Global News and Digital
Insights for the Food and Grocery Industry

Snack market boom: Key trends shaping the future of snacking

The snack industry is in the midst of a significant growth phase, with salty snack sales witnessing a remarkable 15.6% surge in 2022, catapulting to a substantial $28 billion, and showing no signs of slowing down as projections estimate a staggering $38 billion market value by 2028, according to insights from Mintel. At the recent Pack Expo 2023, David Walsh, Vice President of Membership and Communication at SNAC International, spotlighted the key driving forces behind this snacking phenomenon. Notably, snacking frequency has seen a notable uptick, with 49% of consumers indulging in snacks three or more times a day, propelled predominantly by younger generations such as millennials and Gen Z, who frequently substitute meals with snacks. Late-night snacking, in particular, appears ripe for further exploration and innovation. As flavor preferences evolve, spicy options are experiencing robust growth, characterized by nuanced heat profiles that extend beyond mere spiciness. On the sweeter side, berry, cinnamon, and chocolate nut flavours are gaining traction, while global flavours drawn from Latin American, Asian, and Middle Eastern cuisines are making a significant impact. Interestingly, consumers, particularly younger ones, are actively seeking brands that align with their personal values, encompassing social and environmental consciousness, although snack makers should aim for focused and meaningful messaging as opposed to overwhelming products with numerous environmental labels, according to Walsh.

Read more from Bakingbusiness
Share on facebook
Share on twitter
Share on linkedin