Eating, drinking and trending: Snack Attack
If research from the Specialty Food Association and Mintel is correct, the market for a snack or more is growing (along with our waistlines).
If research from the Specialty Food Association and Mintel is correct, the market for snacks is growing (along with our waistlines?). Sales reached $127 billion reflecting a 15 percent increase between 2014-2016. While this might not seem significant, when compared with all food sales, where retail sales increased only 2.3 percent – the increased growth of specialty food items is remarkable.
The snacking segment holds 28 percent of the total specialty food market and sales reached $16.3 billion (2016), representing a 16 percent jump. Of the 13 snack segments, approximately half experienced growth of more than 20 percent with jerky and meat snacks in the lead.
Market Share. What You are Eating
• Refrigerated lunch and dinner entrees: 33 percent of market
• Yogurt and Kefir: 27.2 percent of the market
• Frozen lunch and dinner entrees: 18.1 percent of market
• Bread and baked goods:15.8 percent of market
• Chips, pretzels, snacks: 13.3 percent of market
• Cheese and plant-based cheese: 12.4 percent of market
• Coffee and cocoa: 12.0 percent of market
• Frozen and refrigerated meat, poultry and seafood: 11.4 percent of market
• Chocolate and other confectionary: 10.0 percent of market
• Condiments, dressing and marinades: 8.1 percent of market
People are snacking more than ever, with 65 percent of consumers spending $140.3 billion in retail and food service sales (2017), an 11 percent increase since 2015. Millennials are a convenience-oriented market and this group drove sales in multi-unit grocery and mass markets.
If you are a manufacturer, you are a happy camper as net profits have increased 18 percent despite growing costs for certification, ingredients and products.
Read the full article at wines.travel.