North America Savory Snacks Market Is Expected To Witness A CAGR Of 6.1% From 2021 To 2028
North America Savory Snacks Industry Overview
The North America savory snacks market size is expected to reach USD 59.25 billion by 2028, registering a CAGR of 6.1% over the forecast period, according to a new report by Grand View Research, Inc. Growing consumer emphasis on nutritional properties of the product, such as high vitamin & protein content with low calories, is expected to be a major factor contributing to the growth of the market. The rising demand for on-the-go snacks and increasing spending capacities of customers are projected to boost product demand. Several food trends, such as the growing vegan population, rising cases of lactose intolerance, and high demand for healthy snacks are driving the regional market. Consumers have also been increasing their spending on plant-based products as a result of the increased prevalence of certain health conditions including milk allergies.
According to the data provided by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), more than 80 million cases of lactose intolerance were recorded in 2019. According to the statistics provided by Food Allergy Research & Education, in 2019, an estimated 32 million Americans were suffering from food allergies. Thus, increasing cases of allergies and intolerance among adults as well as children are fueling the demand for vegan and healthy savory snack products. The market is highly fragmented owing to the presence of a large number of regional as well as international players. Key manufacturers adopt various strategies like product launches and mergers & acquisitions to enhance their foothold in the market.
North America Savory Snacks Market Segmentation
Grand View Research has segmented the North America savory snacks market on the basis of product, flavors, distribution channel, and country:
Based on the Product Insights, the market is segmented into Potato Chips, Extruded Snacks, Nuts & Seeds, Popcorn, and Others.
- Potato chips was the largest product segment in 2020 and accounted for a revenue share of more than 33%. The segment is anticipated to maintain dominance over the forecast period. Potato chips are a widely popular snack item that can be paired with various kinds of fast foods, such as sandwiches and burgers.
- Nuts & seeds are anticipated to be the fastest-growing product segment from 2021 to 2028. Nuts & seeds are becoming increasingly popular as consumers are looking for healthy snacking options. To meet everyone’s tastes and preferences, the manufacturers are offering a wide variety of options including roasted almonds, cashews, chestnuts, pine nuts, mixed nuts, etc.
Based on the Flavors Insights, the market is segmented into Roasted/Toasted, Barbeque, Spice, Meat, and Others.
- The roasted/toasted snack segment accounted for the largest revenue share of more than 36% in 2020 and is anticipated to maintain dominance over the forecast period. On the basis of flavors, the market has been divided into roasted/toasted, barbeque, spice, meat, others.
- Spice flavor is anticipated to be the fastest-growing product segment from 2021 to 2028. The demand for varied tastes and the increasing popularity of spicy flavors among young consumers are expected to be the key factors driving the segment growth over the forecast period.
Based on the Distribution Channel Insights, the market is segmented into Supermarket/Hypermarket, Specialty Retailers, Convenience Stores, Online, and Others.
- Supermarket/hypermarket was the largest distribution channel segment with a market share of more than 37% in 2020. The segment will expand further at a steady CAGR from 2021 to 2028 due to the presence of a large number of supermarket chains and the changing retail landscape.
- The online distribution channel segment is estimated to register the fastest CAGR from 2021 to 2028. Savory snack manufacturers are capitalizing on the growing consumer preference for online shopping. Although the online segment holds a small market share, it is one of the fastest-growing sources of Ready-to-Eat (RTE) savory snack purchases, in contrast to traditional channels.
Key Companies & Market Share Insights
The market is highly fragmented owing to the presence of a large number of regional as well as international players. Key players in the market adopt various strategies like product launches, product portfolio expansions, and mergers & acquisitions to gain a competitive edge and expand their foothold in the market. Some of the key players in the North America savory snacks market include:
- PepsiCo, Inc.
- The Kraft Heinz Company
- Conagra Brands, Inc.
- Calbee, Inc.
- General Mills, Inc.
- Campbell Soup Company
- Arca Continental S.A.B. de C.V.
- Kellogg Company
- The Hain Celestial Group, Inc.
Order a free sample PDF of the North America Savory Snacks Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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