Millennial and Generation Z consumers are leading a revolution in the snack industry with their demands for healthy and organic options. This is partly due to growing trends in health consciousness but we should not over look the fact that these consumers are also snacking more than ever before. It is estimated that Millennials snack at least three times a day, a number which might grow to 5 times in the foreseeable future.
The snacking industry is currently outpacing the food and beverage industry. A report by IRI (Information Resources, Incorporated) predicts a growth of $16bn in the next five years. In terms of personal care and wellness, IRI found that food and beverages are thought to be the third most important behind personal care and healthcare.
The report also found that young consumers view snacking as important for maintaining healthy eating habits. Though this idea is mostly prevalent amongst young snackers, generally consumers in every generation agreed.
So why is it that millennial are snacking more? Snacks once available primarily through retail and convenience stores are now readily found everywhere. Coffee shops, food trucks and gas stations are found in every corner and are frequented by these consumers. Still, snackers of all ages are increasingly visiting quick service and limited service restaurants, something to keep in mind to those marketing brands.
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