US Savory Snacks Market is expected to reach around $34.7 billion in 2027, growing at a CAGR of 3.7% during the forecast period (2021-2027). Consumer preferences towards the adoption of convenient and portable items have encouraged market growth. Besides, the growing millennials also enhance the growth of the market, as they majorly focus on flavor and taste along with attractive packaging and branding. But, due to the COVID-19 pandemic, not only public health has been affected, but also the supply chain and production facilities of the food and beverage industry. North America is one of the worst COVID-19 hit regions with cases increasing at an alarming rate, which has consequently impacted each stage of the value chain through the means of the raw materials supply, affected workforce at the industrial level, demand-supply volatility, trade, and logistics, among others, in the food and beverages industry.
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Rising Demand for Savory Snacks Supporting the Market Growth
The US is estimated to register significant growth in the savory snacks market over the forecast period. The US has the largest population in the region with around 328 million in 2019 and more than 81.0% of the population is above 15 years, as per the US Census Bureau. The increase in the youth population demands more food items, creating scope for the savory snacks market growth. Increased concerns of the consumers regarding a healthy diet are a crucial factor mounting the demand for nuts and seeds in the country. The nuts and seeds offer sufficient amounts of protein, micronutrients, and fiber that are useful for good health. One of the most consumed snacks in the US is peanut, owing to its relatively affordable cost as well as nutritious value. The peanuts are grown in a majority of areas in the country. The growth in the retail and e-commerce sector is also encouraging the savory snacks market in the country. As of December 2017, the US had 154,958 stores which generate a revenue of about $550 billion in total sales. Thus, the increase in the retail sales of the foods is likely to create a scope for market growth in the near future.
Scope of the US Savory Snacks Market
Market Coverage
- The market number available for 2020-2027
- Base year- 2020
- Forecast Period- 2021-2027
- Segment Covered- By Product Type and Distribution Channel
- Competitive Landscape- Conagra Brands, Inc., McCain Foods, Ltd., Campbell Soup Co., Mondelez International, Inc., PepsiCo, Inc., JFC International.
Recent Strategic Initiatives in the US Savory Snacks Market
- In February 2020, Campbell Snacks introduced delicious new products to store shelves. The company expanded its portfolio with No-Grain Tortilla Chips made with Tigernut and Cassava flour. Tigernut is a root vegetable native to Spain and Morocco that is naturally gluten and grain-free. Apart from this, the company also launched Goldfish Veggie crackers that are Disney’s Mickey Mouse and Minnie Mouse ear-shaped.
- In September 2019, Conagra Brands, Inc. announced its plan to build a new 4,000 square feet innovation center in Chicago, the US. The innovation center will focus on the innovation relating to snacking which in turn, will propel the company’s snacking innovation business.
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US Savory Snacks Market-Segmentation
By Product Type
- Extruded Snacks
- Potato Chips
- Nuts & Seeds
- Meat Snacks
- Popcorn
- Others
By Distribution Channel
- Conventional Stores (Offline)
- Online Retail
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
