The multi-billion dollar worth global snack products market experiences incredible popularity especially as alternative to full-fledged meals. The market is primarily driven by shift in behavior pattern among consumers. Due to hectic living, the demand for snacks and convenient food is higher than ever before. According to a recent study by Transparency Market Research is the chief driver of the snack products market.
Factors such as improving lifestyle and higher willingness to spend have been supporting the expansion of the snack products market. Their changing lifestyle has tipped scales in favor of ready-to-eat meals, which has been holding the dominant share in the snack products market since the last couple of years.
While rising focus on a healthy lifestyle could pose threat, manufacturers are looking at mitigating the challenge via product launches. Further on the advent of healthier snacks across popular categories has helped the market to sustain its momentum in the last couple of years.
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Adopting Vegan Trends – a Strategic Moves among Market Players
As stated earlier, the upward trend witnessed in healthy snacks market is compelling leading brands to rethink their product strategies. Consumer inclination for reading ingredient list before purchasing any food item has compelled leading brands to carefully plan their each step. Clean label products are visibly doing well in the market, which is indicative of dynamic consumer preferences.
Spurred by this, several companies are shifting towards vegan and vegetarian ingredients to be of significance to consumers. They are ensuring their products incorporate attributes such as non-GMO certification and are allergen-free to cater to the demand from health conscious consumers. The market has been witnessing a slew of new launches in this category since the last few years. Plant-based snacks is gaining immense momentum as big brands also show tendency of slipping a few superfood in the ingredient list.
Also, the rising number of meat-free foodies have been pushing for vegan snacks paving way for the market’s expansion in the forthcoming years. TMR sees no signs of this trend slowing down, especially with international organizations such as People for Ethical Treatment of Animals, popularly referred to as PETA, backing the prevalent vegan trends.
TMR believes that 2023 is shaping up to be the most thriving year for vegan snacks. Steered by the launch of vegan cheese and butter, innovations in the vegan snacks market is stoked. Some of the leading U.S. brands such as Cauldron have updated their recipes to make them suitable for vegans.
Others such as Violife are cheddar launching cheese variants and promoting them as the “closest thing to real cheddar”. According to the brand, their product name Epic Mature Cheddar Block successfully mimics the taste and texture of cheddar cheese, crumbling and melting like its traditional counterpart.
Launches such as these witnessed in the market will enable it to gain impetus in the coming years. Especially since consumer behavior is altered amid the unprecedented COVID-19 outbreak, opportunities for healthy snack products are expected to be plenty.
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Leading Brands Focusing on Packaging Innovations to Augment Consumer Appeal
Packaging innovations constitute a crucial ground that the snack products market is expected to excel in. Much like vegan trends, consumers are showing increasing consciousness about environment-friendly goods. Naturally, scales are tipping in favor of sustainable and eco-friendly packaging.
Snack products market has been gaining first-hand experience of this trend. Vegan or natural ingredients do not suffice, consumers are more inclined towards a holistic experience. They are driven by the idea of doing their bit for the nature. Hence companies offering snack products made from natural ingredients and boasting sustainable packaging will inevitable have a competitive advantage.
A majority of leading brands are gravitating towards flexible packaging to offer multi-fold environmental benefits. Flexible packaging leverages the best qualities of paper, aluminum, or plastic materials without compromising on the overall quality of the food. It is versatile and improves the shelf-life of food, which is why the market is witnessing flexible films take over traditional packaging materials.
Besides this, sustainability and intelligent packaging are other two areas enjoying much focus in the snack products market. Staggering growth of awareness among consumers and frequent dialogues on individual responsibilities towards nature has shoved brands away from traditional packaging.
While improving shelf-appeal remains critical, manufacturers also are focusing on latest technologies. Some of them are even incorporating intelligent packaging and nanotechnology to offer greatest convenience to customers. Some of them are using “smart materials” that respond as per the external environment to alert users about the condition of the product within.
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North America Holds Leading Share but Asia Pacific likely to Record Higher CAGR
Regionally, North America has dominance in the global snack products market. Consumers in the region are gradually moving away from traditional snacks, which is favoring the growth of the market in North America. The region also offers impressive scope for innovation in product and flavors. Also consumers in the region show higher willingness to spend on premium products, which is aiding the expansion of the market.
Additionally, the Europe market is poised to surge at an impressive pace. Rapidly increasing appetite for savory treats and snacks among consumers will support growth witnessed by the market in the region. However, in the coming years Asia Pacific is expected to emerge as the most lucrative market. The increasing demand from India, China, and Japan has been creating attractive opportunities for growth in Asia Pacific. The fact that it offers better accessibility to raw materials and cheap labor also is aiding growth in the region.
Some of the leading companies operating in the market are –
- Mc Donald’s
- Yum Brands
- PepsiCo Inc.
- General Mills Inc.
- Mondelez International
- Tyson Foods
- McCain Foods
- Aviko, among others.
Strategies adopted by these companies to gain competitive advantage are fairly influencing the market’s growth trajectory.
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