Market Trends of Snack Food Industry
Rising Demand for Convenient Foods Drives the Market
- Modern consumers frequently need help to sit down for traditional meals, especially those with busy schedules. While on the go, snack foods offer a quick and convenient option to fulfill appetites and control hunger. Many nuclear families live in big cities, and due to both parents working, the kids have a habit of snacking at least once a day instead of having a whole meal.
- Snacks are often portable and packaged for ease of use, making them appropriate for consumption in a variety of locations, including offices, vehicles, and public transportation. Customers can quickly grab snacks while traveling or in urban areas because of convenience stores and vending machines. More people are moving into cities, which promotes a culture of convenience where snacks can be used as functional meal replacements, driving the snack food market.
- Many people munch while at work since it is handy and keeps their energy levels up without disrupting their work. Consuming snacks while watching films, sporting events, streaming entertainment, and partying at home is a common practice. For instance, 45% of Indians preferred party and celebration occasions for snack consumption in November 2022, according to the report published by Godrej Yummiez.
- Customers can browse and order a large variety of snacks online from the comfort of their homes, greatly boosting convenience. According to the Campaign Middle East, snack food is the fastest-growing e-commerce category in the United Arab Emirates, with a growth rate of 855% in 2022.
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Asia-Pacific Holds the Largest Market Share
- Snack food products are largely consumed in developing regions with high commercialization and urbanization. Asia-Pacific represents the largest and fastest-growing market for snack food products owing to increasing demand from developing countries, such as India and China. The spread of Western eating habits to the developing world and growing urbanization have helped improve market penetration for global players entering the developing nations of Asia-Pacific. For instance, the size of the organized Western savory snacks market in India was INR 242 billion in 2022, according to the Associated Chambers of Commerce and Industry of India.
- The Chinese snack food market registered stable growth in the study period, and it is expected to improve further during the forecast period. Moreover, the rising demand for on-the-go snacking with additional nutritional content is driving the demand for meat-based snacks in the market. Rising numbers of tourists to China and India fuel market expansion. Snacks are a common source of convenient sustenance for tourists and travelers while on trips or while experiencing new places.
- Additionally, the higher protein content and lower fat and carb contents of products augment their demand among sports and fitness enthusiasts. Furthermore, Chinese snack manufacturers are focusing on research and development to innovate healthy snack options. For instance, in April 2023, Dongguan, Guangdong province-based snack maker Hsu Fu Chi, collaborated with the South China University of Technology to develop a healthy snack research center to debut new trends in Chinese consumer preferences.
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