With 94% of Americans snacking at least once per day, it’s no wonder that snacking is the greatest growth driver of the entire CPG industry today. In fact, the industry registered its strongest growth in four years thanks to what were primarily snack brands. This presents a major opportunity for packaged food retailers as brands are vying for a spot in the snacking space.
Just like nearly every other industry across business verticals, Millennials are the consumer segment these brands are after. It makes sense considering Millennials are the largest group of snackers in the United States today. They are more likely than any other generation to snack, and one in four are considered “Super Snackers” as they snack four or more times in a single day.
Why the emphasis on snacks for these consumers? Unlike generations before them, Millennials find function in snacking, whether psychological or emotional:
- 78% say it keeps them full between meals
- 64% say it’s an affordable way to replace meals
- 56% say it’s to satisfy a craving
- 39% say it’s to get energy
- 29% say it’s because it’s available
- 27% say it’s because they are bored
- 20% say it’s healthier than eating three large meals a day
- 17% say it’s because they are stressed
- 14% say it’s because they are too busy for traditional meals
For Millennials, snacking is a necessity and as a result, the dominant meal of their day is not a meal – it’s a snack.
Snacking now accounts for 50% of all eating occasions, effectively blurring the lines for businesses throughout the industry. For the brands hoping to resonate with these consumers and plant a firm stake in the ground.
Over the next 8 weeks, we will focus on the snacking trends of today. This series will feature three key things topics:
- Cultural trends defining the Millennial snacker
- The snacking category landscape
- The Millennial Mindset®