North America to be the the second-largest region in the savory snack products market by 2027

The Savory Snack 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 market is driven by shifting consumer preferences to the convenience food or on-the-go food owing to their increasing hectic lifestyle. Furthermore, these savory snack products have emerged as a meal alternative for many working-class populations and college grads. Savory snack products help to quench their hunger without taking any extra breaks during their work and also helps them to restrict themselves for overeating during the mealtime. Therefore, the demand for savory snacks has increased significantly across the globe.

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By region, Asia Pacific is projected to grow at the highest CAGR during the forecast period

The snacks market in the Asia Pacific region is estimated to grow, owing to the growth of economies such as China, India, Japan, and Australia. The capital intensity of agricultural production is increasing in this region, resulting in higher agricultural productivity. This is causing an easier and better availability of good-quality raw materials such as wheat, and corn, required by the snack industry. Nowadays, rising consumers’ inclination towards convenience food in an urbanized world has boosted the consumption of packaged snacks.

North America is the second-largest region in the savory snack products market in the forecast period.

North America is the second-largest region in the global savory snack products market in the forecast period. The number of dual-income and single-person households is significantly growing in the US. With the workforce increasingly comprising people of all gender identities, the schedules become more demanding, leading to snacking as a habit. The presence of major savory snack manufacturers such as PepsiCo, Inc. (US), General Mills, Inc. (US), Kellogg Company (US), among others, further drives the market in the region.

Impact of COVID-19 on savory snack products market:

The COVID-19 pandemic has a significant impact on the overall food & beverage industry. The isolation rules have resulted in short supply and even cancellations, which is hampering the local/domestic players in the market. Due to the pandemic, there is a decrease in the manufacturing and supply of ingredients for the food & beverage industry.

The pandemic has significantly changed the customers' food preferences and pushed them to include many healthy and nutritious food products. As a result, in the upcoming years, consumer demand for nuts & seeds, fruit & vegetable-based foods, and products derived from natural sources is expected to gain a higher level of significance.

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Key players in this market include PepsiCo (US), Kellogg Co (US), General Mills Inc. (US), Calbee (Japan), ITC LIMITED (India), Mondelez International (US), Nestle SA (Switzerland), Grupo Bimbo (Mexico), Hain Celestial (US), and Blue Diamond Growers (US).

I am a market research analyst in agriculture and food & beverages domain