Wisconsin-based nutrition firm Kerry has announced a new tool for retailers to better enhance their business. Based on the group’s research, Kerry is launching an online mircroapp, called “Seizing the Private Label Snack Category,” to provide information about the results and identity opportunities shaping private label snacks.
According to Kerry’s report, the overall snack market is worth $115 billion with 2% annual growth projected to 2023. Nielsen says that private label snacking currently has just 7% of the overall market and therefore there is significant room for private label to capture market share. Kerry says that COVID-19 has opened up opportunities for store brands to expand in the snack market, but that it will require high-quality consumer research to make happen. The microapp can be found here.
“Our Kerry online private label snacks microapp report dives into private label snacks trends, telling retailers what types of product attributes are important to each type of consumer in snacks,” said Jocelyn Carter, Activation Marketing Director at Kerry. “Snacks are highly profitable areas of any business and today is no better time to develop a private label brand or expand. Kerry’s private label snack research microapp allows users to explore product packaging examples and reveals what claims and ingredients resonate with the various consumer types. At the same time, the results highlight how Kerry can collaborate in bringing these types of products to life using our taste, flavor, and nutrition solutions backed by the wide-ranging skills of our experienced applications teams.”
Kerry’s proprietary private label research uncovered two main types of private label consumers, “adventure seekers” and “practical traditionalists,” as well as showed prevailing perceptions of brands and product attributes across key categories. Insights related specifically to snacks are used in order to provide guidance on tackling snack product innovation.
Kerry’s research was conducted on 1,460 US food/beverage private label consumers, then prioritized by product category and retailer attributes. It examined what’s driving category growth, then identified emerging opportunities in the snacks area.
“Kerry is a complete partner in the private label snacks space, providing tailored market and consumer research insights alongside our taste, flavor and nutrition portfolio, as well as extensive applications expertise that facilitates the creation of the great-tasting, on-trend snacks consumers want,” said Carter. “Private label snacks represent a huge emerging opportunity, and our informative online research microapp is both a great introduction to the opportunities available and an excellent way to identify how to partner with Kerry.”