Cleveland — U.S. snack food sales through 2024 are anticipated to grow 2.7 percent annually, according to Freedonia Focus Reports.
However, for the remainder of 2020 sales will grow at a slower pace as more consumers are exercising cautious spending practices because of economic uncertainty and unemployment, Freedonia reports.
Although shoppers did stock up on snacks during the early months of the pandemic, a number of closed outlets such as amusement parks, sports venues, colleges and offices, where snacks are often sold through vending machines, hampered sales. Additionally, work-from-home measures reduced the opportunity for consumers to visit gas stations and c-stores.
Freedonia anticipates the market to rebound after this year, with health consciousness among consumers as well as desires for novel items and nostalgic products to drive demand.