Snacks Demand Spaces and Top Trends

Reasons to buy the ‘Snacks Demand Spaces and Top Trends’ report:

• Gain access to the most impactful snacking trends driven by emerging consumer behavior with the help of GlobalData’s TrendSights Framework.
• Explore and identify how to leverage the top trends in snack demand spaces in 2024.
• Understand consumer attitudes and behaviors based on the “five Ws”: the who, what, when, where, and whys.
• Understand how innovation programs, new product development, and new concepts and ideas fit into – or challenge – current consumer trends.
• Access valuable strategic take-outs to help direct future decision-making and inform new product and service development.

How is our ‘Snacks Demand Spaces and Top Trends’ report unique from other reports in the market?

• This report is part of a series on the top trends and key demand spaces for consumer sectors to focus on in 2024. It explains how and why these trends are proceeding using GlobalData’s TrendSights and demand space analytical frameworks.
• The report focuses on the most prevalent concepts around health, affordability, and sustainability.
• The report highlights the consumer demand, innovation landscape, and brand actions for each of the following trends – restrained hedonism, value skepticism, snacks to relax, planet-friendly snacks, snack time to connect, snack for me, and special treats.
• The report identifies the consumer sentiment, market development, innovation landscape, and brand actions happening within each trend.

We recommend this valuable source of information to anyone involved in: 

• ​Food, Beverages & Confectionary Leaders and Start-ups
• ​Food Value Chain – Raw-Material Suppliers, Manufacturers, Packaging, Distribution, and Retailers
• Processed Foods value chain/ White-Label Manufacturers/ FMGC Products
• Consumer Health/Food Regulatory Bodies
• Leaders and Startups/Business Development Professional Services
• Market Intelligence, Brand Analysts and Portfolio Managers
• M&A/Investment and Consulting Firms

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Snacks Demand Spaces and Top Trends Report Overview

The concept of “demand spaces” has gained popularity among brands across the FMCG spectrum. Demand spaces are an iteration of the longstanding analytical mode based around the “five Ws:” the who, what, when, where, and whys of consumer attitudes and behaviors. These spaces are manifestations of different combinations of these factors that describe consumption occasions with audiences, product choices, purposes, locations, and so on. Overlaying distinctive demand spaces for each category onto the overarching consumer mega-trends aids in identifying more targetable opportunities in specific sectors.

In the snacking market, consumers are influenced by global trends around healthy formulations, more affordable and convenient products, and reliable brands offering trust and transparency throughout the value chain. The snacks demand spaces and top trends report is part of a series on key trends that are currently affecting the food landscape. This report explains how specific strategies prove to be an advantage for snack leaders in the industry to stand out. The snacks demand spaces and top trends report outlook provides valuable trend nuances, allowing brands to drive more accurate innovation strategies underpinned by consumer behaviors and preferences within the most influential mega-trends.

TrendSights Framework

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Snacks Demand Spaces and Top Trends

The key trends that are influencing the snacks demand spaces are restrained hedonism, value skepticism, snacks to relax, planet-friendly snacks, snack time to connect, snack for me, and special treats.

Restrained Hedonism: The health & wellbeing mega-trend has gained traction among health-conscious consumers in recent years. A growing awareness of one’s diet’s impact on health has propelled many individuals to proactively seek healthier food options while supporting their well-being and preventing health issues. Furthermore, younger generations are shifting their focus to snacks that are fortified with healthy nutrients. Various brands are introducing products fortified with ingredients like protein, vitamins, fiber, and other nutrients. These products cater to consumers willing to enhance their diets while also prioritizing physical fitness and overall health.

Value Skepticism: Leading brands are seeking economic formulation alternatives and making packaging sizes smaller to minimize costs. However, while ensuring cost-cutting, snack brands need to reassure consumers of product affordability and quality. It is vital for brands that any shrinkflation or skimpflation strategy they use, does not compromise the overall taste and product experience.

Planet-Friendly Snacks: Sustainability has shown consistent influential demand over the years. Consumers are influenced by ethical and environmentally friendly packaging and formulations. The socially responsible trend includes initiatives such as environmental protection, waste reduction, recyclability, and animal-friendly supply chains. In 2022, savory snacks show a majority stake in the trend, showing that leading savory snack brands launch a variety of sustainable packaging and planet-friendly formulations. Younger generations, including Generation Z and Millennials, are more likely to seek sustainable/environmentally friendly products compared to older generations. Brands need to raise awareness of sustainable initiatives on digital platforms that younger consumers are more likely to use, such as smartphones through QR codes or social media.

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Snacks Demand Spaces and Top Trends – Future Outlook

• Generative AI has started to impact the snacking industry, as brands pilot artificially intelligent systems for formulation and texture suggestions. For instance, in 2023, Coca-Cola partnered with Holiland to create a chocolate flavor suggested by its AI system, thus, demonstrating the next level of snacking personalization.
• Government bodies are launching initiatives to minimize food and packaging wastage. For example, in 2023 the European Commission announced its proposed policy to ensure that all product packaging is recyclable and reusable by 2030. Snacking brands especially in Europe need to focus on making long-term circular economy investments.

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Snacks Demand Spaces and Top Trends – Latest Developments

• In Colombia, a quinoa-based chip, Quinoa Club was released at the end of 2023. The novel product claims to be free from allergens, preservatives, and gluten and is kosher-certified.
• In 2022, in Australia, Doritos Partnered with ReachOut on an Australian Health Initiative. The partnership was designed to encourage consumers to have an honest conversation about mental health. As part of the initiative, Doritos unveiled a new limited-edition flavor named Doritos Bold BBQ.
• In August 2023, Mondelēz announced the launch of the microsite Snacking Right. According to the brand, consumers can learn about the company’s commitments to recycling, packaging disposal, and sustainable sourcing.

Latest Developments by Leading Snack Brands

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Scope

• Consumers are increasingly recognizing the impact of their snack choices on their overall health and wellbeing, which has led to a greater demand for nutritious alternatives. For snack brands to maintain consumer loyalty, they need to use local suppliers to minimize costs and maintain product quality. Brands should focus on the sensory experience of eating, such as taste and texture, to help divert attention from stress and promote a brief mental break.
•  Snack brands should invest in initiatives such as environmental protection, waste reduction, recyclability and animal-friendly supply chains to win over younger concerned consumers.
• As the customer journey becomes more reliant on online sources, snack brands must adapt and provide smart, connected solutions that align with the lifestyles of digitally-savvy consumers.