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 expansion of wellness to encompass a more holistic and inclusive view has meant that previously taboo or underserved areas such as women's health are now becoming a more critical component of the evolution of the wellness journey. In an increasingly saturated and overcrowded wellness marketplace, elevating brand credibility through science and medical backing will be key for closing the gap in consumer product and service adoption.
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.
Join four of our leading experts as they delve into the evolving landscape of health and wellness, focusing on its expansion from a trend to a consumer lifestyle. Key topics include the Blurring of Wellness Concepts, Women’s Health, Self-Care at Home and the Evolution of Health-Conscious Eating.
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.
Spotting and tracking new brand and sub-brand launches as they happen should be integral to corporate innovation strategy. Euromonitor has been tracking new product launches in packaged food online, utilising SKU scraping capabilities, giving visibility to where new products are emerging, the type of innovation happening, and which companies are expanding their portfolios and leading in terms of new product launches.