Brand trust drives savoury snacks

According to a new report from market intelligence provider, Key Note, the retail market for savoury, bagged snacks increased in value by 5.8% in 2013. Sales continue to be driven by brand trust.

Research commissioned by Key Note in June 2014 found that 69.5% of respondents claim that brand trust is a driving factor behind their regular purchase of snack food, with the three most popular brands being Walkers, Doritos and Pringles, respectively. With these household names, the likelihood of a return on investment into new product developments is higher. In addition, market-leading manufacturers are able to reinforce this advantage with aggressive pricing strategies, in-store promotions (ISPs) and high expenditure on marketing initiatives. NPDs are key to driving growth in this market, and there is currently a high demand for healthier snacks and exciting new flavours.

The popularity of savoury snacks in the UK provides manufacturers with new avenues for growth in an extremely competitive marketplace. However, heavy investment is required, which can lead to ongoing market consolidation as manufacturers of all sizes are forced to accept slimmer margins. Despite this, snacking and convenient food solutions are becoming ever more popular among consumers, and Key Note therefore forecasts impress 5-year growth of 21.2% between 2014 and 2018.