Single Serve Packaging: A Procurement Perspective on Modern Snacking

Abstract

Introduction

In today’s competitive consumer market, is there anyone who does not like ‘Snacking’? Probably answer is NO, which explains why ‘Snackification’ is one of the top food trends in the past few years. Today’s customers eat as per their schedule rather than scheduling around their meal times. This disorganized eating or snacking, is becoming a standard in our daily fast-paced lives.

Packaging plays a big role in driving market shares, optimizing supply chain or increasing sales while reducing costs. All packaging designs have one thing in common: they are created to attract and so other consumer that needs easy, quick and convenient/on-the-go snack foods that come pre-portioned. Brand owners are also joining the trend of ‘smaller is better’ in packaging.

Top Drivers for Snacking among Millennials

• Taste –80 percent
• Nutrition & Health –52 percent
• Convenience –49 percent

Moving towards Healthy Snacking

The global healthy snack market is expected to reach $32.8 billion by 2025 with CAGR of 5 percent. Its major drivers are growth in demand for single serve bars of cereals, granola, nuts and seeds, and meat,due to the growing working class, working long hours. The booming retail segment along with synergies of efficient supply chain and innovative marketing strategies is expected to enhance market growth over the forecast period.