Latest News- Savory Snacks Market: Potato chips is expected to lead the Type segment during 2024-2028

The Savory Snacks Market is being driven by Growing demand for convenience foods

The Savory Snacks Market is expected to grow at a CAGR of 3.85% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 25.6 billion. The global economy has witnessed a significant growth in disposable income, as evidenced by the US Bureau of Economic Analysis (BEA) reporting an increase of USD89.7 billion (0.5%) in disposable personal income (DPI) in March 2022. This trend is not limited to developed countries, as the Organization for Economic Co-operation and Development (OECD) reports an increase in household disposable income across all member nations since 2021. Factors such as the rise in dual-income households, per capita income growth, and a robust employment rate have fueled this income expansion. The resulting enhanced consumer purchasing power and spending capacity is anticipated to drive growth within the savory snacks market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Potato chips
  • Extruded snacks
  • Nuts and seeds
  • Popcorn
  • Others
• Distribution Channel
  • Offline
  • Online
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for convenience foods
• Expansion of organized retail and e-commerce channels
• Introduction of new and innovative snack flavors

However, the market also witnesses some limitations, which are as follows:

• Demand for healthier alternatives
• Fluctuations in raw material costs
• Processed food is considered harmful to health

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Market Scope in Savory Snacks Market Research Report

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Research Analysis Overview

The savory snacks market is influenced by various factors including snacking habits, culture, frequency, and occasions. Impulse purchases and on-the-go snacking are driving the demand for convenience, flavor, and texture variety. Consumers prioritize portion control, ingredient transparency, clean labels, natural ingredients, and whole grain options. Reduced sugar, fat, and plant-based snacks are popular trends. Sustainable sourcing, ethical production, and packaging sustainability are also important considerations. Brands use digital marketing, content marketing, influencer marketing, and brand storytelling to engage consumers and build awareness. Investment opportunities exist in emerging technologies such as artificial intelligence. Food safety, allergen management, product certifications, and consumer reviews also play a role in market growth.

Market Research Overview

The Savory Snacks Market encompasses businesses engaged in the production of packaged Snack Foods, including Salty Snacks such as Potato Chips and Tortilla Chips, Extruded Snacks, Baked Snacks, and Fried Snacks. According to Technavio's market analysis, the global Packaged Foods and Meats industry's size is determined by the consolidated revenue of the participating vendors. This market segment excludes equipment manufacturers and producers of packaged beverages, alcoholic or non-alcoholic. The market's expansion will be fueled by the health benefits linked to minimally processed foods, which are rich in essential nutrients like potassium, dietary fiber, folate (folic acid), vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/