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Snack market to grow by 5.62% Y-O-Y in 2023; Increasing preference for savory snacks will drive growth – Technavio
Snack market to grow by 5.62% Y-O-Y in 2023; Increasing preference for savory snacks will drive growth – Technavio
PR Newswire
NEW YORK, Jan. 30, 2023
NEW YORK, Jan. 30, 2023 /PRNewswire/ — Snack market insights –
…
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Snack market to grow by 5.62% Y-O-Y in 2023; Increasing preference for savory snacks will drive growth - Technavio
PR Newswire
NEW YORK, Jan. 30, 2023
NEW YORK, Jan. 30, 2023 /PRNewswire/ -- Snack market insights -
- Vendors: 15+, including Agthia Group PJSC, B and G Foods Inc., Calbee Inc., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, Deco Food Service, Ferrero International S.A., General Mills Inc., Happytizers Pvt Ltd, Harvest Almond Snacks, Hormel Foods Corp., J and J Snack Foods Corp., Kellogg Co., Kind LLC, McCain Foods Ltd., Mondelez International Inc., Nestle SA, NutriAsia Inc., PepsiCo Inc., Popcorn Shed Ltd., Rich Products Corp., Sargento Foods Inc., The Hain Celestial Group Inc., The Hershey Co., The Kraft Heinz Co., Tyson Foods Inc., among others.
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (Bakery products, Chocolate, Savory snacks, Frozen snacks, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
To understand more about the snack market, request a sample report
In 2017, the snack market was valued at USD 596.34 billion. From a regional perspective, APAC held the largest market share, valued at USD 191.73 billion. The snack market size is estimated to grow by USD 300.56 billion from 2022 to 2027. However, the growth momentum will be decelerating at a CAGR of 6.51% according to Technavio.
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Snack market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
- For highlights on customer landscape analysis, download a sample!
Snack market - Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including –
- Calbee Inc. - The company offers snacks such as potato chips, jagarico, jagabee, and sapporo potato.
- Conagra Brands Inc. - The company offers snacks such as mug cakes, muffins, salsa, and tortilla chips.
- Ferrero International S.A. - The company offers snacks such as Ferrero Rocher, Tic Tac, and Nutella.
- General Mills Inc. - The company offers snacks such as nature valley crunchy granola bars peanut, fruit gushers gluten free fruit snacks flavor mixers, and gardetto snack mix garlic rye chips.
Snack market – Market Dynamics
Major Drivers –
- Rise in disposable income and change in lifestyle
- Evolving taste preferences
- Growing preference for savory snacks
KEY challenges –
- Rising number of health effects
- Fluctuations in raw material costs
- Warehousing and distribution challenges of frozen snacks
The snack market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
What are the key data covered in this snack market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the snack market between 2023 and 2027
- Precise estimation of the size of the snack market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the snack market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of snack market vendors
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- The chocolate market is estimated to grow at a CAGR of 4.97% between 2022 and 2027. The size of the market is forecast to increase by USD 45.78 million. The increasing marketing activities are notably driving the market growth, although factors such as unstable cocoa prices and declining per capita consumption may impede the market growth.
