The global snacks industry has demonstrated success in overcoming the many challenges faced over the past few years (eg COVID-19 and inflation). Consumers and governments are increasingly scrutinizing snacks’ nutrition. The industry is reinvigorating product innovation to meet reopened society demands. And supply chains are being restrengthened to return volumes to growth. Sustainability, technology and innovation will remain as core pillars needed to transform the industry and realise growth.
This report comes in PPT.
Persistent snacking habits from prior years and return to busier lifestyles are pushing forward the need for convenient nutrition that snacks provide. Consumers are expected to further integrate snacks into their diets with the industry’s support of expanded occasions - acting on modified expectations for impulse purchases.
With rising costs, the places and ways consumers are seeking out snacks are changing with both affordability and cravings considered. Particular channels, such as warehouse clubs, discounters and e-commerce for their value offerings, are seeing growth spurts.
The industry is rapidly evolving category strategies, in part, to maintain momentum while acting on growth opportunities amidst economic headwinds. Brand leverage, strategic partnerships, and mergers and acquisitions are some activities to be seen.
Functional, free from and fibre-filled remain continuing priorities, among others, as healthy snacking develops amidst new regulations and concern from consumers.
Whether the snack has pastime particularities or novel sensorial appeal, the dimensions of snacking are expected to stretch further to fill snackers’ value gaps.
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