Northbrook, IL 60062 -- (SBWIRE) -- 05/08/2023 -- The savory snack products market is expected to grow from USD 203.9 billion in 2022 to USD 263.0 billion by 2027, with a CAGR of 5.2% during the forecast period in terms of value.

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The growth in demand for these products is primarily driven by consumers' increasing preference for convenience food, especially among working-class populations and college graduates who have busy lifestyles. Savory snacks are also popular as meal alternatives, allowing consumers to quench their hunger without taking additional breaks during their work and helping to prevent overeating during mealtime.

The expansion of the retail industry is also contributing to the growth of the savory snack market, with supermarkets and hypermarkets being the largest sales channels for these products globally. However, there are some challenges, including health issues associated with the consumption of snack products.

Key ingredients such as wheat, corn, vegetable oil, salt, sugar, artificial additives, and preservatives can lead to excess calorie consumption, which may lead to obesity and other health issues.

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On the other hand, the increasing demand for healthy snacks presents an opportunity for the industry to cater to consumers looking for nutrient-rich options. There is also intense competition from unorganized players, especially in the Asian and European regions, where local snack manufacturers prefer low-cost equipment, which can affect the quality of their products.

Despite these challenges, key players in the market include PepsiCo, Kellogg Co, General Mills Inc., Calbee, ITC LIMITED, Mondelez International, Nestle SA, Grupo Bimbo, Hain Celestial, and Blue Diamond Growers.

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