SNAC International Releases 2023 State of the Industry Report

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May 24, 2023, 10:26 ET

Snacking Makes a Big Impact Employing 395,000, Generating $15 Billion in Wages and $11 Billion in Tax Revenue

ARLINGTON, Va., May 24, 2023 /PRNewswire/ -- SNAC International, the leading nonprofit, snack-centric trade association, announces the release of its "2023 State of the Industry Report", in a special edition of their annual magazine SNAC World. The report highlights key insights and emerging trends shaping the future of this dynamic sector.

"I am especially proud of the work to define the economic impact of the snack industry", says Cochran, CEO, SNAC International. "This report provides valuable insights and strategic guidance to support industry stakeholders. As the industry undergoes rapid changes and consumers seek healthier, more sustainable snacking options, it is crucial for businesses to stay informed and adapt to emerging trends."

The "2023 State of the Industry Report," brought together by Circana (previously IRI) and Sosland Publishing, takes a deep dive into the latest industry trends, sales/unit data, new product innovation, and insights from leading industry innovators.

Market Growth and Size: The snack food industry represents 27% of all food and beverage sales in the U.S. with snack and snack adjacent sales totaling $186.4 billion.
Economic Impact: The snack food industry employs 395,000 individuals, recording $15 billion in annual wages, and generating $11 billion in U.S. tax revenue.
Consumer Preferences: More than 25% of consumers snack every afternoon, and another 25% every evening. Savory snacks make up 57% of the snack category and represent $58.3 billion in sales, while sweet snacks represent $30.4 billion.
Innovation and Product Development: 88% of snack consumers say flavor is important when making snack choices. Snack producers are finding inspiration for new, interesting flavors from around the world to meet the demand for new, innovative products.

Category-specific data revealed the pretzel category experienced 2.3% growth in unit sales with 17.5% increase in dollar sales. Corn snacks' spicy flavors and their healthy halo are the key to their success seeing a 3.6% increase in unit sales and 21.1% growth in dollar sales. Tortilla chips spicy, savory, and sassy flavors saw an uptick of 0.7% in unit sales resulting in a 16.6% year to year growth in sales.

The full report including category-specific sales data can be downloaded here: SNAC World's Official State of the Industry Report. For further information or media inquiries, please contact Tim Wright at [email protected].

About SNAC International
Founded in 1937, SNAC International (formerly Snack Food Association) is the leading international trade association for the snack industry representing over 400 companies worldwide, including suppliers, marketers, and manufacturers. Upon its three pillars of education, advocacy, and networking, SNAC is committed to connecting the snack industry to create growth and opportunity. For more information, visit www.snacintl.org.

SOURCE SNAC International