After a return to healthy growth in 2021, following the pandemic-induced decline in 2020, snacks sales were again negatively impacted by COVID-19 in 2022, as case numbers spiked in China, the region’s biggest market. However, value sales managed to increase marginally in Asia Pacific in 2022, with further positive growth seen in 2023 and 2024, in spite of the high inflation being seen in a number of countries.
This report comes in PPT.
While e-commerce continued to gain share in Chinese snacks in 2024, snack collective stores were even more dynamic in this year. These stores, positioned near communities, are becoming particularly popular in lower-tier cities and rural areas for their wide selections and attractive discounts. Busy for You has opened over 4,000 stores in 10 provinces, featuring low prices and bulk sales to attract nearby residents.
Due to rising cocoa prices, leading confectionery manufacturers have announced plans to expand their local manufacturing in India in order to have better control over the supply chain. In 2023, Mondelez and Mars announced expansion plans for their manufacturing plants for chocolate confectionery in India, with Nestlé following suit in 2024.
Lowering fat and increasing protein are major directions for development in savoury snacks in China, with a formula upgrade by Lay's of its core potato chips product reducing the saturated fat content by a claimed 50%, for example, and emerging local brand Shi Yan Shi launching potato chips containing over 30% cod (fish).
The Food Safety and Standards Authority of India has approved a proposal for new regulation of nutritional labelling on packaged foods. These changes would require manufacturers to prominently display the total content of salt, sugar and saturated fat in large, bold font on the packaging, helping increase the awareness of the ingredients used in packaged food products.
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