Millennials are driving snack sales growth and reshaping how consumers will be eating in the next future. As a snack manufacturer or retailer, what do you need to know now and in the years to come to drive growth with these important consumer segments?
According to a recent study conducted by Euromonitor, sales of snacks account for a whopping 40% of the packaged food market and are set to grow 2% annually through 2019, thanks in large part to Millennials who eat more snacks than any other group. “Millennials also are significantly influencing the flavors of snacks, demanding more complex, bold and spicy flavors, “said Jarid Koerten, senior food analyst of Euromonitor. “Consumers are looking for new flavors, new diverse products that are different from what their parents and grandparents ate”- Koerten said- ” And this includes novel ingredients, unique mouthfeel, texture and bold flavors”.
The Internatonal food information council‘s survey shows that younger consumers eat more small meals or snacks throughout the day rather than traditional meals favored by their parents and grandparents. In particular, Millennial consumers do not care as much about defining an eating experience as a meal or snack as they do about satisfying their need to eat what they want, when and where they choose to eat it.
Iri’s 2015 consumer snacking figures show boomers purchased 41 percent of snacks in 2015. The report said millennials also prefer smaller portions that match their on-the-go lifestyles, and they tend to check product labels for attributes such as organic, natural and non-genetically modified and also research social media sites for reviews of snacks and treats.