LONDON--(BUSINESS WIRE)--The global emoji-shaped packaged food (snacks) market is expected to grow at a CAGR of more than 12% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the global emoji-shaped packaged food (snacks) market by product type that comprises of emoji-shaped extruded snacks, emoji-shaped potato-based snacks, and emoji-shaped confectionery. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing customer base through organized retailing
There has been an increase in organized retailers across major parts of the world. This is due to the increasing establishment rates of supermarkets, hypermarkets, and specialty stores. Ready-to-eat foods are usually sold by large organized retailers. Most vendors in the market are highly dependent on such retailers. Supermarkets are a major distribution channel for the sales of different kinds of foods. Due to the rise in population, the demand for supermarkets is also growing. For instance, the US is expected to have over 38,000 supermarkets during the forecast period.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The rising disposable income of people also plays an essential role in elevating the demand for the establishment of supermarkets. Some of the major retailers that supply snack foods include Walmart, TESCO, Aldi Stores, Kroger, Booths, and others. Thus, the demand for supermarkets is rising in the developing countries. This will prove beneficial for the market for ready-to-eat foods. Therefore, products such as emoji-shaped snacks, tortilla chips, pretzels, potato chips, and other snack food variants will be profited from the growing organized retailing sector.”
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Market trend: increasing product availability through online channels
There is an increase in e-commerce businesses worldwide. This has provided the vendors with immense potential to enhance their profitability. E-commerce trading accounts for around 12% of the global retail trade. Most of these e-commerce channels support business-to-consumer (B2C) and business-to-business (B2B) operations. There is an increase in the number of online transactions across the globe. For instance, the internet retailing is anticipated to gain popularity in the UK, where the internet penetration rate was around 92.60% in 2016. The rising number of online shoppers across the world will further translate into an increase in the sales of emoji-shaped snack products through this channel.
Market challenge: increasing threat from other types of savory snacks
Consumers have started to prefer more convenient or RTE snack products. This has led to a decrease in the concentration/preference for just one type of snack food. Nowadays, consumers have a huge variety of snack food items to choose from such as popcorn, nuts, chips, pretzels, tortillas, nachos, and yogurt. Currently, emoji-shaped packaged food accounts for a very small segment of the snacks market whereas the other snack items such as nuts, potato chips, pretzels, and yogurt hold a large share in the savory snacks market. Items such as potato chips and nuts pose a serious threat to the emoji-shaped packaged food (snacks) segment. The only solution for emoji-shaped snacks manufacturers is to introduce unique consumer branding methods and consolidate the market position of their products in a bid to remain competitive.
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Key vendors in the market
- Conagra Brands
- McCain Foods
- Mondelēz International
- Snyder's - Lance
The rapidly changing consumer trends and preferences for convenience foods are contributing to the demand for emoji-shaped snacks. Vendor performance in the global emoji-shaped snacks market will be affected by the changing consumer purchase patterns due to increasing consumption of the healthy savory snack, particularly in developed economies of the world.
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