February 21, 2020
According to GlobalData, consumer preferences are changing that shape the APAC market for savory snacks
The development of consumer lifestyle and changes in dietary preferences are increasingly influencing consumer choice in the Asia Pacific region (APAC). According to GlobalData, a leading data and analysis company, Asian consumers are looking for products on the go in new flavors / variants and are willing to pay extra for better quality and new taste experiences.
The GlobalData report "Opportunities in the Asia-Pacific Savory Snacks Sector" forecasts regional market growth from $ 52.6 billion in 2018 to $ 74 billion in 2023, with an average annual growth rate (CAGR) of 7 1%. Together, China, Japan and India accounted for 84.9% of the APAC savory snacks sector in 2018.
The report identifies Taiwan, China, New Zealand, and Indonesia as high-potential countries based on GlobalData's unique rating system, which includes risk-reward analysis that is derived from multiple metrics. These indicators include assessing market size and growth, as well as the political, economic, social and technological assessment of 19 major economies in the APAC region. High potential countries are expected to contribute most to the growth of the savory snacks sector in the APAC region.
Priyanka Jain, Consumer Analyst at GlobalData, said: “The increasing time constraints associated with growing double income households create the need for convenience food options. The habit of saving time has led to an increase in the consumption of food on the go, especially portable, user-friendly packs of savory snacks that can be consumed quickly and easily. "
The report shows that the sector is led by the nuts and seeds category, which accounted for 24% of the value in 2018. This was followed by the categories “processed snacks” and “ethnic / traditional snacks” with value shares of 22.6% and 22.5%, respectively. The ethnic / traditional snacks category is expected to grow by 8.6% in 2018-2023, followed by the nuts and seeds (7.7%) and potato chips (7.3%) categories.
PepsiCo, Calbee, Inc., Want Want China Holdings Limited, Golden Orchard Farmer (Beijing) Food Co., Ltd. and Anhui Three Squirrels Electronic Commerce Co are the leading companies in the APAC sector for savory snacks.
Priyanka sums up: "In view of growing health concerns, consumers are now switching to products with information on" cholesterol-free "," gluten-free "or" low in salt / sugar ". Currently, the value share of products with health and wellness benefits in the APAC sector for savory snacks is limited (2.9% share in 2018). However, this market is expected to gain momentum in the near future and show a CAGR of 6% in 2018 –2023. "