Top Growth Opportunities: Savory Snacks in the US
Nov 30, 2017, 08:17 ET
NEW YORK, Nov. 30, 2017 /PRNewswire/ --
Summary
Read the full report: https://www.reportlinker.com/p05206718
United States has the largest savory snacks market globally in terms of value, worth US$32.1 Billion. Nonetheless, with a forecast CAGR of 5.2% for 2016-2021, growth within this market is relatively slow compared to other developed nations. The recent withdrawal from the TPP agreement and the deterioration in relations between the US and other key trading partners, threatens exports. Various regulatory reforms and interest rate hikes boost business in the market. Market fluctuations could become an issue, so producers must consider the ramifications of over-production.
Amongst the top ten savory snacks markets, the US was the largest in terms of per capita expenditure (in US$ terms) in 2016. The per capita expenditure on savory snacks products in US$ terms grew at a CAGR of 2.9% in the last five years.
In the US savory snacks market, processed snacks is the largest category in US$ terms, with growth at a CAGR of 4%+ in the last five years, and is forecast to record faster growth at a CAGR of 6%+ during 2016-2021. Meat snacks, the smallest value category, recorded the fastest growth at a CAGR of 10%+ during 2011-2016, and are expected to continue as the fastest growing category, with a CAGR of 9%+ in the next five years. Nuts & seeds, the third largest category,and is expected to continue as the slowest growth category, at a CAGR of 2.6% during 2016-2021.
Increased consumer spending power, driven by high disposable incomes, is motivating US consumers to spend more on high quality savory snacks products. Moreover, a large working population with hectic lifestyles is seeking snacking options with indulgent flavors and textures to relax during a quick break. Consequently, the US savory snacks market offers many growth opportunities to manufacturers.
The report "Top Growth Opportunities: Savory Snacks in the US", provides recommended actions and detailed analysis of how to target the best growth opportunities for savory snack producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of savory snacks food markets in the US through our detailed and robust data, expert insight, and case studies.
Furthermore, this report accesses the following -
- Key consumer demographic groups driving consumption within the US market. Improve your consumer targeting by understanding who's driving the market, what they want, and why.
- A study of market value and volumes over 2011-2016 for the US supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
- White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
- Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
- Examples of international and regional product innovation targeting key consumer needs.
Companies mentioned in this report: Walmart Supercenters, Albertsons/Safeway, Kroger Supermarkets, Publix, 7-Eleven, Couche-Tards's, Speedway, Casey's General Stores, CST Brands, ALDI, Trader Joe's, WinCo, PepsiCo, Snyder's Lance, Kellogg's, Creative Roots, Uncle Andy's, Rhythm Superfoods, Wilde, Rocky Mountain, Slimfast, FoodieFuel, Beer Kissed, Ginger's Healthy Habits, Poptacular, Game Up, Kraft Heinz.
Scope
- The US ranks as the largest market in the global Savory Snacks sector in terms of value, worth an excess of US$32.1 billion.
- Despite extensive political and economic instability, growth is set to accelerate over the next five years, expected to register a CAGR of 5.2% for 2016-2021.
- Savory Snack consumption is centered around health conscious consumers; due to high obesity levels, US consumers seek guilt-free indulgence, thus pushing up the demand healthier savory snacks.
- Over 2016-2021, pork scratchings reveals key opportunities, being the highest value sub-category. Whilst, torilla chips are expected to record the second-fastest value growth at a GACR of 7.1%.
Reasons to buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of US's Savory snacks consumers.
- This is based on GlobalData's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Savory Snacks sector.
- Category, brand, and packaging dynamics are also examined. This allows product and marketing strategies to be better aligned with the leading trends in the market.
Read the full report: https://www.reportlinker.com/p05206718
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