Business View Magazine - August 2023

84 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 8 SNAC INTERNATIONAL hile snacking innovation comes from all corners of our industry – from emerging entrepreneurs to multinational companies – the category has a tremendous positive impact on our economy. SNAC International, the trade association for the global snack industry with over 400 member companies worldwide, recently commissioned a study with Circana, examining key parameters related to the impact snack manufacturing and related categories have on U.S. economic performance. The study found that total snacking and snacking adjacent categories have reached $186.4 billion in annual sales, which is larger than the GDP of the Dominican Republic. These categories make up more than a quarter of all food and beverage sales in the U.S. The snack industry employs 395,000 workers garnering a total of $15 billion in annual wages, and generates $11 billion in tax revenue collected from sales, income and corporate taxes. To put this into perspective, the U.S. snack industry is over six times the size of the U.S. Entertainment Segment and employs almost as many people as the population of Denver. The top four states for snack manufacturing include California, Texas, Illinois and Georgia. W CONSUMERS AND THE HROUGH INNOVATION Representing the snacking industry; SNAC International tackles the issues the ‘feed’ the industry