While the salty snack market continues to grow, it is feeling some effects from tightened budgets. Mintel research shows those who report their financial situations as struggling/in trouble are most likely (34%) to have decreased year-over-year salty snack consumption.
Market Studies
Bakeries, foodservice operators and retailers feel the impact of the increase in the cost of living, Baker & Baker’s second Bakery Bites report finds.
The fourth annual State of Snacking report published by Mondelez highlights the expanded role of snacking, as it increasingly replaces traditional meals in consumers’ lives.
Euromonitor International released its Top 10 Global Consumer Trends 2023 report, revealing the top 10 key trends. The report highlights that consumers are spending responsibly but emotionally, the role of digitization in purchasing processes, female equality demands, and a disruptive Gen Z, are some of the factors that will define global consumer trends in 2023.
The UK, the US, Germany and Japan are expected to emerge as major manufacturers as a result of the rising demand for vegan cookies at a compound annual growth rate of 8.9%, according to a study by Future Market Insights (FMI).
The cost of living, inflation, energy prices and climate change/sustainability concerns are set to shape the food and drink trends in 2023, according to research conducted by Campden BRI in partnership with The Food People.
Europe’s bakery market is estimated to grow by USD 41.49 million from 2021 to 2026 at a CAGR of 3.28% according to Technavio. The rising prominence of in-store bakeries in supermarkets notably drives this growth, the researchers find.
As prices continue to rise, IRI observes a return to 1970s and 1980s behavior, with deepening inflation fatigue.
Corn tortilla chips are on track to hold a major proportion of the industry, and the market is expected to grow as a result of the increasing number of product launches in new varieties, according to a new study from ResearchAndMarkets.
In the bakery industry, there is a growing preference for taste, without forgetting health priorities, when deciphering between products among consumers, according to market research done by FMCG Gurus.