The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Savory Snack Products Global Market Report 2024, the savory snack products market is expected to show significant growth in the forecast period.

The savory snack products market has been on an upward trajectory, experiencing robust growth from $118.12 billion in 2023 to a projected $127.02 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 7.5%. This surge in the historic period can be attributed to the escalating demand for convenience food, the surging popularity of snacking, an increase in disposable income, changing lifestyles, and the global expansion of the retail industry.

Key Growth Figures:

• 2023 Market Size: $118.12 billion
• Projected 2024 Size: $127.02 billion
• CAGR (2023-2024): 7.5%
• Drivers: Convenience food demand, popularity of snacking, disposable income rise

Projecting Prosperity

The savory snack products market is poised for continued strong growth, with an anticipated size of $170.68 billion by 2028, boasting a CAGR of 7.7%. The growth in the forecast period is fueled by the increasing demand for healthy and organic snacks, a surge in the craving for premium and exotic flavors, the rise of plant-based snacks, the growing popularity of online retail channels, and an escalating demand for gluten-free and low-calorie snacks.

Future Projections:

• 2028 Projected Size: $170.68 billion
• CAGR (2024-2028): 7.7%
• Driving Factors: Healthy and organic snacks, premium flavors, online retail popularity

Convenience Beckons Growth

The burgeoning adoption of convenience food products stands out as a pivotal driver for the savory snack products market’s expansion. As time becomes a precious commodity, consumers increasingly turn to restaurant meals and ready-to-eat options from grocery stores. Convenience food products, ranging from snacks to ready-to-eat meals, cater to individuals with limited cooking skills or time constraints. For instance, a significant 79% of Indian households preferred instant food due to time constraints, as reported by The Hindu Business Line in July 2021.

Convenience-Fueled Growth:

• Example: 79% of Indian households preferring instant food
• Benefits: Time-saving, ready-to-eat options
• Effect: Increased demand for savory snack products

View More On The Savory Snack Products Market Report 2024 – https://www.thebusinessresearchcompany.com/report/savory-snack-products-global-market-report

Gluten-Free Revolution

A transformative trend in the savory snack products market is the development of gluten-free products by major industry players. Gluten-free options have gained popularity due to health considerations such as celiac disease, gluten sensitivity, and evolving dietary preferences. Rivalz, a US-based food products company, made strides in this area by launching gluten-free savory snacks with a dual-textured composition, offering both crunch and nutrient-rich fillings.

Gluten-Free Transformation:

• Example: Rivalz’s gluten-free savory snacks
• Features: Dual-textured, nutrient-rich, vegan
• Benefits: Appeals to diverse diets and lifestyles

Utz Brands Expands Horizons

In a strategic move, Utz Brands Inc., a prominent US-based snack food company, acquired R.W. Garcia Holdings LLC for $56 million in December 2021. This acquisition broadened Utz Brands’ production capabilities, establishing a footprint in the North, East, and West regions of the United States. R.W. Garcia Holdings LLC, a family-owned company, is known for its high-quality tortilla chips, crackers, and corn chips, contributing to the savory snack products market.

Strategic Acquisition:

• Acquirer: Utz Brands Inc.
• Acquired: R.W. Garcia Holdings LLC
• Benefits: Expanded production capabilities
• Strategic Move: Establishing footprint across regions

Market Dynamics and Segmentation

The savory snack products market is diverse, encompassing a range of products such as potato chips, extruded snacks, popcorn, nuts and seeds, puffed snacks, tortillas, and more. Flavor variations include barbeque, spice, beef, roasted or toasted, and other flavors. Distribution channels span retailers, online platforms, supermarkets and hypermarkets, convenience stores, and other distribution channels. As of 2023, North America dominated the market, with the Asia-Pacific region anticipated to witness the fastest growth in the forecast period.

Market Segmentation Overview:

1. Product Types:
   • Potato Chips
   • Extruded Snacks
   • Popcorn
   • Nuts and Seeds
   • Puffed Snacks
   • Tortillas
   • Other Products
2. Flavors:
   • Barbeque
   • Spice
   • Beef
   • Roasted or Toasted
   • Other Flavors
3. Distribution Channels:
   • Retailers
   • Online
   • Supermarkets and Hypermarkets
   • Convenience Stores
   • Other Distribution Channels

Regional Dynamics:

• Dominant Region (2023): North America
• Fastest-Growing Region: Asia-Pacific (Forecast Period)

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The Savory Snack Products Global Market Report 2024  provides an in-depth analysis on the savory snack products market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the savory snack products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Organic Snack Food Global Market Report 2024

Spices And Seasonings Global Market Report 2024

Canned And Ambient Food Global Market Report 2024

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