Global Cheese-Based Snacks Market 2018-2022 | Evolving Taste Preferences to Boos
Posted by Loise Williams on August 13th, 2019
Technavio analysts forecast the global cheese-based snacks market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
The launch of new products is one of the major trends being witnessed in the global cheese-based snacks market 2018-2022. Increasing new product launches by regional and international players will likely boost the growth of the market. Manufacturers of cheese snacks are adopting innovative and distributive strategies to increase the market size of their products. For instance, in July 2017, Hormel Foods launched a new snack, a meat-cheese-and-sweet item, under its Natural Choice meats brand. Also, in June 2017, the Kraft Heinz Company launched Snack Trios, a snack that features creamy cheese, rich dark chocolate, and sweet fruit. The company launched several varieties of snacks, including extra-sharp white Cheddar, dried cranberries & dark chocolate; Monterey Jack, dried cinnamon apples & granola clusters; sharp yellow Cheddar, dried cherries & dark chocolate; and Colby Jack, dried banana chips & dark chocolate.
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According to Technavio analysts, one of the key factors contributing to the growth of the global cheese-based snacks market is the evolving taste preferences:
Global cheese-based snacks market: Evolving taste preferences
Taste preferences for processed snacks like cheese-based snacks are evolving as consumers, especially the youth, are eager to experiment and constantly seek different products. Manufacturers strive to meet this demand through brand-extension, product innovation, and the introduction of new brands. Constant product development and innovation are essential for the sustainability of any market, and the global cheese-based snacks market is no exception. Therefore, manufacturers are focusing on launching several varieties of products in terms of flavors and ingredients. Further, in response to growing interest in unique styles, local products, and artisanal flavors, manufacturers are focusing more on expanding production. They are also cognizant of the strong cultural influences specific to countries and regions. As such, international brands customize their offerings to be in-line with local tastes, which in turn is boosting the growth of the overall global market.
According to a senior analyst at Technavio, “Private label cheese snacks are becoming popular among consumers in the US given their affordability. Private label products are available with premium claims such as trans-fat free, baked, and unique flavoring. Private label snacks are being stocked in retail stores and are available at low prices compared to branded products, making them appealing to consumers.”
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Global cheese-based snacks market: Segmentation analysis
The global cheese-based snacks market research report provides market segmentation, by end-user (retail and food service), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 41% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the Americas.
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Some of the key topics covered in the report include:
Five Forces Analysis
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About the AuthorLoise Williams
Joined: August 7th, 2019
Articles Posted: 266
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