Saturday, June 22, 2024

Euromonitor forecasts rise in healthy snacks

The snacking market is being revolutionised by a consumer backlash against sugar, salt and artificial ingredients, according to market-research company Euromonitor International.

Euromonitor data suggests healthy-snacks sales will rise by three per cent compound annual growth rate (CAGR) over 2016-2021 compared with conventional snacks, whose sales will increase by just two per cent.

“Snacks used to be biscuits, confectionery, crisps and soft drinks, but consumers’ desire to migrate to snacking options with a higher emphasis on healthy, all-natural and free-from is redefining the industry,” Euromonitor Global Lead Analyst Lianne van den Bos said.

Euromonitor forecasts that yoghurt and sour-milk products will represent 15.8 per cent of the snack market in 2021, up from 11.1 per cent in 2002, while chocolate confectionery’s share will fall from 17.9 per cent in 2002 to 16.2 per cent in 2021.

Some of the current value-gain strategies in chocolate have focused on its attributes, says Euromonitor. For example, dark chocolate, which is positioned as a healthier alternative to other types of chocolate, has suddenly become very popular.

“If you’re going to go for chocolate, which we know is bad, better go for the best kind of bad,” Ms van den Bos said.

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