Snacking has been on the rise over the past few years, and the trends are likely to hover around health. While convenience has been the key driving aspect, consumers are increasingly seeking snack pellets that incorporate overarching trends including, better-for-you options, high protein, and healthful eating.
As consumers are facilitated with a plethora of on-demand options throughout their lives, FMI highlights the importance of a more diverse assortment of upgraded convenience food products such as snack pellets.
In addition, the COVID-19 recession is catalyzing the consumption of pre-prepared meals as consumers strictly abide by stay-at-home orders. Market players are, in turn, creating distinctive strategies to grab this value-capture opportunity.
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Snack Pellets Market Size Study
- Consumption of convenience food products to reach new heights amid COVID-19 pandemic
- At-home consumption to soar as consumers follow pandemic-induced restrictions
- Market players to leverage online channels to remain competitive during the crisis
- Manufacturers to strictly follow hygienic production practices to maintain consumer retention
- Markets in East and South Asia to experience notable growth through 2030
COVID-19 Impact on Snack Pellets Market
While several industries are at the wrong edge of the COVID-19 pandemic, the snacks industry is among the least affected sectors, and has emerged as one of the fastest progressing FMCG domains. The COVID-19 induced lockdowns have offered a plethora of prospects and turned the tide in favor of certain snack pellet manufacturers, given notable rise in home-cooking, or at-home consumption.
As working from home has become the new normal, ready-to-cook products such as snack pellets have been sold in large quantities over the last few weeks. While reduced demand has slashed the growth rate of snack pellets market by a few percentage points, the market has still managed to generate relevant returns. Moreover, the market represents huge potential for vertical and horizontal growth.
This promising growth has attracted several players to the marketplace, however, leading manufacturers are tapping new territories to propel their revenue growth.
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Snack Pellets Market Trends – E-commerce Channels to Emerge as Potential Disruptor
Digital maturity is linearly associated with better business outcomes. E-commerce ecosystem has been a transformative force in snack pellets market as convenience becomes a key aspect. In the era of online shopping and digital convenience, consumers are seeking interactive experiences.
Manufacturers of snack pellets are tapping this opportunity by driving innovations that provide ease to consumers such as developing patented mobile apps or collaborating with e-commerce heavyweights for online delivery.