Busy lifestyles boost snacking trends, says GIA
GIA said that the global snack food market is likely to be worth as much as $334bn by 2015, driven by strong opportunities for guilt-free snacks, and innovative packaging, flavors and convenience.
“Paucity of time, life style changes and the convenience factor are bringing to fore the time-elevating advantages of snack foods and supporting the continuous demand increase for the industry,” the market researchers said.
GIA noted an increasingly blurred line between meals and snacks, as well as continued growth in the global snack market – even in the seemingly mature markets of the United States and Europe – although the Asia Pacific region, Eastern Europe and Latin American markets are also experiencing rapid growth.
The GIA’s new report, entitled “Snack Foods: A Global Strategic Business Report”, said that the global economic crisis of 2008-9 had little impact on growth in the sector, which continued to expand during the period, albeit at a slower rate.
“Continuous innovations in flavors, and tastes, especially exotic, and sophisticated flavors, are expected to help the market score huge gains in the upcoming years as, recession or not, consumers never comprise on taste and flavor,” the report said. “With a growing percentage of the global population in both developed and developing countries, eating fewer full meals and indulging more on snacks, the sector is encroaching the territory of convenient breakfast and dinner solutions.”
The report’s forecast gains for exotic flavors are in line with the predictions of other market researchers, including Mintel, which recently said that it has seen rapidly expanding interest in ethnic and exotic flavors.
