Global Savory Snacks Market - Forecasts from 2022 to 2027
The global savory snacks market is expected to grow from US$139.178 billion in 2020 to US$216.416 billion in 2027 at a CAGR of 6.51%. Due to changes in the lifestyle and hectic schedules of the employed population, there has seen an increasing demand for convenience food products like savory snakes all over the world. This has been attributed to the rise of the slavery snacks market.
Savory snacks usually have a salty or spicy taste instead of a sweet flavour. Several ingredients are used during the manufacturing of Savory snacks, such as vegetable oils and seasonings, nuts, fruits, grains, and vegetables. These ingredients make savory snacks rich in nutrients, minerals, vitamins, and fibers. The most consumed savory snacks include potato and corn chips, salted biscuits, pretzels, popcorn, meat snacks, seeds, and nuts.
The increasing demand for on-the-go snacking options is one of the prime reasons behind the steady growth in the Savory snack market. Additionally, the manufacturers are also modifying their products by introducing gluten-free snacks, low-fat snacks, organic, and protein-rich snacks, keeping in mind the awareness of the increasingly health-conscious population. These products are rapidly increasing in popularity. The market growth is also attributed to the introduction of meat snacks such as turkey or lean beef. Moreover, in terms of taste preferences and dietary requirements, the manufacturers are offering a range of diversified products.
Moreover, little research has taken place on the science of snack consumption. For instance, a qualitative study in 2019 by BMH public health on the factors affecting snack consumption in school students was conducted. One of the factors that affect the consumption of unhealthy snacks is fear of obesity, and illness.
Due to the increasing demand by customers to try "something new", many manufacturers have introduced new products or brands to their existing products. The market players have also introduced many innovations in terms of flavour and texture to attract the customers'' attention or attraction.
Due to the COVID-19 pandemic, many countries went into lockdown for nearly a year. This has affected several industries adversely. However, a huge number of consumers had to stay at home for longer than usual, which caused a rise in their consumption of savory snacks. This has boosted the demand for snacks all over the world. This is one of the prime reasons why, even in the lockdown, the savory snacks market globally witnessed growth. Due to the lack of offline sales, consumers found an alternative in online shopping. Thus, the online sale of snacks also increased in this period.
At the same time, due to an increase in awareness towards healthy eating habits, consumers' preference towards meat-based snacks has also risen. This is boosting the market for Savoury snacks globally. Plus, many manufacturers have introduced healthy ingredients in their savory snack packs, such as ingredients with high protein, low-fat, fiber, low sugar, energy, and many more. This has played a vital role in attracting the fitness enthusiastic population as well. Many of the manufacturers have also introduced organic and natural processes in the preparation of the snacks. Due to these factors, it is strongly estimated that the growth in the global savory snacks market during the forecast period will be strong.