Circana™, an advisor on the complexities of consumer behavior, has published a comprehensive analysis of the snacking market, providing valuable insights and strategies for sustained growth and innovation. The analysis explores various aspects of snacking behavior and highlights the continued importance of shelf availability as a key factor influencing consumer purchasing decisions. While 84% of snacking categories have improved shelf availability, some categories have seen mixed results, highlighting the need for continued monitoring and adaptation to meet consumer demand.
Flavor and taste are king in the snacking world, with 83% of consumers saying they will choose snacks with their favorite flavor. Despite economic constraints, consumers remain loyal to familiar products, encouraging purchases and highlighting the need to leverage integrated marketing strategies to drive engagement.
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“Consumer behavior continues to evolve, making it critical for brands to innovate and differentiate in a competitive snacking market,” said Sally Lyons Wyatt, Global Executive Vice President and Chief Advisor, Consumer Goods & Foodservice Insights at Circana. “Understanding trends such as the growing demand for indulgent products to provide a momentary escape from daily stress, the rise of snacking as a meal replacement due to busy lifestyles, the need for healthy snacks to help replenish daily nutrients, and the importance of convenience on-the-go can help brands effectively customize their offerings to help consumers find the right balance and meet their changing needs.”
Increased screen time presents a huge opportunity for snack brands to connect with consumers. With 34% of consumers turning to social media to discover new snack foods and trends, snack brands have a unique opportunity to engage with their target audience and build deeper connections. With 20.2% of mealtimes occurring while watching a television show, it’s clear that screen time is closely tied to snacking habits. By aligning with relevant cultural moments and occasions, brands can capitalize on viral trends to spark consumer excitement, potentially leading to increased engagement and sales.
“Brands that prioritize optimizing price-package structures, streamlining their supply chains and leveraging loyalty programs are well-positioned to not only meet but exceed evolving consumer demand,” said Darren Seifer, industry advisor for Circana’s Consumer Goods & Foodservice Insights. “By focusing on these strategic imperatives, brands can build stronger relationships with customers and drive sustained growth and long-term success in an ever-changing snacking market.”
*Source: The Snack Journey: Where We Are and Where We’re Going Webinar, April 2024
