From intricate flavoring to the influx of high-pressure processing (HPP) technology, the refrigerated dips and spreads market continues to experience elevated growth.
Specifically, the chips and dips market is poised to reach a robust $19.2 billion in sales by 2020, according to Mintel, Chicago. From Greek yogurt guacamole to sweet and sour salsa hummus, this segment thrives on innovation.
Here are some market trend key points:
- 94% of consumers snack at least once a day, incorporating chips and dip as a snack.
- Chip and dip purchases skew toward younger consumers, especially Millennials, who are into variety, mixing products together and buying in bulk.
- Dips are powerhouse products, growing 26% from 2010 to 2015 compared to salsa’s growth of 6%.
- Sales of dips are forecasted to reach $3.4 billion by 2020.
- More than 75% of consumers buy some type of dip for themselves, with salsa, refrigerated dips and hummus being the most popular.
- Millennials are most likely to eat products with non-traditional bases, such as Greek yogurt dips.
- 37% of those who buy dips prefer flavors they have tried in a restaurant.
- More than 25% indicate resealable packaging would influence them to purchase more dips, more so than single-serve packaging.
- 29% buy dips on impulse, which emphasizes the need to grab shoppers’ attention in store and at checkout.
- Hybrid products, such as salsa hummus are nearly twice as likely to drive increased purchase.
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