Snack bars are seeing more differentiation than ever before, with brands tapping into familiar and novel ingredients, nuanced usage occasions and a diverse audience with ever-changing nutrition and taste preferences. How can veteran and new brands establish recognition in a multi-billion dollar category?
Moderated by Deniz Ataman, deputy editor, FoodNavigator-USA, the panel will feature engaging insights from experts, including:
- Scott Dicker, market insights director, SPINS
- Sarah Philips, vice president, Emil Capital Partners
- John Olsen, brand marketing director, KIND Bar
- Julia Shapiro, VP brand, ALOHA
Register for Raising the Snack Bar editorial webinar at this link: https://www.foodnavigator-usa.com/Events/Raising-the-Snack-Bar-Exploring-Growth-Drivers-Innovations-and-Consumer-Cravings
By 2032, the snack bar market’s expected value will be worth $41.7 billion with a CAGR of 3.8% (compared to $29 billion in 2022). While snack bar sales dipped during the pandemic, sales are picking up again as a majority of consumers have returned to work and travel, creating a demand for more convenient and nutritious solutions without compromising consumers’ dietary goals.
According to data from SPINS, consumers’ purchasing habits have shifted from choosing natural and better-for-you to an all-encompassing values orientation based on wellness, clean ingredients, sustainability and ESG. Further, nine in 10 values-oriented consumers are willing to pay a premium for health and wellness attributes. While this brings an influx of competition, it also gives brands a wider range of opportunities to connect with consumers both online and in-store.
From protein to probiotic, whole grains, nuts and fruits, snack bar makers can learn in this webinar how ingredients build the gateway towards consumer preferences in nutrition, functionality, flavor and texture.
Building a purposeful business core
For brands, establishing core mission-driven principles will lay the groundwork for experimentations and innovations. For KIND Bar, it’s implementing its signature almonds into its snack bars and reinterpreting its ingredients into different formats and usage occasions—namely the brand’s new soft baked squares for consumers who want a sweet but healthy treat in the evenings. For ALOHA it’s structuring its core branding of organic, plant-based protein around every new product launch.
As the panel will emphasize – building a strong business strategy in this space boils down to having a clear and authentic point of view that consumers can relate to. This includes developing a channel strategy that makes sense for the consumer a brand is connecting with. Snack bars are unique in the food and beverage space in that its presence is not limited to traditional grocery and convenience channels, as seen in gym cafes, clothing stores and hardware stores, among many others, creating another opportunity for brands to curate their ingredients and channels to the audience they’re looking to reach.
Register for Raising the Snack Bar editorial webinar at this link: https://www.foodnavigator-usa.com/Events/Raising-the-Snack-Bar-Exploring-Growth-Drivers-Innovations-and-Consumer-Cravings and join us on July 26 at 11:30 AM CT.