Snackification describes the phenomenon of people increasingly consuming smaller meals (snacks) throughout the day, instead of the classic three daily meals that was the norm for many decades - especially in Western countries.
The share of private label sales in Latin America remains far below that of developed regions such as Western Europe and North America, indicating there is further opportunity for growth. Euromonitor International has examined the main reasons for the growth of private label in Latin America.
Across 2018-2023, the Asia Pacific region saw polarised growth rates in packaged food sales across markets. This was largely due to economic challenges, the volatility of the industry’s supply chain and demand during the pandemic years.
A backdrop of sustained inflationary pressures and consumers cutting back on pricy groceries does not seem to bode well for health and wellness foods. Yet, post-COVID-19 consumer mindsets are also geared towards getting healthier with the right foods.
In 2023, growth of fresh food in total sales terms was virtually unchanged year-on-year. However, in retail, volume sales growth slowed significantly as rising prices constrained consumer purchases.
The growing focus on women's health, driven by personalised care and self-care trends, offers significant business opportunities. Breaking taboos around topics such as menstrual care and menopausal health is boosting consumer demand.