LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global sandwiches market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The report further segments the global sandwiches market by type of filling (non-vegetarian and vegetarian), by product (fresh sandwiches and prepackaged sandwiches), and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global sandwiches market:
- Mergers and acquisitions
- Increase in on-the-go consumption
- Millennials drive the market
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Mergers and acquisitions
Mergers and acquisitions are a major driver for the growth of the global sandwiches market. This is an attractive and growing sector with many untapped opportunities for vendors. Apart from the major markets in countries such as the US and Italy, most of the markets have not yet matured, which provides a large opportunity for companies to tap into the potential of the market. Larger companies are acquiring smaller companies to broaden their portfolio and to produce new and innovative products.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The food industry is witnessing large numbers of mergers and acquisitions. This has enabled large companies to extend their reach to relatively untapped areas that can drive the demand for their products. Apart from extending the portfolio for the acquirer, mergers and acquisitions bring a high amount of expertise for the target company. Therefore, it helps the existing business.”
Increase in on-the-go consumption
Urbanization has made extensive changes in the lifestyle and dietary habits of consumers across the globe. There has been a substantial growth in the consumption of processed food products. Convenience or ready-to-eat food products such as sandwiches are becoming increasingly popular among consumers because they save time and effort and provide consistent taste. The demand for convenience food products is also increasing because of the hectic lifestyle of consumers.
Apart from this, the consumers have the option to prepare a sandwich with the ingredients they like. For instance, health-conscious consumers use vegetables as the main ingredients. Moreover, the increasing number of working women across the globe has boosted the demand for easy meals. These easy meals reduce the time that women spend for cooking.
Millennials drive the market
The millennials segment is a significant consumer group in the global food industry. In 2016, millennials segment comprised more than 2 billion individuals across the globe. Millennials are the youngest generation of adult consumers between the ages of 18 and 35. They have become the key consumer base for restaurants because they are the most frequent and enthusiastic consumers of restaurant meals, who are eager to try new cuisines and new dishes from across the globe.
“Millennials are the majority consumers who prefer to eat at eateries and restaurants occasionally. They also prefer to hang out with friends at cafes and bakeries that provide beverages and light snacks. Snacks such as sandwiches are most tempting to these age group as they desire to taste every new flavor or product introduced in the market or try out the new cafes and restaurants for new experiences. Millennials are thus a major driving force for and will continue to fuel the growth of the global sandwiches market during the forecast period,” says Manjunath.
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