As we bite into the second half of 2024, the snack industry is on a mission to create new mouthwatering creations that strike a balance between satisfying our cravings for indulgence and being mindful of keeping it healthy. Did you know that in 2024, the snack food market is expected to reach a whopping US$251.1 billion in revenue with a CAGR of 6.33%? That is an incredible number of snacks being sold!
While the snack market is forecasted for promising growth, various socioeconomic effects have left a mark on the snack aisle. Circana reported that recent high inflation had led consumers to search for the best bang for their buck without sacrificing their cravings – with shoppers hunting for tasty and affordable nibbles, preferably in the form of multipacks.
Let’s grab a snack together and go through the trends shaping the snacking scene in the article below!
1. Healthy Indulgence – Having the Best of Both Worlds
Welcome to the world of ‘healthy indulgent’ foods, where traditionally unhealthy snacks get a healthy makeover. According to Innova Market Insights, over half of global consumers would compromise indulgent food for more nutritious options. That is why, to let consumers enjoy their snacks in peace, snack makers are trying their best to reformulate traditionally unhealthy and indulgent foods – such as chocolate, ice cream and potato chips with a positive nutritional spin.
Imagine having a bite of ice cream low in sugar and secretly packed with probiotics and other healthy vitamins and minerals. Healthy indulgent snacks commonly redevelop traditionally unhealthy foods by reducing sugar, fat, and calories while adding better-for-you alternatives – like using natural, health-promoting ingredients, probiotics, fibre, and extra protein. With an incredible 39% increase in ‘healthy snacking’ sales last year, consumers are ready for this guilt-free snacking train.
2. Innovating Snack Textures and Flavors – A Party in Your Mouth
Today’s snackers are all about experience over possessions. Nowadays, new snacks offer unique tastes and textures to enrich consumers’ snacking experience, be it having new flavours originating from other cultures or creating snacking moments worthy of social sharing, just like a global food tour!
According to consumer research, 63% of snackers enjoy experimenting with new foods, with 74% believing that the originality of snack flavours and textures is crucial when deciding on a snack purchase. Furthermore, expectations for snacks go beyond just texture and taste, with some consumers looking for multi-sensorial experiences, such as how snacks feel or sound.
From exotic fruit flavours to unexpected savoury combinations, snack makers must constantly push the boundaries to captivate snackers’ taste buds and keep them returning for more.
3. Protein-Packed Snacks – Flex and Snack
For fitness fanatics and health nuts, high-protein snacks are making their way into the spotlight to help snackers achieve their fitness goals. Not only does protein help muscle repair, but high-protein foods can keep you fuller for longer and assist in weight loss management. According to industry reports, 55% of consumers believe that protein is the most essential health claim, and adding protein and energy-boosting ingredients to products has been shown to grab shoppers’ attention.
High-protein snacks such as protein balls, meat jerky, nuts, protein bars, and snacks fortified with extra protein are here to pump snackers with a strong protein punch! With a projected CAGR of 11.1%, protein snacks are ready to make snackers fit and muscular, one snack at a time.
4. Plant-based Snacks – Go Green or Go Home
With vegetarianism and veganism increasingly prevalent, it is no surprise that a plant-based revolution has reached the snack aisle – and they are here to stay! According to a study from The Economic and Social Research Institute, over 1.5 billion people worldwide do not eat meat, but 95% of these non-meat eaters would eat meat if they could.
We’re talking about pea protein chips, fruit snacks to satisfy your sweet tooth and seitan creations that will make you wonder if you are eating meat. While plant-based snacks are commonly known for being pricier and less flavorful than other snacks, businesses are looking to tackle these challenges to win over the hearts of meat-free consumers.
Discover the Next Best Crunch!
Are you ready for your snack adventure? Look no further as HKTDC’s World of Snacks and Food Expo PRO are here to answer all your snack cravings. Showcasing a diverse array of snack and food products – such as fruit snacks, protein snacks, low-calorie snacks and keto-friendly treats, these food fairs provide invaluable opportunities for businesses to connect with industry leaders, explore emerging trends, and source the snacks that will captivate consumers’ taste buds and wallets.
The ‘World of Snacks’ fair will be held from 17-23 July 2024, and the ‘Food Expo PRO’ will be held between 15-17 August 2024.
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[2] https://www.foodbusinessnews.net/articles/25828-snack-trends-tapping-into-peoples-impulses
[3] https://www.innovamarketinsights.com/trends/global-health-trends/
[4] https://www.foodmanufacture.co.uk/Article/2024/03/14/consumer-demand-for-healthy-snacks-on-the-rise
[5] https://www.mondelezinternational.com/stateofsnacking/snacking-trend-radar/#reference-pdf
[6] https://www.healthline.com/nutrition/how-protein-can-help-you-lose-weight
[7] https://snacintl.org/snacking-closeup-2024-state-of-the-industry-report/
[9] Leahy, Eimear & Lyons, Sean & Tol, Richard. (2010). An Estimate of the Number of Vegetarians in the World.
