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, although volume sales recorded a slight decline in 2022, value sales just remained positive in Asia Pacific as a whole. With the region emerging from the pandemic, 2023 onwards will be seeing positive value and volume growth rates in Asia Pacific.
This report comes in PPT.
As Asia Pacific finally emerged from the pandemic in 2023, countries in the region were suffering from the inflationary global environment. However, while volume growth again slipped into decline in 2022, with China’s spike in COVID-19 cases, positive volume and value growth was seen in 2023, with this currently expected to continue over the forecast period.
As in many countries in the region, the rising consumer health consciousness remained a key trend affecting snacks in China in 2023. This has seen the zero-/low-sugar movement continue to permeate the realm of snacks, with brands also introducing healthy products enriched with functional additives such as fibre.
The snacking culture in India has experienced a remarkable transformation, assuming an increasingly pivotal role in daily life. Snacking frequency has surged, and the spectrum of snacking occasions has expanded, ranging from casual indulgences to celebratory feasts. Industry players are therefore launching innovative product formats as well as interesting new flavours and textures tailored to suit every conceivable occasion.
Against a backdrop of higher costs, collaborations with other brands is frequently being used as a strategy to reach a wider audience and create excitement for consumers in Japan, rather than launching all-new brands. For example, Morinaga collaborated with Mister Donuts and Meiji with the Demon Slayer anime. Collaboration is seen as an effective way to attract publicity and reach a potential new audience, while benefiting all parties involved.
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