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Innovation and Future Growth in Snacking
Datamonitor, Nov 2011, Pages: 60
This report looks at how the snacking market is set to grow, and what the innovation looks like. It does so by focusing on the various reasons why consumers snack or choose not to snack, and how industry players can respond to this.
The snacking market is mature, owing largely to the readiness with which manufacturers are targeting snacking occasions. Consumers are becoming less disposed towards eating only at set mealtimes, which continues to drive change and growth. As such, “micro-occasions” are emerging, each of which demand different snacks marketed in different ways. Given this, innovation remains the key to success.
Scope of the report:
- Who, what, where, when, and why: each motivation is dissected to fully understand the occasion and what this means for the snacking industry.
- Overcome the hurdles that stop snacking: see why consumers choose not to snack, and how to counteract this with better formulation and marketing.
- Witness innovation: see best-practice examples of products which are tapping into each type of snacking motivation, and where opportunities lie.
- >Identify “micro-occasions”: discover the subtleties about when consumers snack and how to target them.
- Access unique consumer data: the report comes with detailed consumer survey data for snackers in 20 countries, segmented by both age and gender.
Highlights:
- More than 10,000 SKUs of snacks are launched globally every year. The snacking industry represents an opportunity worth billions of dollars to manufacturers. As a result, competition is fierce and the need to differentiate has never been greater.
- Just over half of consumers state that claims of convenience are influential in their product choice. However, this claim ranks relatively low on the overall scale of factors. Indeed, the more developed the snacking culture, the less convenience matters.
- Overall, over one third of consumers feel guilty after they snack. It is a danger for brands that this can undermine the consumption experience and lead to consumers seeking alternative products in future.<
Reasons to buy:
- What really makes consumers snack? What is stopping them from snacking?
- How does each snacking motivation affect a consumer’s choice of snack?
- How does snacking change at different times of the day and week? How does this affect product choice?
- What are the target demographics for each type of snacking? How can I target new demographics?
- What are the latest innovations in each type of snacking? Where are the gaps in the market?
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