Snack Market Scope | |
Report Coverage | Details |
Page number | 179 |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Decelerate at a CAGR of 6.51% |
Market growth 2023-2027 | USD 300.56 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 5.62 |
Regional analysis | APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution | APAC at 34% |
Key countries | US, China, Japan, Germany, and UK |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Agthia Group PJSC, B and G Foods Inc., Calbee Inc., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, Deco Food Service, Ferrero International S.A., General Mills Inc., Happytizers Pvt Ltd, Harvest Almond Snacks, Hormel Foods Corp., J and J Snack Foods Corp., Kellogg Co., Kind LLC, McCain Foods Ltd., Mondelez International Inc., Nestle SA, NutriAsia Inc., PepsiCo Inc., Popcorn Shed Ltd., Rich Products Corp., Sargento Foods Inc., The Hain Celestial Group Inc., The Hershey Co., The Kraft Heinz Co., and Tyson Foods Inc. |
Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global snack market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global snack market 2017 - 2021 ($ billion)
- 4.2 Product Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)
- 4.3 Distribution channel Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Distribution channel Segment 2017 - 2021 ($ billion)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Product
- 6.1 Market segments
- Exhibit 30: Chart on Product - Market share 2022-2027 (%)
- Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
- 6.2 Comparison by Product
- Exhibit 32: Chart on Comparison by Product
- Exhibit 33: Data Table on Comparison by Product
- 6.3 Bakery products - Market size and forecast 2022-2027
- Exhibit 34: Chart on Bakery products - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Data Table on Bakery products - Market size and forecast 2022-2027 ($ billion)
- Exhibit 36: Chart on Bakery products - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Bakery products - Year-over-year growth 2022-2027 (%)
- 6.4 Chocolate - Market size and forecast 2022-2027
- Exhibit 38: Chart on Chocolate - Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Data Table on Chocolate - Market size and forecast 2022-2027 ($ billion)
- Exhibit 40: Chart on Chocolate - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Chocolate - Year-over-year growth 2022-2027 (%)
- 6.5 Savory snacks - Market size and forecast 2022-2027
- Exhibit 42: Chart on Savory snacks - Market size and forecast 2022-2027 ($ billion)
- Exhibit 43: Data Table on Savory snacks - Market size and forecast 2022-2027 ($ billion)
- Exhibit 44: Chart on Savory snacks - Year-over-year growth 2022-2027 (%)
- Exhibit 45: Data Table on Savory snacks - Year-over-year growth 2022-2027 (%)
- 6.6 Frozen snacks - Market size and forecast 2022-2027
- Exhibit 46: Chart on Frozen snacks - Market size and forecast 2022-2027 ($ billion)
- Exhibit 47: Data Table on Frozen snacks - Market size and forecast 2022-2027 ($ billion)
- Exhibit 48: Chart on Frozen snacks - Year-over-year growth 2022-2027 (%)
- Exhibit 49: Data Table on Frozen snacks - Year-over-year growth 2022-2027 (%)
- 6.7 Others - Market size and forecast 2022-2027
- Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 6.8 Market opportunity by Product
- Exhibit 54: Market opportunity by Product ($ billion)
7 Market Segmentation by Distribution Channel
- 7.1 Market segments
- Exhibit 55: Chart on Distribution Channel - Market share 2022-2027 (%)
- Exhibit 56: Data Table on Distribution Channel - Market share 2022-2027 (%)
- 7.2 Comparison by Distribution Channel
- Exhibit 57: Chart on Comparison by Distribution Channel
- Exhibit 58: Data Table on Comparison by Distribution Channel
- 7.3 Offline - Market size and forecast 2022-2027
- Exhibit 59: Chart on Offline - Market size and forecast 2022-2027 ($ billion)
- Exhibit 60: Data Table on Offline - Market size and forecast 2022-2027 ($ billion)
- Exhibit 61: Chart on Offline - Year-over-year growth 2022-2027 (%)
- Exhibit 62: Data Table on Offline - Year-over-year growth 2022-2027 (%)
- 7.4 Online - Market size and forecast 2022-2027
- Exhibit 63: Chart on Online - Market size and forecast 2022-2027 ($ billion)
- Exhibit 64: Data Table on Online - Market size and forecast 2022-2027 ($ billion)
- Exhibit 65: Chart on Online - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on Online - Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by Distribution Channel
- Exhibit 67: Market opportunity by Distribution Channel ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 69: Chart on Market share by geography 2022-2027 (%)
- Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 71: Chart on Geographic comparison
- Exhibit 72: Data Table on Geographic comparison
- 9.3 APAC - Market size and forecast 2022-2027
- Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 9.4 Europe - Market size and forecast 2022-2027
- Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.5 North America - Market size and forecast 2022-2027
- Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.6 South America - Market size and forecast 2022-2027
- Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 9.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 9.8 US - Market size and forecast 2022-2027
- Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.9 China - Market size and forecast 2022-2027
- Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)
- 9.10 Japan - Market size and forecast 2022-2027
- Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.11 Germany - Market size and forecast 2022-2027
- Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.12 UK - Market size and forecast 2022-2027
- Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ billion)
- Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
- Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 113: Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 114: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 116: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 117: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 118: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 119: Matrix on vendor position and classification
- 12.3 B and G Foods Inc.
- Exhibit 120: B and G Foods Inc. - Overview
- Exhibit 121: B and G Foods Inc. - Product / Service
- Exhibit 122: B and G Foods Inc. - Key offerings
- 12.4 Calbee Inc.
- Exhibit 123: Calbee Inc. - Overview
- Exhibit 124: Calbee Inc. - Product / Service
- Exhibit 125: Calbee Inc. - Key offerings
- 12.5 Conagra Brands Inc.
