Healthy Snacking Persists as a Stipulation in Snacking Market as Demand for Ethically Sourced Grab-and-go Snack Revs Up
Published : 17 Sep 2018 Industry: Food & Beverage
Snacks market will continue to witness an optimistic growth ahead, finds a new Fact.MR research study titled ‘Snacks Market Forecast, Trend Analysis & Competition Tracking: Global Market Insights 2017 to 2022’. The landscape of snacks market is foreseen to be undergo a sea change in the light of dynamic snacking preferences and high demand for ethically sourced grab-and-go foods. These insights are gleaned from a comprehensive report by Fact.MR, which sheds light on the long-term aspects of global snacks market over the forecast timespan. As per the report, the global snacks market is likely to expand at a moderate CAGR of 5.6% through 2022.
The report highlights the proclivity of manufacturers to come up with new flavors and varieties by considering the sky high expectations of consumers. As per the report, the demand for snacks will be driven by uncompromising demands for both nutrition and indulgence, and products bridging the gap between these two aspects will be gaining momentum. The rising curiosity of consumers to understand the ingredient base of products has also been addressed by the report, which has led manufacturers to offer transparency of ingredients used.
Biscuits are anticipated to be have a promising revenue capture of around US$ 47,813 Mn in the global snacks market by 2022 end, according to the report. The demand for different product types is impacted by multiple factors, ranging from nutritional affluence to portability convenience. While fruit snacks remain the second most attractive product, bars are anticipated to witness monumental sales in the snacks market. The prosperity of bars in the landscape of snacks market can be attributed to the fact that snack bars are steadily replacing complete meals, primarily in fast-paced schedules of the working demographic. The study also recognizes several health-based claims such as gluten-free, non-genetically modified organism (GMO), clean label, and low-sugar to drive the demand for snack bars.
The report illustrates supermarkets/hypermarkets to be well- entrenched in the snacks market, and this dominion is projected continue over the forecast period. Convenience stores and independent retailers, being 2nd and 3rd most lucrative in terms of growth, have been addressed as crucial avenues in the snacks market for manufacturers to focus on. This buoyancy can be attributed to persistent efforts by convenience stores and independent retailers to offer outstanding in-store experiences coupled with a wide-range of varieties to choose from.
The all-inclusive research study also elaborates on the key differential strategies adopted by the key players in the snacks market. Sensing the drift toward healthier snacking options, supporting healthier lifestyles prevails as a crucial area for market players to focus on. The report also identifies several product fortifications in the snacking market to satisfy the dynamic consumer cravings. Key players forging ahead with introduction of trending variants such as croissants in their product portfolio, is an example of product innovation trend addressed in the report of snacks market. The report outlines baby boomers representing prime opportunities in confectionery category, which has ushered to a flurry of snack innovations for the older generation. Products such as drinkable soups are gaining notable prominence in the snacks market, owing to their convenience of portability coupled with nutritional versatility, unveils the report.