2014-01-27 03:26:01 - Snack Food Production in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United States Snack Food Production market benefited from increased demand for several of the industry´s products during the past five years in line with rising household disposable income. As the price of corn and wheat increased, which are major ingredients in most snack foods, many of the larger industry players were able to pass on cost increases to consumers in the form of higher product prices, driving revenue.
These trends resulted in greater demand for industry products from grocery wholesalers and retailers. Consequently, industry revenue increased at an annualized rate of 2.3% to an estimated $31.4 billion during the five years to 2013; this includes expected growth of 0.8% from 2012 to 2013.
During the past five years, a growing number
of consumers became more aware of the negative health effects of eating foods that contain high levels of sodium. As a result, consumers reduced demand for salty and oily chips, while demanding that industry producers introduce healthy versions of their products. Producers quickly adapted to changing consumer tastes by offering more healthy options, such as 100-calorie packs and low-sodium versions of existing products. The success of marketing these healthy options, in addition to rising commodity costs, caused profit to expand from 9.6% of revenue in 2008 to 12.2% in 2013.
The industry´s future prospects look good with continued revenue growth expected during the five years to 2018. Forecast increases in household disposable income will help drive demand for industry products.
Additionally, as consumers continue demanding healthier versions of existing products, producers will continue introducing a greater variety of healthier product options. While the price of corn is anticipated to grow at a slower rate than it did during the previous five years, profit is still expected to grow through 2018. The appealing profit margins will likely entice more companies to enter the industry. During the five years to 2018, the number of enterprises is expected to increase at an average rate of 0.4% per year to 504. Overall, revenue is projected to grow at an annualized rate of 1.7% over the period to $34.1 billion.
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