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NEW YORK -- Americans may be cutting back and shopping smarter as the economy recovers from the recession, but according to a new report by market research publisher Packaged Facts, they're also snacking more often.
The report, titled "Snack Foods in the U.S., 4th Edition," states that U.S. retail sales of packaged snacks grew to $64 billion in 2010, an increase from $56 billion in 2006 for a compound annual growth rate of 3 percent. Sales are expected to continue upward to $77 billion by 2015, with annual growth rates projected to hit 3.5 percent in 2011 and 4 percent by 2013.
"The boundaries between meals and snacks are growing ever blurrier, creating consumer consumption habits that will resonate for generations," said David Sprinkle, research director and publisher of Packaged Facts. "The children of today, comfortable with replacing entire meals with snacks, will pass these lifestyle traits on to their children, ensuring that snacking will remain a big part of American life."
A strong motivator for food and beverage purchases is health, the report said. According to Packaged Facts' March 2011 Food Shopper Insights Survey, 69 percent of adult consumers surveyed actively work to improve their physical health, and 52 percent integrate wellness goals and concerns with their daily routines.
Snacks that are marketed to show off their healthy attributes, such as vitamins, minerals, fiber content and lower sodium, are expected to remain popular. The report also noted that it’s key to include secondary appeal such as unique flavors or ingredient blends.
The report examines the snack market within the context of broader food industry trends in new product development and marketing. It also investigates sales data, new product introductions and market positioning strategies, as well as lifestyle patterns that affect trends and divides the market into broad classifications of sweet and salty/savory.
The report also contains data from Packaged Facts' March 2011 Food Shopper Insights Survey.
For further information and to purchase the report, visit https://www.packagedfacts.com/Snack-Foods-Edition-2849103/.