SNAC International Releases 2023 State of the Industry Report
SNAC International released its “2023 State of the Industry Report”. The report highlights key insights and emerging trends shaping the future of this dynamic sector.
“This report provides valuable insights and strategic guidance to support industry stakeholders,” says Christine Cochran, CEO, SNAC International. As the industry undergoes rapid changes and consumers seek healthier, more sustainable snacking options, it is crucial for businesses to stay informed and adapt to emerging trends.”
The “2023 State of the Industry Report” takes a deep dive into the latest industry trends, sales/unit data, new product innovation, and insights from leading industry innovators. Key findings include:
- The snack food industry represents 27% of all food and beverage sales in the U.S. with snack and snack adjacent sales totaling USD186.4bn.
- The snack food industry employs 395,000 individuals, recording USD15bn in annual wages, and generating USD11bn in U.S. tax revenue.
- More than 25% of consumers snack every afternoon, and another 25% every evening. Savory snacks take 57% of the snack category and represent USD58.3bn in sales, while sweet snacks represent USD30.4bn.
- Innovation and Product Development: 88% of snack consumers say flavor is important when making snack choices. Snack producers are finding inspiration for new, interesting flavors from around the world to meet the demand for new, innovative products.
Category-specific data revealed the pretzel category experienced 2.3% growth in unit sales with 17.5% increase in dollar sales. Corn snacks’ spicy flavors and their healthy halo are the key to their success seeing a 3.6% increase in unit sales and 21.1% growth in dollar sales. Tortilla chips saw an uptick of 0.7% in unit sales resulting in a 16.6% year to year growth in sales.
Founded in 1937, SNAC International (formerly Snack Food Association) is the leading international trade association for the snack industry representing over 400 companies worldwide, including suppliers, marketers, and manufacturers.