Baked Savory Snacks Market Forecast 2023 - 2030
Report ID : CBI_1071 |
| Published Date:
| Format :
| Base Year: | 2022 |
|---|---|
| CAGR: | 6.8% |
| Forecast Year: | 2023 - 2030 |
| Revenue 2022: | $49,534.51 Mn |
| Revenue 2030: | $83,142.34 Mn |
Baked Savory Snacks Market Forecast 2023 - 2030
Market Overview :
Consegic Business Intelligence analyzes that the Baked Savory Snacks market is growing with a healthy CAGR of 6.8% during the forecast period (2023-2030), and the market is projected to be valued at USD 83,142.34 million by 2030 from USD 49,534.51 million in 2022.
Market Definition :
Baked savory snacks consist of salty and flavored snacks. Such snacks are typically made up of dough or batter that is flavored with savory ingredients. Baked savory snacks refer to a variety of food items that are baked rather than fried or cooked in oil. The increasing consumer shift in dietary patterns is boosting the demand for health-based baked snacks to maintain a healthy lifestyle. Baked snacks are considered healthier and more nutritious than fried snacks as they entail less oil and butter usage. Various types of baked savory snacks are available in the market such as biscuits, cookies, chips, crackers, muffins, pretzels, popcorn, and others.
Market Dynamics :
Drivers :
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The rising consumer preferences for packaged food products are propelling the demand for baked savory snacks
With changing lifestyles and hectic schedules, consumers are seeking convenient food options that require minimal preparation. Hence, ready-to-eat meals or pre-packaged snacks such as baked savory snacks provide quick and easy solutions. Baked savory snacks are whole wheat savory snacks that are gluten-free and low in calories and fat with no artificial preservatives and flavors.
Moreover, the key market players are engaging in research and development activities and various business strategies such as mergers and acquisitions to cater to the growing demand for packaged snacks.
For instance, in January 2022, Mondelez International announced the acquisition of Chipita Global S.A, a Greece-based snacks company for a consideration of approximately USD 2 billion. Chipita's products are manufactured across 13 facilities and delivered to more than 50 countries. With this acquisition, Mondelez International aims to further enhance its product portfolio by adding a wide range of baked snacks to meet the growing consumer demand for packaged snacks.
Hence, the growing consumer preferences for packaged food products are fueling the growth of the baked savory snacks market. -
Growing consumer demand for healthy snacks is boosting the demand for the baked savory snacks
Consumers are shifting towards healthy food products such as protein-based snack options for a variety of reasons such as muscle support, energy, healthy aging, weight loss, and general nutrition. Thus, the demand for healthy efficient snack items is providing the opportunity to key players to develop products that are likely to offer convenience and great taste along with healthy ingredients.
For instance, in October 2022, Kellogg Co. introduced the launch of three new flavor blends within its Nutri-Grain brand, including two new fruit and vegetable breakfast bars and new "Bites. The new soft-baked breakfast bars come in strawberry, apple, and carrot flavors and are produced using fruit and vegetable flavors.
Hence, the launch of such new snack products to cater to the growing demand for healthy and convenient snacks is expected to boost the growth of the baked savory snacks market in the coming years.
Restraint :
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The limited shelf life of baked savory snacks is hindering the market growth
The shelf life of baked savory snacks is comparatively less than fried snacks as baked snacks contain less oil, and oil acts as a natural preservative that helps to extend the shelf life of food. Baked savory snacks are made up of natural ingredients which contribute to the shorter shelf life. Natural ingredients are more prone to spoilage as compared to artificial preservatives that are often added to processed food to extend their shelf life.
Additionally, baked savory snacks are more susceptible to moisture than fried snacks. This increased moisture content influences shelf life because increased water in a product raises its susceptibility to microbial growth which further rots and damages the food. Moreover, the moisture content has dramatic effects on the quality of food products and impacts the taste, texture, and appearance of a product. Hence, the limited shelf life of baked savory snacks is hampering the growth of the market
Opportunities :
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The rising demand for plant-based or vegan snacks
Consumers are shifting towards vegan or plant-based products for various reasons such as lactose intolerance, dietary restriction, and other ethical concerns. Hence, this increasing trend of veganism or plant-based products due to various health-related concerns is providing a lucrative opportunity to the key players for the development of plant-based baked snacks.
For instance, Plant-based food brand, Gosh launched a new range of ready-to-eat plant-based Snack Bites in more than 1,000 Aldi stores across the U.K. and Ireland. The snack bites are available in two flavors including plant-based Smokey BBQ Sweet Potato and Moroccan Spiced Veg made from 100% natural ingredients, baked vegan, and free from soy, gluten, and nuts.
Hence, the introduction of such new plant-based snacks to cater to the growing demand of customers is expected to boost the growth of the baked savory snacks market in the coming years.
Baked Savory Snacks Market Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 83,142.34 Million |
| CAGR (2023-2030) | 6.8% |
| By Product Type | Biscuits, Cookies, Crackers, Muffins, Pretzels, Popcorn, and Others |
| By Distribution Channel | Offline (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Others) and Online (E-commerce and Company Owned-Website) |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| Key Players | Kellogg's Company, Orkla, Europe Snacks, PepsiCo, Chaucer Foods Ltd, Hain Celestial, Amplify Snack Brands, Mondelez International, General Mills, Inc., and Cornitos (Greendot Health Foods Pvt. Ltd.) |
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Download Sample ReportMarket Segmentation :
By Product Type :
The product type segment is classified into biscuits, cookies, crackers, muffins, pretzels, popcorn, and others. In 2022, the crackers segment accounted for the highest share of 25.50% in the baked savory snacks market owing to characteristics such as low fats and sugar levels. Crackers are further categorized into soda crackers, saltines, graham crackers, rice crackers, and cream crackers, among others. Thus, the availability of a wide range of crackers with different flavors and textures is contributing to segment dominance.
