8 Snack Trends to Watch for in 2017
Driven by more urban living and growing demand from developing countries, forecasters say the global market for savory snacks is expected to grow from $94.5 billion in 2015 to $138.2 billion by 2020.
Research from several organizations, including Technomic, FONA International, Sterling-Rice Group and Mintel, points to a similar conclusion, that busier lifestyles are leading to consumers replacing main meals with more flexible, light and convenient snacking options.
Technomic reports that snacking has been on the rise for several years, but the last two years have marked a particularly notable growth, with 83% of consumers in 2016 vs. 76% in 2014 saying they snack daily. The growing trend of “snackification” is driving the demand for portable and on-the-go formats well-suited to the convenience-store retailer.
Here are eight trends to watch …
1. More salty snacks with savory flavors
2. Roasted and toasted
3. Better-for-you continues to grow
4. Packaging and portion size matters
5. Kids are influencers
6. Sweets still in demand
7. Think crickets for protein
8. Breakfast fare for snacks
Source: CSP Daily News
The Five Fastest-Growing Segments in Foodservice
The retail foodservice segment, from grocery stores to convenience stores, is projected to grow by 3% through 2017, according to new data unveiled by Technomic. Its 2016/2017 U.S. Food Industry Universe report provides an overarching look at the entire $1.74 trillion foodservice industry, revealing trends, opportunities and growth projections across restaurant and retail food channels.
While restaurants are expected to outpace retail foodservice, with a growth rate of 4.8% through 2017, Technomic analysts still forecast the strong, ongoing progression of the retail food segment, beyond the expansion of foodservice within conventional supermarkets or “supercenters.” Key findings released by Technomic pointed to the elevation of “nontraditional” food channels, which represent the five fastest-growing segments in the overall food industry:
- Online food services are expected to grow by 19.8% in 2017.
- Fresh-format markets reveal projected growth of 9.1% in the next year.
- Supermarket fresh prepared foods are estimated to grow by about 9%.
- Limited-assortment stores are expected to grow by 6%.
- Independent restaurants/small chains are projected to achieve about 6% growth.
Together, Technomic predicts that these five segments will contribute 43% of the total industry growth through 2017.
As for c-stores, Technomic is anticipating 4.2% nominal growth in 2016 and 4.0% growth in 2017. A perennial c-store competitor, drug chains, is expected to see 6.4% gains this year, and 5.0% growth in 2017.
Source: CSP Daily News