- Exhibit 126: Conagra Brands Inc. - Overview
- Exhibit 127: Conagra Brands Inc. - Business segments
- Exhibit 128: Conagra Brands Inc. - Key news
- Exhibit 129: Conagra Brands Inc. - Key offerings
- Exhibit 130: Conagra Brands Inc. - Segment focus
- 12.6 Ferrero International S.A.
- Exhibit 131: Ferrero International S.A. - Overview
- Exhibit 132: Ferrero International S.A. - Product / Service
- Exhibit 133: Ferrero International S.A. - Key offerings
- 12.7 General Mills Inc.
- Exhibit 134: General Mills Inc. - Overview
- Exhibit 135: General Mills Inc. - Business segments
- Exhibit 136: General Mills Inc. - Key news
- Exhibit 137: General Mills Inc. - Key offerings
- Exhibit 138: General Mills Inc. - Segment focus
- 12.8 Hormel Foods Corp.
- Exhibit 139: Hormel Foods Corp. - Overview
- Exhibit 140: Hormel Foods Corp. - Business segments
- Exhibit 141: Hormel Foods Corp. - Key news
- Exhibit 142: Hormel Foods Corp. - Key offerings
- Exhibit 143: Hormel Foods Corp. - Segment focus
- 12.9 J and J Snack Foods Corp.
- Exhibit 144: J and J Snack Foods Corp. - Overview
- Exhibit 145: J and J Snack Foods Corp. - Business segments
- Exhibit 146: J and J Snack Foods Corp. - Key offerings
- Exhibit 147: J and J Snack Foods Corp. - Segment focus
- 12.10 Kellogg Co.
- Exhibit 148: Kellogg Co. - Overview
- Exhibit 149: Kellogg Co. - Business segments
- Exhibit 150: Kellogg Co. - Key offerings
- Exhibit 151: Kellogg Co. - Segment focus
- 12.11 McCain Foods Ltd.
- Exhibit 152: McCain Foods Ltd. - Overview
- Exhibit 153: McCain Foods Ltd. - Product / Service
- Exhibit 154: McCain Foods Ltd. - Key offerings
- 12.12 Mondelez International Inc.
- Exhibit 155: Mondelez International Inc. - Overview
- Exhibit 156: Mondelez International Inc. - Business segments
- Exhibit 157: Mondelez International Inc. - Key news
- Exhibit 158: Mondelez International Inc. - Key offerings
- Exhibit 159: Mondelez International Inc. - Segment focus
- 12.13 Nestle SA
- Exhibit 160: Nestle SA - Overview
- Exhibit 161: Nestle SA - Business segments
- Exhibit 162: Nestle SA - Key news
- Exhibit 163: Nestle SA - Key offerings
- Exhibit 164: Nestle SA - Segment focus
- 12.14 PepsiCo Inc.
- Exhibit 165: PepsiCo Inc. - Overview
- Exhibit 166: PepsiCo Inc. - Business segments
- Exhibit 167: PepsiCo Inc. - Key news
- Exhibit 168: PepsiCo Inc. - Key offerings
- Exhibit 169: PepsiCo Inc. - Segment focus
- 12.15 Sargento Foods Inc.
- Exhibit 170: Sargento Foods Inc. - Overview
- Exhibit 171: Sargento Foods Inc. - Product / Service
- Exhibit 172: Sargento Foods Inc. - Key offerings
- 12.16 The Kraft Heinz Co.
- Exhibit 173: The Kraft Heinz Co. - Overview
- Exhibit 174: The Kraft Heinz Co. - Business segments
- Exhibit 175: The Kraft Heinz Co. - Key offerings
- Exhibit 176: The Kraft Heinz Co. - Segment focus
- 12.17 Tyson Foods Inc.
- Exhibit 177: Tyson Foods Inc. - Overview
- Exhibit 178: Tyson Foods Inc. - Business segments
- Exhibit 179: Tyson Foods Inc. - Key offerings
- Exhibit 180: Tyson Foods Inc. - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 181: Inclusions checklist
- Exhibit 182: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 183: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 184: Research methodology
- Exhibit 185: Validation techniques employed for market sizing
- Exhibit 186: Information sources
- 13.5 List of abbreviations
- Exhibit 187: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
Uncategorized
Shipping company files surprise Chapter 7 bankruptcy, liquidation
While demand for trucking has increased, so have costs and competition, which have forced a number of players to close.
