The Asia Pacific Baked Savory Snacks Market would witness market growth of 7.3% CAGR during the forecast period (2023-2030).
Millennials' expanding appetite for refreshments is expected to contribute to the development of the industry during the forecast period. Growing consumer awareness of the health benefits of salted snack consumption is a key trend that has a significant impact on the growth of the market. Savory treats that are low in calories and gluten-free are appropriate for people with obesity or diabetes. Since consumers have concerns regarding the food they ingest, they invest their money in sugar-free, nutritious foods.
The food and beverage industry are developing sugar-free products in an effort to combat diabetes. In addition, it is anticipated that the availability of diverse flavors and the rising disposable income of consumers in Asia Pacific will boost the market throughout the forecast period. Furthermore, the rising demand for potato chips is anticipated to increase the market in the coming years.
Time is becoming increasingly limited for these city dwellers. It is not surprising that the elevated value of time directly affects the dietary behaviors of Asian consumers. Asia Pacific consumers prefer food preparation options that require less time, such as food service delivery, prepared dishes, and packaged snacks. Packaged snacks' portability and RTE nature make them ideal for on-the-go consumption. Since Asia Pacific becomes more urbanized and modern grocery retailers become more developed, consumers are transitioning from consuming unpackaged snacks at home or purchasing traditional street snacks from food cycles or trucks to having readily accessible packaged snacks. Consequently, the growth prospects in the region are anticipated to increase significantly.
The China market dominated the Asia Pacific Baked Savory Snacks Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,906.3 million by 2029. The Japan market is registering a CAGR of 6.6% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 8% during (2023 - 2030).
Based on Product, the market is segmented into Chips & Crisps, Nut & Seeds, Popcorn and Others. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online Retail and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Baked Savory Snacks Market is Projected to reach USD 80.9 Billion by 2030, at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Mills, Inc., Kellogg Company, Orkla ASA, PepsiCo, Inc., Chaucer Foods Ltd. (Pilgrim Food Group PLC), ITC Limited, The Hain Celestial Group, Inc., Amplify Snack Brands Inc (The Hershey Company), Consolidated Biscuit Co. Ltd, and Europe Snacks Group.
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