outside their homes, including restaurants, food chains, schools, hospital cafeterias, and other foodservice formats. Savory snacks manufacturing companies are entering into strategic partnerships and agreements with food service restaurants to make their products available to consumers.

North America is the second-largest region in the savory snack products market in the forecast period

North America is the second-largest region in the global savory snack products market in the forecast period. The number of dual-income and single-person households is significantly growing in the US. With the workforce increasingly comprising people of all gender identities, the schedules become more demanding, leading to snacking as a habit. The presence of major savory snack manufacturers such as PepsiCo, Inc. (US), General Mills, Inc. (US), Kellogg Company (US), among others, further drives the market in the region.