Moreover, saltine crackers are low in calories, fat, and dietary fibers making them ideal for daily consumption for people with various stomach conditions.
For instance, according to the National Library of Medicine, a study of 45 patients with gastroparesis demonstrated that the consumption of saltine crackers moderately improved gastroparesis symptoms. Hence, the aforementioned factors are collectively responsible for boosting the growth of the crackers segment.
However, the popcorn segment is expected to grow at the fastest CAGR over the forecast period owing to the availability of various flavors of popcorn including caramel corn, butter, kettle corn, chocolate, and cheese, among others. Moreover, popcorn offers several benefits such as supporting healthy bone function, being rich in antioxidants, boosting the metabolism, and reducing depression. Thus, the abovementioned benefits are boosting the growth of the popcorn segment over the forecast period.
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Download Sample ReportBy Distribution Channel :
The distribution channel segment is classified as offline and online. In 2022, the offline segment accounted for the highest share of the baked savory snacks market as baked savory snacks are available in a wide range of stores including hypermarkets and supermarkets, convenience stores, specialty stores, and others. Such types of offline stores provide a personalized customer experience to seek guidance, ask questions, and receive immediate assistance in selecting the required product.
Furthermore, offline retail allows customers to physically examine the food product before purchasing by checking product ingredients, inspecting the packaging, and verifying expiry dates. Thus, the aforementioned factors are contributing to the dominance of the offline segment.
However, the online segment is expected to grow at the fastest CAGR during the forecast period. The growth of this segment is attributed to the shift in customer behavior of shopping online through e-commerce websites and company owned-websites. The online segment offers the convenience of easily browsing through a wide range of snacks, comparing prices, reading reviews, and making purchases.
Moreover, the facility of home delivery provided by online sales channels is further contributing to the growth of the baked savory snacks market.
By Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportIn 2022, Asia Pacific accounted for the highest market share at 38.05% and was valued at USD 18,847.88 million, and is expected to reach USD 31,743.75 million in 2030. In Asia Pacific, China accounted for the highest market share of 32.35% during the base year of 2022. The growth is attributed to the rising healthy snack production in China, India, Japan, and Australia. In addition, key market players in the region are constantly expanding and innovating their product portfolio to offer healthier and tastier baked snack options to customers.
For instance, Dabur, an India-based company introduced the launch of value-added party snacks and dry fruit under Real Health to deliver nutritious products to consumers to elevate their overall snacking experience. Hence, the aforementioned factors are driving the growth of the baked savory snacks market in the region.
However, Europe is expected to grow at the fastest CAGR of 7.3% over the forecast period in the market owing to the increasing demand for ready-to-eat healthy meals such as baked savory snacks, particularly in U.K. and Spain. Moreover, the key market players in the region are engaging in various business strategies such as mergers, acquisitions, and product launches to cater to the growing demands for healthy snacking options for customers.
For instance, in November 2022, The Savourists, a UK-based brand launched a range of savory bars that are gluten-free and low in sugar. These savory bars are available in two flavors such as black olive & nori seaweed and sundried tomato & herb.
Hence, the introduction of such products is expected to boost the revenue growth of the baked savory snacks market in the region over the forecast period.
Details Countries Growth Insights
Download Sample ReportBaked Savory Snacks Market Competitive Landscape:
The baked savory snacks market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- Kellogg's Company
- Orkla
- Europe Snacks
- PepsiCo
- Chaucer Foods Ltd
- Hain Celestial
- Amplify Snack Brands
- Mondelez International
- General Mills, Inc.
- Cornitos (Greendot Health Foods Pvt. Ltd.)
Recent Developments :
- In September 2022, Kellogg's Company and McKee Foods Corp. introduce their partnership to launch Kellogg's Little Debbie Nutty Buddy cereal. The new cereal contains flavors of chocolate and roasted peanut butter with cereal pieces coated in fudge.
- In January 2022, Mondelez International completes the acquisition of Chipita Global S.A., the high-growth European leader in croissants and baked snacks. The acquisition is focused on accelerating growth in core snacking adjacencies while continuing to expand the footprint of the company in key markets.
Frequently Asked Question
What was the market size of the baked savory snacks industry in 2022?+
In 2022, the market size of baked savory snacks was USD 49,534.51 million.
What will be the potential market valuation for the baked savory snacks industry by 2030?+
In 2030, the market size of baked savory snacks will be expected to reach USD 83,142.34 million.
What are the key factors driving the growth of the baked savory snacks market?+
The rising consumer preferences for packaged food and growing consumer demand for healthy snacks are the key factors driving the growth of the baked savory snacks market.
What is the dominating segment in the baked savory snacks market, by product type?+
In 2022, the crackers segment accounted for the highest market share of 25.50% in the overall baked savory snacks market.
Based on current market trends and future predictions, which geographical region will have the fastest impact on the baked savory snacks market's growth in the coming years?+
Europe is expected to be the fastest-growing region in the market during the forecast period.
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