Snacking insight
The world is snacking more than ever, according to three new reports from research firm TechNavio, which highlight market growth rates and trends set to impact the global cereal bar, savory snacks and confectionery markets. The markets are posting CAGRs of 3.77%, 4.57% and 5.06% respectively.
The new reports highlight the increasing popularity of cereal bars, premium chocolates and confectionery items, which has propelled growth across all snack food markets. These days, more and more people are turning to savory snacks and confectionery items as a source of hunger satisfaction between meals and this change has led to increased product sales.
The report also emphasises the increasing populations and related jump in demand from developing countries. Previously, the geographical spread of cereal bars and savory snacks was limited to western countries and eastern countries consumed snack foods in relatively negligible quantities.
“Changes in lifestyles along with an increase in the disposable income of people in developing countries have increased the consumption of snacks like cereal bars, candy and chips,” says Faisal Ghaus, vice president of TechNavio. “Now, these countries are the next destination for international vendors in these markets, which will enhance the market growth over the projected period.”
