Single-minded consumers
In part two of our Power of One series, we explore the major consumer trends and behaviours driving a surge in single-serve products
In the opening story of our Power of One series, we saw how the demand for single-serve food and beverage products is steadily growing around the world. In fact, the global single-serve packaging market is set to increase by over $30.5 billion during 2018-2022, representing a rise of more than 5%. So what exactly is driving this global trend? And what kind of consumer demands and behaviours are we seeing as a result?
Me, myself and I
When it comes to why consumers are choosing more single-serve products, several factors are at play. A major reason is simply down to the rise in smaller households. According to Euromonitor International, the number of single-person households is set to increase by 128% between 2000-2030. Due to rapid urbanisation and fast-changing socio-economic conditions, more people are choosing to and able to live alone. And because of this, more products are being developed to cater to this growing demographic.
With increasing urbanisation comes busier, more on-the-go lifestyles. Time is a precious commodity for today’s urbanites – particularly millennials and Generation Z – who are seeking more products that make day-to-day living more convenient. In Asia-Pacific, for example, Nielsen found that 27% of consumers wish there were more products to make their lifestyle easier. And in a 2020 report by the National Retail Federation in the US, 83% of consumers say convenience while shopping is more important to them now compared with five years ago.
The age of snacking
As we’ve seen on SIGnals, snacking is fast becoming a favourite pastime. Many consumers are replacing large meals with snacks, grazing throughout the day, and seeking small-sized versions of traditional products. In the US, for example, snacks currently make up a massive 51% of all food sales. But it’s not only indulgent snacks consumers are eating more of. With an increasing awareness of health and dietary issues, healthy snacking options are showing huge growth.
With health in mind, single-serve products are also proving popular for portion control and nutritional information. Due to the convenience of pre-portioned packages and clear labelling, it’s easy for consumers to have the correct portion for a specific need and track their consumption. Both of which can also help to reduce food waste – another growing issue with 90% of consumers currently concerned about the amount of food they waste.
From segments to sustainability
Want to know more about the single-serve boom? Don’t miss the next stories in our Power of One series when we’ll look at the product segments which are benefiting from the single-serve trend. And also how to meet the single-serve demand in a fast, flexible and sustainable way with SIG.
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- September 04, 2020