New Circana Research Examines $214 Billion Snack Market
May 15 2024 - 9:05AM
Circana™, the leading advisor on the complexity of consumer
behavior, has released a comprehensive analysis of the snack
market, offering valuable insights and strategies for sustained
growth and innovation. The analysis explores various facets of
snacking behavior, highlighting the enduring importance of on-shelf
availability as a critical factor influencing consumer purchasing
decisions. While 84% of snack categories have improved their
on-shelf availability rates, certain categories exhibit mixed
results, underscoring the need for continuous monitoring and
adaptation to meet consumer demand.
Flavor and taste reign supreme in the
snacking universe, with 83% of consumers reporting they choose
snacks that have a flavor they prefer. Despite economic
constraints, consumers remain loyal to familiar products,
emphasizing the need for incentivizing purchases and leveraging
integrated marketing strategies to drive engagement.
“As consumer behaviors continue to
evolve, it’s crucial for brands to innovate and differentiate
themselves in the competitive snack market,” said Sally Lyons
Wyatt, global executive vice president and chief advisor of
Consumer Goods & Foodservice Insights at Circana. “By
understanding trends, such as the increasing demand for indulgent
offerings as a temporary escape from daily stressors, the rise of
snacking as a meal replacement due to busy lifestyles, the need for
better-for-you snacks to assist with daily nutrition, and the
importance of on-the-go convenience, brands can effectively tailor
their offerings to help consumers find the right balance and meet
their evolving needs.”
The rise of screen time presents a
significant opportunity for snack brands to connect with consumers.
As 34% of consumers turn to social media to discover new snack
foods and trends, snack brands have a prime opportunity to engage
and form deeper connections with their target audiences. With 20.2%
of eating occasions occurring while watching TV programs, it’s
evident that screen time has become intertwined with snacking
routines. By aligning with relevant cultural moments and occasions,
brands can capitalize on viral trends and ignite excitement among
consumers, potentially driving increased engagement and sales.
“Brands that prioritize the
optimization of their price pack architecture, streamline their
supply chain, and leverage loyalty programs are poised to not only
meet but exceed evolving consumer demands,” said Darren Seifer,
industry advisor for Consumer Goods & Foodservice Insights at
Circana. “By focusing on these strategic imperatives, brands can
cultivate stronger relationships with their customers, driving
sustained growth and long-term success in the ever-changing snack
market.”
*Source:
The Snack Journey: Where We Are and Where We’re Going
Webinar, April 2024
About CircanaCircana is the leading advisor on
the complexity of consumer behavior. Through unparalleled
technology, advanced analytics, cross-industry data, and deep
expertise, we provide clarity that helps almost 7,000 of the
world’s leading brands and retailers take action and unlock
business growth. We understand more about the complete consumer,
the complete store, and the complete wallet so our clients can go
beyond the data to apply insights, ignite innovation, meet consumer
demand, and outpace the competition. Learn more at circana.com.
Shelley Hughes
Circana
+1 312-731-1782
Shelley.Hughes@IRIworldwide.com