The savory snacks products market size is estimated to be valued at USD 203.9 billion in 2022 and is projected to reach USD 263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value. The demand for savory snack products is attributed by the significant change in the work culture which is promoting the demand for savory snacks among consumers.
Key players in this market include PepsiCO (New York), Kellogg Co (US), General Mills Inc. (US), Calbee (Japan), ITC LIMITED (India), Mondelez International (US), Nestle SA (Switzerland), Grupo Bimbo (Mexico), Hain Celestial (US).
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The existing players in the savory snacks products market are fixated upon improving their market shares, while the newer startups are being established rapidly in the savory snacks segment. Savory snacks products can be classified as a fragmented market as it has a large number of organized players at the global level as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies across the globe.
PepsiCo is an US based company was established in 1965 and currently one of the leading players operating in the food and beverage specially in savory snack products market with presence in nearly 200 countries with 22 brands. Some major brands include Lays, Cheetos, Ruffles, Frritos, Doritos, and Walkers. They currently manufacture snacks, such as potato chips, puffs, sticks, corn-based sticks, tortillas, nachos, and beef snacks. It focuses on launching new products in order to gain maximum market share. For instance, in January 2021, PepsiCo announced to launch new Doritos Flamin' hot cool ranch flavored tortilla chips. These new product launches are increasing the brand visibility of the company across the globe.
Kellogg is one of the leading companies in the breakfast cereals and ready-to-eat snacks industries. The company currently offers products in segments, such as crackers, cookies, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, and convenience foods, including ready-to-eat cereals, frozen waffles, veggie foods, and noodles. Special K, Cheeze-it, and Pringles are some of the popular brands of the company, which contribute majorly to its revenues. Kellogg Company is focusing in expanding their production facilities across the globe. For instance, in November 2019, Kellogg Company announced to expand its existing production facility located in Kunto, Poland. This new expansion is helping the company to increase the production capacity of Pringles, a renowned brand of chips across the globe.
Savory Snack Products Market by Product (Potato Chips, Extruded Snacks, Popcorn, Nuts & Seeds, Puffed Snacks, Tortillas), Flavor (Barbeque, Spice, Salty, Plain/Unflavored), Distribution Channel and Region – Global Forecast to 2027
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