The 2024 National Confectioners Association’s Sweets and Snacks Expo wrapped up last week in Indianapolis. Among numerous innovative new product launches, educational sessions, and an overall celebration of everything snack-related, three trends emerged. Read on to find out more.
Consumers’ relationship with diets is ever-changing. Now, unprecedented priority is being placed on addressing diet-related human health issues to improve what and how we eat and build a future containing a healthy, productive population. World Nutrition Day is a time to reflect on the greatest challenges that positive nutrition faces and what can be done to overcome them.
The Chinese food industry’s sales totalled USD328.7 billion in 2023, a whopping 40% of the Asia Pacific region’s total. This was particularly buoyed by staple foods which in China grew by a 5% CAGR in retail value sales terms between 2018 and 2023. Dairy products and alternatives sales are a contrast, where China is losing share of Asia Pacific’s, albeit gradually: slipping from 52% in 2018 to 48% in 2023.
2023 was another challenging year for cooking ingredients and meals globally. Inflation and rising commodity prices continued well into the year, driving value sales of cooking ingredients and meals to increase. Consumers across markets became more frugal when shopping for essential goods, and cut back on splurging.
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.