Salty snacks will rebound in 2021 after underperforming in response to the COVID-19 pandemic in 2020. The main reason for this will be due to the resumption of social activities such as birthday celebrations and family gatherings.
The economic crisis in Argentina prompted the government to develop a national programme, Precios Esenciales (Essential Prices) during 2019 in an attempt to lower inflation, stimulate consumption, and to refinance tax debts, amongst others. The programme listed a basket of products that was agreed to by the government and leading companies and comprised of 64 products from 14 categories whose prices were on average 20% below the average market prices and maintained for 180 days across 2,500 selling points throughout the country.
PepsiCo Snacks Argentina SA will continue to lead sales in salty snacks due to the company’s diverse number of brands despite losing market share in 2021 to cheaper alternatives such as private labels. Prior to the pandemic, the company responded to the trend of sensory experiences by launching its Flamin’ Hot flavour across the Lay's, Doritos, and Maniax brands.
The economic fallout of the COVID-19 pandemic and general economic woes of Argentina is expected to see many consumers reduce their spending on food as disposable income continues to decrease. Savoury snacks is likely to show sluggish retail value growth at constant 2020 prices as well as volume growth as consumers prioritise essential goods over the forecast period.
Over the forecast period, private label will steadily grow its value share in savoury snacks. Private label’s gains will be primarily attributed to its lower prices per kg when compared with branded products, with pricing being a key issue for consumers during periods of economic turbulence.
The health and wellness trend will gather pace in response to the COVID-19 pandemic in the years to come. As a result, consumers will continually opt for healthier alternatives and offerings which could potentially damage demand for product areas such as salty snacks.
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Understand the latest market trends and future growth opportunities for the Sweet and Savoury Snacks industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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