Many well-known brands and start-ups are introducing snack products to take advantage of consumers’ burgeoning hunger for foods and beverages that are consumed between their regular meals. The accelerating pace of product introductions is creating opportunities in multiple packaging segments, ranging from flexible pouches to single-serve cups.
The global market for snack food is expected to reach $639 billion by 2023, growing at a CAGR of 5.8 percent, according to Mordor Intelligence (mordorintelligence.com). The major trend in the category is new products with functional ingredients (think: natural, energy boosting, disease-preventing, etc.), as well as organic offerings.