The global savory snack market is expected to reach $263 billion by 2027, according to a report from MarketsandMarkets.

The research firm valued the market – which includes potato chips, popcorn, extruded snacks, nuts and seeds, tortillas and puffed snacks – at $203.9 billion in 2022. It is expected to see a compound annual growth rate (CAGR) of 5.2 percent between 2022 and 2027.

Factors driving market growth include busy consumers’ need for convenient, portable and healthy options, the rise of vegan and vegetarian lifestyles, and consumers seeking global flavors.

The nuts and seeds segment is projected to grow at the highest CAGR, driven by consumer preference for snacks that deliver on health, convenience and taste.

The Asia-Pacific region is the fastest growing market for savory snack products, thanks to economic development in countries including China, India, Japan and Australia, increasing urbanization and rising disposable incomes.