Population, income growth will continue to underlie demand gains
Cleveland OH, August 14, 2023 — US snack food demand is forecast to grow 2.1% per year in nominal terms through 2027, according to Snack Foods: United States
, a report recently released by Freedonia Focus Reports. Suppliers are expected to benefit from population growth and rising disposable personal incomes. In addition, new products featuring better nutrition profiles – part of the “better-for-you” trend – and novelty will drive demand. However, market maturity, intra-category competition from lower-priced private label brands, and ongoing concern over the nutritional content of snack foods will continue to curb growth. Furthermore, the high level of nominal demand in 2022, stemming from strong price growth amid widespread inflation, will limit gains in nominal terms. In 2023, demand is projected to rise 2.1%, a significant slowdown from 2022 as inflation throughout the economy as well as the food sector is projected to slow considerably compared to 2022.
Demand for chocolate and chocolate confections is forecast to remain the largest segment to 2027. Continued consumer interest in chocolate products will drive growth. The purported health benefits of chocolate, particularly dark chocolate, will continue to support sales. Suppliers will continue to introduce products featuring reduced sugar content to address consumer concern regarding added sugar.
These and other key insights are featured in Snack Foods: United States
. This report provides annual forecasts to 2027 for US snack foods demand and shipments in nominal US dollars at the manufacturer level. Total demand and shipments are segmented by product in terms of:
- chocolate and chocolate confections
- corn chips and other salty snacks
- cookies and crackers
- non-chocolate confections
- potato chips
- nuts and seeds
- dried produce
- chewing gum
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2012 to 2022.
The scope of this report excludes baked goods (e.g., cakes and pies) and dried meat snacks (e.g., beef jerky).
Re-exports of snack foods are excluded from demand and trade figures.
This report includes the results of a proprietary national online consumer survey of US adults (age 18+). This Freedonia Focus Reports National Online Consumer Survey has a sample size of approximately 1,500, screened for response quality, and representative of the US population on the demographic measures of age, gender, geographic region, race/ethnicity, household income, and the presence/absence of children in the household.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Food & Beverage
reports can be purchased at Freedonia Focus Reports
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study