Some snacks like potato chips have such a high market penetration that it’s difficult to expand sales, especially when the overall market slows down.

Other snacks, especially items like pork rinds that many consumers still haven’t tried, have room to expand, as habitual snacking throughout the day becomes even more popular, noted Mark Singleton, vice president of sales and marketing, Rudolph Foods, Dallas.

That’s despite inflationary headwinds and budget-conscious customers who are seeking out deals and, in come cases, trading down to private label, which is putting sales unit and volume pressure in several segments in the overall snack market.

“Optimism is my middle name, so I think the pork rind category will do great because it fulfills a vital part of consumers’ dietary routines,” Singleton said. “People are eating several times a day, particularly high-protein and low-carb snacks. We think the future is very bright as we develop household penetration and trial. We’re going to get people to eat more pork rinds in more places.”

Despite economic challenges, , snacking could have a very good year in 2024 and beyond for a number of reasons, observed Sally Lyons Wyatt, global executive vice president and chief advisor, consumer goods and foodservice insights, Circana. 

First, the lifestyle of millennial and younger consumers in the United States supports snacking.

“To leverage this momentum, producers must get innovation back on track because innovation has been the backbone of snacks,” she suggested. “Innovation around creating a variety of products with the right packaging, the right size, the right price and available in the right channels is incredibly important to respond to the shifts consumers have made with snack purchases.”

Within specific categories like potato chips, popcorn or nuts, she added, snack makers must make sure their products meet the needs of consumers where they purchase them and at prices they can afford.

“With inflationary prices dropping, if snack manufacturers can deliver on these criteria, and increase innovation, snacks will have a great year,” Lyons Wyatt said.

By tapping into people’s impulses for new, exciting flavors, she added, the snack market will regain the momentum that drove it to expanding heights in recent years.

This article is an excerpt from the April 2024 issue of Baking & Snack. To read the entire feature on Snacks, click here.