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Savory Snacks Market Size

Report ID: GMI6375
Published Date: Aug 2023
Report Format: PDF

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Savory Snacks Market Size

Savory Snacks Market size was valued at USD 274.2 billion in 2023 and is estimated to grow at over 5.4% CAGR during 2024 and 2032. Busy lifestyles and a preference for quick and easy snacks have boosted demand for savory snacks. Savory snacks come in a wide range of flavors, including traditional, ethnic, and innovative options.

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The rise of snacking culture, especially among millennials and Gen Z, has led to a higher frequency of snacking occasions throughout the day. Consumers seek a variety of savory snacks to satisfy their cravings between meals.

Savory Snacks Market Report Attributes
Report Attribute	Details
Base Year:	2023
Savory Snacks Market Size in 2023:	USD 274.2 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.4%
2032 Value Projection:	USD 431.7 Billion
Historical Data for:	2018 - 2023
No. of Pages:	150
Tables, Charts & Figures:	191
Segments covered:	Product Type, Health & Wellness, Distribution Channel, Region
Growth Drivers:	Growing food industry Increasing snacking applications Growing population
Pitfalls & Challenges:	Price sensitivity Health and Nutrition Concerns Competition from Healthier Alternatives

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Increased awareness of health and nutrition among consumers has led to a demand for healthier snack options. The savory snacks market faces criticism for products high in salt, fat, and artificial additives, leading to a need for healthier formulations and cleaner labels. The rise of healthier snack alternatives, such as nuts, seeds, and fruit-based snacks, poses a challenge to traditional savory snacks, especially those perceived as less nutritious. Savory snacks are often perceived as impulse purchases, and consumers can be price-sensitive. Brands must strike a balance between affordability and offering quality products.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size for savory snacks surpassed USD 274.2 billion in 2023 and will reach USD 431.7 billion by 2032.

Savory snacks market share from the supermarkets segment will grow at around 4.7% CAGR from 2023 to 2032 as these stores offer a wide variety of savory snacks in one location, providing consumers with convenience and easy access to their favorite brands.

U.S. savory snacks market size was worth USD 38.4 billion in 2022 and will expand at a significant pace through 2032 as the consumers in the region lead busy lifestyles and often seek convenient, ready-to-eat snacks for on-the-go consumption during work, travel, or leisure activities.

The Kraft Heinz Company, General Mills, Mondelez International, Conagra Brands, Nestlé – Switzerland, The Hershey Company – USA, The Hain Celestial Group – USA, Calbee, Inc. – Japan, Intersnack Group – Germany, The Wonderful Company – USA, among others.