Snack manufacturers will continue to place emphasis on innovation as they prepare for their industry’s expansion, according to new research.
Snack Foods 2013, conducted and published by business intelligence firm Key Note, says the industry will continue its trajectory by growing 30.5 per cent over the next five years.
The study based its key finding on a number of trends in the food and beverage industry, highlighting that Brits are increasingly snacking throughout the day, with certain products even making their way into meals as an accompaniment.
Foodbev.com claims good value and innovation in product design aided snack sales in 2012, where the industry grew by 8.3 per cent, and will continue to do so over the next five years.
Key Note saw evidence of nut manufacturers trying to reduce the price of their products by mixing in other ingredients, with dried fruit and crisps among those mentioned.
The report claimed nuts are considered more expensive than cereal and potato-based snacks, effectively explaining why the category only grew by 3.9 per cent last year. In a statement at prnewswire.co.uk, Key Note said Potato crisps achieved a much higher rate of growth and was the top seller in 2012.
Manufacturers will also aim to increase their sales by pushing out new and innovative flavours, with products like popcorn being reinvented through the use of unconventional ingredients.
Meanwhile companies will still have to market their products from a ‘healthier’ angle, as more people look for products with natural ingredients and low saturated fat.