Savory Snacks market:
Savory Snacks Market Is Estimated To Witness High Growth Owing To Increasing Popularity of Healthy Snacking and Growing Demand for Ready-to-Eat Food Products
The Savory Snacks market is estimated to be valued at US$ 267.2 billion in 2021 and is expected to exhibit a CAGR of 2.9% over the forecast period 2022-2032, as highlighted in a new report published by Coherent Market Insights.
Savory snacks refer to a wide variety of salty and savory food products that are consumed as snacks. These snacks are known for their distinct flavors and textures, which make them a popular choice among consumers. The market offers a range of products, including chips, pretzels, popcorn, nuts, and others. Savory snacks are widely consumed as a quick and convenient snack option, especially in urban areas where the demand for ready-to-eat food products is high. Moreover, the growing trend of healthy snacking has led to the introduction of innovative and healthier options in the savory snacks market, such as baked chips, low-fat popcorn, and protein-rich nut bars.
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The savory snacks market is primarily driven by the increasing popularity of healthy snacking. With the rising awareness about the health risks associated with unhealthy snacking, consumers are shifting towards healthier alternatives. This has fueled the demand for savory snacks that are made from natural and nutritious ingredients, free from artificial flavors and preservatives. Moreover, the growing urbanization and changing lifestyles have significantly influenced the snacking patterns of consumers, leading to a higher consumption of ready-to-eat food products, including savory snacks.
Another key driver for the savory snacks market is the convenience factor offered by these snacks. The busy and fast-paced lifestyles of consumers, coupled with the need for on-the-go snacking options, have propelled the demand for savory snacks. These snacks are easily portable, require no preparation, and are available in a variety of flavors, making them a
- Increasing demand for healthy and convenient snacks
– The savory snacks market is being driven by the growing consumer preference for healthier food options. As more people become health-conscious, there is a rising demand for snacks that are low in calories, fat, and sodium.
– Healthy savory snacks such as baked potato chips, vegetable chips, and roasted nuts are gaining popularity among health-conscious individuals. These snacks are perceived as a better alternative to traditional fried snacks as they offer the same flavors and textures but with reduced fat content.
– Additionally, the busy lifestyle of consumers has led to an increased demand for convenient snacking options. Savory snacks that are easy to carry and consume on-the-go, such as portion-controlled snack packs and single-serve bags, are gaining significant traction in the market.
– Manufacturers are responding to this trend by introducing a wide range of healthier and convenient savory snack options in the market. This includes products with organic and natural ingredients, gluten-free and non-GMO options, as well as innovative packaging formats for convenience.
- Growing popularity of global flavors and ethnic snacks
– The savory snacks market is benefitting from the rising popularity of global cuisines and flavors. Consumers are increasingly seeking new and exotic taste experiences, and this trend is driving the demand for international and ethnic snacks.
– Snacks inspired by flavors from countries like India, Mexico, Japan, and Italy are gaining traction in the market. These snacks often feature unique seasonings and ingredients that cater to consumers’ desire for new and exciting taste sensations.
– The increasing global travel and exposure to different cultures are also influencing consumers’ snack preferences. People now expect their snacks to reflect the diverse flavors and ingredients they have encountered during their travels, leading to the emergence of fusion snacks that combine elements of different cuisines.
– Market players are capitalizing on this trend by introducing a wide variety of global and ethnic snacks. They are incorporating authentic flavors and ingredients into their products to cater to the growing demand for unique and flavorsome snacks.
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- Health concerns associated with savory snacks
– Despite the growing demand for healthier options, savory snacks continue to face criticism due to their high fat, salt, and calorie content. Regular consumption of such snacks has been linked to health issues like obesity, cardiovascular diseases, and high blood pressure.
– Health-conscious consumers are becoming increasingly aware of the negative impacts of consuming excessive unhealthy snacks and are opting for better alternatives. This has led to a decline in the consumption of traditional savory snacks and a shift towards healthier snack options.
– Manufacturers are facing the challenge of developing savory snacks that have reduced sodium and fat content without compromising on taste and texture. They are investing in research and development to create healthier recipes and production methods to address this concern.
- Intense competition in the savory snacks market
– The savory snacks market is highly competitive with a large number of players competing for market share. This leads to constant price wars and aggressive marketing strategies among manufacturers, which can squeeze profit margins for the industry.
– With the growing demand for healthier snacks and the emergence of new players in the market, incumbents are facing increased competition. Established brands need to constantly innovate to stay ahead and retain their consumer base.
– The wide availability of substitutes, including fruits, vegetables, and other healthier snack options, pose a threat to the savory snacks market. Consumers can easily switch to other options that they perceive as healthier and more nutritious.
– Manufacturers are focusing on product differentiation and diversification to stay competitive. This includes introducing new flavors, packaging formats, and healthier ingredients to attract consumers and differentiate themselves from competitors.
In conclusion, the savory snacks market is being driven by the increasing demand for healthy and convenient snack options, as well as the growing popularity of global flavors and ethnic snacks. However, the market also faces challenges in terms of health concerns associated with savory snacks and intense competition. Manufacturers need to address these concerns by developing healthier varieties and investing in product differentiation to stay competitive in this highly saturated market.
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