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The U.S. economy is built on trucks.
As a nation we have relatively limited train assets, and while in recent years planes have played an expanded role in moving goods, trucks still represent the backbone of how everything — food, gasoline, commodities, and pretty much anything else — moves around the country.
Related: Fast-food chain closes more stores after Chapter 11 bankruptcy
"Trucks moved 61.1% of the tonnage and 64.9% of the value of these shipments. The average shipment by truck was 63 miles compared to an average of 640 miles by rail," according to the U.S. Bureau of Transportation Statistics 2023 numbers.
But running a trucking company has been tricky because the largest players have economies of scale that smaller operators don't. That puts any trucking company that's not a massive player very sensitive to increases in gas prices or drops in freight rates.
And that in turn has led a number of trucking companies, including Yellow Freight, the third-largest less-than-truckload operator; J.J. & Sons Logistics, Meadow Lark, and Boateng Logistics, to close while freight brokerage Convoy shut down in October.
Aside from Convoy, none of these brands are household names. but with the demand for trucking increasing, every company that goes out of business puts more pressure on those that remain, which contributes to increased prices.
Image source: Shutterstock
Another freight company closes and plans to liquidate
Not every bankruptcy filing explains why a company has gone out of business. In the trucking industry, multiple recent Chapter 7 bankruptcies have been tied to lawsuits that pushed otherwise successful companies into insolvency.
In the case of TBL Logistics, a Virginia-based national freight company, its Feb. 29 bankruptcy filing in U.S. Bankruptcy Court for the Western District of Virginia appears to be death by too much debt.
"In its filing, TBL Logistics listed its assets and liabilities as between $1 million and $10 million. The company stated that it has up to 49 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees," Freightwaves reported.
The company's owners, Christopher and Melinda Bradner, did not respond to the website's request for comment.
Before it closed, TBL Logistics specialized in refrigerated and oversized loads. The company described its business on its website.
"TBL Logistics is a non-asset-based third-party logistics freight broker company providing reliable and efficient transportation solutions, management, and storage for businesses of all sizes. With our extensive network of carriers and industry expertise, we streamline the shipping process, ensuring your goods reach their destination safely and on time."
The world has a truck-driver shortage
The covid pandemic forced companies to consider their supply chain in ways they never had to before. Increased demand showed the weakness in the trucking industry and drew attention to how difficult life for truck drivers can be.
That was an issue HBO's John Oliver highlighted on his "Last Week Tonight" show in October 2022. In the episode, the host suggested that the U.S. would basically start to starve if the trucking industry shut down for three days.
"Sorry, three days, every produce department in America would go from a fully stocked market to an all-you-can-eat raccoon buffet," he said. "So it’s no wonder trucking’s a huge industry, with more than 3.5 million people in America working as drivers, from port truckers who bring goods off ships to railyards and warehouses, to long-haul truckers who move them across the country, to 'last-mile' drivers, who take care of local delivery."
The show highlighted how many truck drivers face low pay, difficult working conditions and, in many cases, crushing debt.
"Hundreds of thousands of people become truck drivers every year. But hundreds of thousands also quit. Job turnover for truckers averages over 100%, and at some companies it’s as high as 300%, meaning they’re hiring three people for a single job over the course of a year. And when a field this important has a level of job satisfaction that low, it sure seems like there’s a huge problem," Oliver shared.
The truck-driver shortage is not just a U.S. problem; it's a global issue, according to IRU.org.
"IRU’s 2023 driver shortage report has found that over three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied," the global transportation trade association reported.
"With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action."
Related: Veteran fund manager picks favorite stocks for 2024
bankruptcy bankruptcies pandemic stocks commoditiesUncategorized
Wendy’s has a new deal for daylight savings time haters
The Daylight Savings Time promotion slashes prices on breakfast.
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Daylight Savings Time, or the practice of advancing clocks an hour in the spring to maximize natural daylight, is a controversial practice because of the way it leaves many feeling off-sync and tired on the second Sunday in March when the change is made and one has one less hour to sleep in.
Despite annual "Abolish Daylight Savings Time" think pieces and online arguments that crop up with unwavering regularity, Daylight Savings in North America begins on March 10 this year.
Related: Coca-Cola has a new soda for Diet Coke fans
Tapping into some people's very vocal dislike of Daylight Savings Time, fast-food chain Wendy's (WEN) is launching a daylight savings promotion that is jokingly designed to make losing an hour of sleep less painful and encourage fans to order breakfast anyway.
Image source: Wendy's.
Promotion wants you to compensate for lost sleep with cheaper breakfast
As it is also meant to drive traffic to the Wendy's app, the promotion allows anyone who makes a purchase of $3 or more through the platform to get a free hot coffee, cold coffee or Frosty Cream Cold Brew.
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Available during the Wendy's breakfast hours of 6 a.m. and 10:30 a.m. (which, naturally, will feel even earlier due to Daylight Savings), the deal also allows customers to buy any of its breakfast sandwiches for $3. Items like the Sausage, Egg and Cheese Biscuit, Breakfast Baconator and Maple Bacon Chicken Croissant normally range in price between $4.50 and $7.
The choice of the latter is quite wide since, in the years following the pandemic, Wendy's has made a concerted effort to expand its breakfast menu with a range of new sandwiches with egg in them and sweet items such as the French Toast Sticks. The goal was both to stand out from competitors with a wider breakfast menu and increase traffic to its stores during early-morning hours.
Wendy's deal comes after controversy over 'dynamic pricing'
But last month, the chain known for the square shape of its burger patties ignited controversy after saying that it wanted to introduce "dynamic pricing" in which the cost of many of the items on its menu will vary depending on the time of day. In an earnings call, chief executive Kirk Tanner said that electronic billboards would allow restaurants to display various deals and promotions during slower times in the early morning and late at night.
Outcry was swift and Wendy's ended up walking back its plans with words that they were "misconstrued" as an intent to surge prices during its most popular periods.
While the company issued a statement saying that any changes were meant as "discounts and value offers" during quiet periods rather than raised prices during busy ones, the reputational damage was already done since many saw the clarification as another way to obfuscate its pricing model.
"We said these menuboards would give us more flexibility to change the display of featured items," Wendy's said in its statement. "This was misconstrued in some media reports as an intent to raise prices when demand is highest at our restaurants."
The Daylight Savings Time promotion, in turn, is also a way to demonstrate the kinds of deals Wendy's wants to promote in its stores without putting up full-sized advertising or posters for what is only relevant for a few days.
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Comments on February Employment Report
The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined. The participation rate was unchanged, the employment population ratio decreased, and the …
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Prime (25 to 54 Years Old) Participation
Since the overall participation rate is impacted by both cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old.
The 25 to 54 years old participation rate increased in February to 83.5% from 83.3% in January, and the 25 to 54 employment population ratio increased to 80.7% from 80.6% the previous month.
Average Hourly Wages
The graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES). Wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 4.3% YoY in February.
Part Time for Economic Reasons
From the BLS report:"The number of people employed part time for economic reasons, at 4.4 million, changed little in February. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs."The number of persons working part time for economic reasons decreased in February to 4.36 million from 4.42 million in February. This is slightly above pre-pandemic levels.
These workers are included in the alternate measure of labor underutilization (U-6) that increased to 7.3% from 7.2% in the previous month. This is down from the record high in April 2020 of 23.0% and up from the lowest level on record (seasonally adjusted) in December 2022 (6.5%). (This series started in 1994). This measure is above the 7.0% level in February 2020 (pre-pandemic).
Unemployed over 26 Weeks
This graph shows the number of workers unemployed for 27 weeks or more. According to the BLS, there are 1.203 million workers who have been unemployed for more than 26 weeks and still want a job, down from 1.277 million the previous month.
This is close to pre-pandemic levels.
Job Streak
| Headline Jobs, Top 10 Streaks | ||
|---|---|---|
| Year Ended | Streak, Months | |
| 1 | 2019 | 100 |
| 2 | 1990 | 48 |
| 3 | 2007 | 46 |
| 4 | 1979 | 45 |
| 5 | 20241 | 38 |
| 6 tie | 1943 | 33 |
| 6 tie | 1986 | 33 |
| 6 tie | 2000 | 33 |
| 9 | 1967 | 29 |
| 10 | 1995 | 25 |
| 1Currrent Streak | ||
Summary:
The headline monthly jobs number was above consensus expectations; however, December and January payrolls were revised down by 167,000 combined. The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%. Another solid report.
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