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Snack Expo|Salty Snack Supply Set to Grow and Diversify in 2024

2024.04.23

Snack Expo learned that affordable, better-for-you and flavourful salty snacks lead producers formulation considerations in 2024, while creating resilient crops and exploring the metaverse landscape drive the wider value chain.

 

The annual growth rate for the European snack market is expected to be around2.5% to 3% until 2025. “Despite rising production costs and labour shortages, the sector remains resilient and is poised for growth” Sebastian Emig, Director Genera at the European Snacks Association (ESA), told Food Navigator.

 

The salty snack sector witnesses positive growth, largely due to the vast array ofproducts available in Europe and their relative affordability. Over 80% of consumers in the UK and Germany snack between meals, market intelligence company Mintel found, suggesting Europe has captive snacking markets.

 

Salty snacks face hurdles in uptake and acceptance. Climate change impacts agriculture, for example, causing potato shortages and affecting supply chains. “Hasty regulation that is not based on science and evidence” is another concern affecting the segment, Emig added.

 

While affordability remains a paramount concern for salty snack shoppers, today they are also looking for better-for-you options and flavour innovation.

 

Manufacturers also need to respond to the “constant need for innovation” to meet evolving consumer preferences, especially in flavour and health-conscious offerings. The industry also balances the demand for great taste with improved nutritional content, using high-quality ingredients and novel production techniques.

 

Budget restraints on snacks

 

While salty snacks' price point is considered reasonable compared to other products, rising prices have affected consumers' eating and purchasing habits prompting shoppers to call for more than cost when it comes to their benefits.

 

Budget snacks are a key trend in 2024, Mintel identified. Brands need to respond with formulations to navigate rising inflations' impact on consumer spending patterns and the effect that global conflicts and climate events have on behaviour and demands for new product development.

 

Economising behaviour is a common reaction to the pricing landscape. in 2024, we can expect to see consumers purchasing more snack multipacks, special offers, and buying from discounters and more own-label products. In response to rising prices over half of UK snackers have reduced the number of snacks they eat and almost half (45%) of Germans consider salty snacks a low priority for shopping baskets.

 

Rising commodity and transport prices have forced brands to add these onto consumers via cost hikes, which detracts from their ability to demonstrate their products’ value. However, stretched budgets and less disposable income also correspond with consumers spending less time on out-of-home activities. Brands therefore, have the opportunity to appeal to consumers’ night-in snacking buys, Mintel revealed.

 

Snack Expo believes that selling imperfect snacks using the wonky veg method is hailed as one core way to appeal to consumers and remain a household staple. The approach would help manufacturers save money, prevent waste, and lower shoppers’ price tags.

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