Baked Savory Snacks Market Poised for Remarkable Growth: USD 83,142.34 Million By 2030

New York, June 21, 2023 (GLOBE NEWSWIRE) -- The global Baked Savory Snacks Market is expected to witness significant growth at a CAGR of 6.8% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for healthy snacks such as multigrain chips, baked plant-based chips, and others.

According to a recent report by Consegic Business Intelligence, the baked savory snacks market is poised for strong expansion and is expected to reach USD 83,142.34 million by 2030. The market, which was valued at USD 49,534.51 million in 2022, is predicted to grow at a compound annual growth rate of 6.8% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Baked Savory Snacks Market.

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Baked savory snacks is a type of snack food that is cooked using hot air instead of oil. Such types of snacks are made using a variety of ingredients and flavors such as cheese, herbs, spices, grains, vegetables, fruit, and grains, among others. Baked savory snacks are the healthier alternative to fried snacks as they contain less oil and fewer calories. Common types of baked savory snacks commercialized in the market are biscuits, cookies, crackers, pretzels, popcorn, and muffins, among others.

Global Baked Savory Snacks Market: Report Attributes

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Global Baked Savory Snacks Market Segmentation Details:

Based on Product Type, the popcorn segment is anticipated to grow at the fastest CAGR over the forecast period in the baked savory snacks market. Popcorn is a whole grain that is high in fiber and antioxidants and helps in reducing the risk of heart disease, diabetes, and hypertension in humans. Further, the consumption of popcorn offers several benefits such as controlling blood sugar levels, fighting tumor cells, reducing the craving for food, lowering cholesterol levels, and relieving constipation. Hence, all the above-mentioned factors are collectively responsible for boosting segment growth over the forecast period.

Based on Distribution Channel, the online segment is expected to grow at the fastest CAGR over the forecast period in the baked savory snacks market. The online channel offers convenience, allowing consumers to browse and purchase baked savory snacks from the comfort of their homes. Online retailers, e-commerce platforms, and company-owned websites have a wide range of options and flavors as compared to physical stores. This allows consumers to explore different brands, flavors, and types of baked savory snacks, catering to a broader range of preferences and dietary needs which are the crucial factors expected to boost the growth of the market over the forecast period.

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Based on Region, in 2022, Asia Pacific accounted for the largest share contribution to the market growth owing to the increasing health-consciousness among consumers which is resulting in high demand for sugar-free snack food products. Further, the presence of a well-developed retail infrastructure with a wide range of supermarkets, grocery stores, and convenience stores, among others are significant factors driving the growth of the baked savory snacks market in the region.

Competitive Landscape

As per the research, Kellogg's Company, Orkla, Europe Snacks, and PepsiCo are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the baked savory snacks market is expected to grow steadily due to the increasing trend for plant-based or vegan snack options. 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.

Recent Developments

• In January 2022, Cornitos, a brand of Greendot Health Foods Pvt. Ltd., expanded its product portfolio with the launch of a new baked snack named Crusties. The company is offering varieties of flavors in crusties including chana crusties dilli chaat, rajma crusties king curry, chana crusties cheesy garlic, rajma crusties lemon chili, potato crusties peri, and potato crusties Italian cheese.
• In July 2021, PepsiCo introduced new healthy snack commitments in Europe to diversify its snack portfolio to include more healthy options. Further, PepsiCo is also focusing to expand the company’s existing brands, including Lay’s Oven Baked to more markets and introducing new snacking ranges.

Key Market Takeaways

• Based on product type, the crackers segment accounted for the highest market share of 25.50% in the baked savory snacks market statistics in 2022.
• By distribution channel, the online segment is expected to grow at the fastest CAGR over the forecast period.
• Europe is expected to grow at the fastest CAGR of 7.3% during the forecast period due to the growing healthcare industry in the region.
• In 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.

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List of Major Global Baked Savory Snacks Market:

• 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.)

Global Baked Savory Snacks Market Segmentation: 

• By Type
  • Biscuits
  • Cookies
  • Crackers
  • Muffins
  • Pretzels
  • Popcorn
  • Others
• By Distribution Channel
  • Offline
    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Specialty Stores
    • Others
  • Online
    • E-commerce
    • Company Owned-Website

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Frequently Asked Questions in the Baked Savory Snacks Market Report

• What was the market size of baked savory snacks 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 baked savory snacks by 2030?

- In 2030, the market size of baked savory snacks will be expected to reach 83,142.34 million.

• What is the key restraint, hampering the growth of the baked savory snacks market?

- The limited shelf life of baked savory snacks is hindering the market growth of the baked savory snacks market.

• What is the dominating segment in the baked savory snacks market, by distribution channel?

- In 2022, the offline segment accounted for the highest market share in the overall baked savory snacks market.

• Based on current market trends, which geographical region contributed the largest share of the market?

- Asia Pacific contributed the largest market share of 38.05% in the baked savory snacks market.

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