Circana™, an advisor on the complexity of consumer behavior, released a comprehensive analysis of the snack market, offering valuable insights and strategies for sustained growth and innovation. The analysis explores various facets of snacking behavior, highlighting the enduring importance of on-shelf availability as a critical factor influencing consumer purchasing decisions. While 84% of snack categories have improved their on-shelf availability rates, certain categories exhibit mixed results, underscoring the need for continuous monitoring and adaptation to meet consumer demand.
Flavor and taste reign supreme in the snacking universe, with 83% of consumers reporting they choose snacks that have a flavor they prefer. Despite economic constraints, consumers remain loyal to familiar products, emphasizing the need for incentivizing purchases and leveraging integrated marketing strategies to drive engagement.
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“As consumer behaviors continue to evolve, it’s crucial for brands to innovate and differentiate themselves in the competitive snack market,” said Sally Lyons Wyatt, global executive vice president and chief advisor of Consumer Goods & Foodservice Insights at Circana. “By understanding trends, such as the increasing demand for indulgent offerings as a temporary escape from daily stressors, the rise of snacking as a meal replacement due to busy lifestyles, the need for better-for-you snacks to assist with daily nutrition, and the importance of on-the-go convenience, brands can effectively tailor their offerings to help consumers find the right balance and meet their evolving needs.”
The rise of screen time presents a significant opportunity for snack brands to connect with consumers. As 34% of consumers turn to social media to discover new snack foods and trends, snack brands have a prime opportunity to engage and form deeper connections with their target audiences. With 20.2% of eating occasions occurring while watching TV programs, it’s evident that screen time has become intertwined with snacking routines. By aligning with relevant cultural moments and occasions, brands can capitalize on viral trends and ignite excitement among consumers, potentially driving increased engagement and sales.
“Brands that prioritize the optimization of their price pack architecture, streamline their supply chain, and leverage loyalty programs are poised to not only meet but exceed evolving consumer demands,” said Darren Seifer, industry advisor for Consumer Goods & Foodservice Insights at Circana. “By focusing on these strategic imperatives, brands can cultivate stronger relationships with their customers, driving sustained growth and long-term success in the ever-changing snack market.”
*Source: The Snack Journey: Where We Are and Where We’re Going Webinar, April 2024
