Growth saw a slowdown in savoury snacks in Asia Pacific, with the region hit by Coronavirus (COVID-19) and the measures taken to contain its spread. However, growth will quickly return to more dynamic levels from 2021, with other savoury snacks continuing to dominate sales in China, as well as the new value added across the region, while Japanese players will be looking to popularise rice snacks among a younger target audience, given the predominantly older consumer base they currently have.
This report comes in PPT.
The restrictions introduced in the region to contain the spread of COVID-19 had a slightly negative impact on sales of savoury snacks in Asia Pacific in 2020, with growth slowing in this year. However, as vaccination programmes are rolled out and the region learns to better live with the virus, 2021 will immediately see a return to stronger annual growth rates.
With food safety coming under the spotlight during the pandemic, consumers have tended to be less adventurous in terms of trying new brands, typically sticking with well-known names that they already trust. Number one brand Lay’s has benefited from this situation as the major name in potato chips. Lay’s also continues to offer consumers frequent innovations, such as the chips with milk tea flavour it developed with Machi Machi, the fashionable milk tea shop, to create a sweet and savoury experience.
E-commerce recorded strong growth during the pandemic, particularly during lockdown periods, with consumers looking for ways of minimising their exposure to the COVID-19 virus. However, internet retailing remains a relatively small distribution channel, with modern grocery retailers dominating sales. Traditional grocery retailers also remain important, particularly in some of the less well-developed savoury snacks markets, such India, Pakistan or Vietnam.
Savoury snacks are set for positive growth across most of the region, with only the relatively mature Japanese market seeing sluggish year-on-year performances. China will continue to account for the bulk of any new sales, with, in turn, the Chinese other savoury snacks category driving the overall regional market: accounting for 59% of overall new savoury snacks regional value in 2021-2026.
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