Snack Food Industry trending towards healthier options
The assortment of food available today to satisfy in-between meal cravings has grown much wider. Confectionary, frozen food, drinks, nuts, seeds, fruits, vegetables, meat – based food, biscuits, noodles and the likes are available in umpteen flavours and taste. Snacking for health or indulgence has now become a common trend. The spontaneity involved in the grab and eat food culture is leading to a lot of business for many companies.
The frequency of snacking in a day has increased and due to time crunches and convenience the meal is being totally replaced by snacks. This change in the eating habits has become the major driver for the snacking market. On the socio –economical level urbanization, higher disposable income, increased working hours, increasing women workforce all together is leading to quick, convenient and healthy food options and snacks which very aptly fit in this.
Though the term “snacking” has been associated with terms like un-healthy, junk etc. but nutritionists suggest that the ill-effects can be minimised when balanced and whole-some snacks are selected. Markets are flooded with gluten – free, no- trans-fat, low- sodium, no MSG, non GMO, whole – grain products which are increasingly being consumed and preferred over the traditional calorie loaded snacks.
To survive and perform in this industry, a company needs to be very responsive to the demographic changes of the target country. From baby boomers to millennials the buying pattern has changed. Localization of taste, a wide product line and innovative flavours are enough to attract a munching mouth. The Snacks market is quite mature in the North American and European regions. While the APAC and Latin American regions have entered the growth phase and have huge growth opportunities favoured by the socio- economic changes in these regions.
Some latest updates from the key industry players.
PepsiCo: With 22 billion dollar brands and presence in more than 200 countries, PepsiCo is a leading player in the snacks category. Bands like Frito-Lay, Tropicana, Quaker Oats, Mountain Dew, Pepsi etc. have made it a household name across the globe. The company recently eliminated its marketing procurement department in order to remain more competitive in accordance to the future business needs. The responsibility will now be held by individual brands.
Kellogg Company: This $14.6 billion company (figures 2014) has been successful in replacing the morning meal with its snacks & cereals and now plans to bring a wide range of new products in 2016. Targeting – women, kids, grab and eat population the company introduces new bold and unique flavours across its various brands. In Pringles – Tortilla Chilli Cheese and Pringles Lightly Salted are two new flavours being introduced. Cheez-it, Nutri-Grain®, Keebler®, Simply Made®, Eggo®, will all see new product extension in the next year.
Diamond Foods (Snyder's-Lance): The Company has been in business for more than 100 years and has recently got a Non – GMO project verification for its entire line of Walnuts (Diamond of California®). The company signed a definitive agreement with Snyder’s Lance Inc. This will lead to a complementary and diversified portfolio for the company.
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