SNAC International, the snack-centric trade association, has announced the release of its “2023 State of the Industry Report”, in a special edition of their annual magazine SNAC World. The report highlights key insights and emerging trends shaping the future of this dynamic sector.
“I am especially proud of the work to define the economic impact of the snack industry,” stated Christine Cochran, CEO, SNAC International. “This report provides valuable insights and strategic guidance to support industry stakeholders. As the industry undergoes rapid changes and consumers seek healthier, more sustainable snacking options, it is crucial for businesses to stay informed and adapt to emerging trends.”
The “2023 State of the Industry Report,” brought together by Circana (previously known as IRI) and Sosland Publishing, takes a deep dive into the latest industry trends, sales/unit data, new product innovation, and insights from leading industry innovators.
The report will reveal important insight into market growth and size, as the snack food industry represents 27% of all food and beverage sales in the U.S. with snack and snack adjacent sales totaling US$186.4 billion; economic impact, as an industry that employs 359,000 individuals; consumer preferences, as more than 25% consumers reportedly snack every afternoon and innovation and product development, as 88% of consumers say flavour is important when making their choices, and consequently, snack producers are finding inspiration for new, interesting flavours from around the world.
Category-specific data revealed the pretzel category experienced 2.3% growth in unit sales with 17.5% increase in dollar sales. Corn snacks’ spicy flavors and their healthy halo are the key to their success seeing a 3.6% increase in unit sales and 21.1% growth in dollar sales.
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