Market Research Meat snacks show a double digit growth
Using data compiled from IRI’s InfoScan Reviews, the fall 2015 Simmons National Consumer Study, and Packaged Facts’ National Consumer Survey conducted earlier this year, the report found that the compound annual growth rate (CAGR) of healthy snack sales in the USA outpaced the overall food and beverage market by 4.7%.
The report defines healthy snacks to include these categories and types: Cereal/granola bars, snack nuts and seeds, dried fruit snacks, trail mix and other sweet/salty snacks, and meat snacks, which is a new category in the annual report this year.
The last five years have seen steady growth for the healthy-ingredient snack market in the USA. Much stronger growth in the last two years was due to double-digit growth in the meat snack and trail mix categories in 2014, and stronger growth in snack bars in 2015. Meat snack sales continue to be the fastest growing category within the segment, particularly in supermarkets and the convenience channel.
The report estimates that market growth will rise slightly above 5% in 2016, with sales for the category, as defined by Packaged Facts, growing to $20.3 bn. The following years will see a slow but steady increase in sales growth, culminating in healthy- ingredient snack sales of $25.4 bn. in 2020, which is a CAGR between 2016 and 2020 of 5.7%.