FDBusiness.com

Sweets and Snacks New Product Development Thrives on Adventure and Bite-size Trends

 Breaking News

Sweets and Snacks New Product Development Thrives on Adventure and Bite-size Trends

Sweets and Snacks New Product Development Thrives on Adventure and Bite-size Trends
January 18
10:00 2019

With one in four global consumers increasing their consumption of confectionery over the past year (Innova Market Insights Consumer Survey, 2018) because “there is more variety & novelty available,” the food industry is responding. New data from Innova Market Insights finds a 15 percent average annual growth in global confectionery launches with a “discovery” claim (CAGR 2013-2017).

Consumer curiosity to discover something new and different is leading to more unusual and often bolder flavors and blends, surprise textures and a greater focus on visual appeal in the sweets and snacks arena.

Heightened sensory delivery is also being increasingly combined with an element of the unexpected. As such, we are seeing activity in areas such as unusual colors, popping candy, hot & spicy options, cooling effects and more interactive, personalized packaging.

Amid this dynamic environment, a 17 percent average annual growth in confectionery and snacks launches over the past five years (Global, CAGR 2014-2018) has been reported.

Snacking is no longer the optional extra, but the definitive occasion. Companies are focusing their new product development on trends such as bite-site formats and on-the-go options. There is a 20 percent growth in new snack launches with “bite-site” claim (Global, 2018 vs. 2017).

The three leading drivers of choice in snacks and confectionery remain flavor, cost and indulgence, with health considerations lower down the pecking order in this segment. “In the light of rising health awareness, consumers are not necessarily reducing confectionery consumption levels,” Lu Ann Williams, Director of Innovation at Innova Market Insights notes. Confectionery remains an affordable everyday treat that is successfully building on opportunities around premiumization, sharing and gifting.

Even the move to plant-based eating has been seen in confectionery as well as snacks as brands “green up” their portfolios to attract the mainstream consumers who want to add more plant based options to their diets. Both categories are seeing more plant-based ingredients and flavors, with vegan-friendly positionings also increasingly in evidence.

The use of vegan-friendly claims for global confectionery and snacks NPD rose an average of 27 percent annually over the 2014 to 2018 period, according to Innova Market Insights data. These launches now account for 6.6 percent of new launches in 2018, which is slightly higher than the 6.2 percent penetration level for food and drinks launches as a whole.


Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

[eventlist]

Jobs: New Product Development

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements