- The U.S. snack market is predicted to grow to $169.6 billion by 2027
- 93% of adults regularly snack at night combining for over 1 billion bedtime snacks consumed every week. Unfortunately, the most popular choices are both unhealthy and sleep-disruptive
- Nightfood, with their newly launched sleep-friendly cookie line, is poised to lead the burgeoning sleep-friendly nighttime snack category
- Earlier this month, Nightfood Holdings signed a letter of intent to acquire CarryoutSupplies.com, an established restaurant and foodservice packaging provider that is on the upswing after business suffered greatly during the pandemic
The U.S. snack market is experiencing robust growth, fueled by evolving consumer preferences that prioritize wellness and functionality. According to Eurometer International, the U.S. snack market will reach $169.6 billion by 2027. With never-ending social media and video streaming on demand, Americans are staying up later at night and snacking more than ever.
The late-night snacking occasion is a massive and untapped niche within the snack industry. A 2023 Sleep Foundation survey revealed that 93% of American adults snack between dinner and bed each week, with the average adult snacking before bed 3.9 nights per week. The result is over 1 billion nighttime snacks consumed by American adults every week, and a consumer spend estimated at well over $60 billion annually.
A recent survey by Kellanova (NYSE: K), formerly Kellogg Company, revealed that cookies, ice cream, and chips top the list of nighttime snacks. These are not only generally unhealthy, but their sugar, fat, and caloric content can also directly impair sleep quality. The immense consumer spend on snacks consumed before bed understandably has the attention of global snack giants such as Kellanova (NYSE: K), Nestle (OTC: NSRGY), Mondelez (NASDAQ: MDLZ), Post Holdings (NYSE: POST), and others.
Nightfood Holdings (OTCQB: NGTF) is pioneering the concept of sleep-friendly nighttime snacks and is largely alone in targeting an exploding consumer use case. Nightfood is positioned to be the leader in the sleep-friendly nighttime snack category, which the brand is pioneering. And now the company has made a move that signals new things to come which must not be overlooked.
In addition to its core sleep-friendly snack business, Nightfood has strategically focused on expanding its reach within the broader foodservice ecosystem. In July, the company announced a letter of intent to acquire CarryOutSupplies.com, a wholesale provider of packaging and supplies and to the foodservice industry. This move reflects NGTF’s ambition to become a comprehensive player in the sector.
Nightfood Holdings sees a golden opportunity in acquiring CarryOutSupplies.com right now. CarryOut is a well-established restaurant packaging distributor which has served a client base of over 7,000 foodservice and restaurant locations over the years. The company is now bouncing back after COVID challenges.
CarryOut’s eco-friendly packaging solutions align perfectly with Nightfood’s focus on innovation and cater to a growing market trend. The reemerging company recorded sales of just over $2 million in calendar 2023, a positive sign, yet still a fraction of pre-COVID revenue. Nightfood believes CarryOut can not only regain pre-pandemic success but also surpass it, especially by targeting up and coming growth foodservice chains with CarryOut’s unique and eco-friendly packaging options.
A bolt-on of $2 million in sales certainly will look good in Nightfood’s books. The company launched robots-as-a-service (“RaaS”) model through its subsidiary, Future Hospitality Ventures Holdings, addressing labor cost and labor shortage in the hospitality industry.
As consumer preferences evolve and the demand for sleep-friendly options grows, Nightfood is well-positioned to capture a meaningful segment of the expanding late-night snacking market. By addressing the unmet needs of consumers with sleep-friendly snacks, Nightfood is not only shaping the future of the nighttime snacking category but also establishing itself as a major player in the broader landscape.
For more information, visit the company’s website at https://ir.nightfood.com/.
NOTE TO INVESTORS: The latest news and updates relating to NGTF are available in the company’s newsroom at http://ibn.fm/NGTF
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