Asia Pacific region is poised for substantial growth in the savory snack products market

 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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During the forecast period, the Asia Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) in the savory snack products market.

The growth of economies like China, India, Japan, and Australia is driving the snacks market in the Asia Pacific region. There has been an increase in the capital intensity of agricultural production, leading to higher agricultural productivity. As a result, there is improved availability of high-quality raw materials such as wheat and corn, which are essential for the snack industry. The urbanized population in this region is increasingly inclined towards convenience foods, which has boosted the consumption of packaged snacks.

North America ranks as the second-largest region in the global savory snack products market during the forecast period. The United States, in particular, has witnessed a significant rise in dual-income and single-person households. With more people working and demanding schedules, snacking has become a common habit. The presence of major savory snack manufacturers like PepsiCo, Inc., General Mills, Inc., and Kellogg Company further drives the market in this region.

Overall, the Asia Pacific region is poised for substantial growth in the savory snack products market, while North America remains a significant player in the industry. The increasing demand for convenience foods and changing consumer lifestyles are key factors influencing the growth of these regions.

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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).

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