Tourism-tied savoury snacks – products that target international tourists who want to purchase Singapore signature snacks as gifts such as Irvins and The Golden Duck potato and fish skin chips – suffered drastically in terms of retail volume and value sales in 2020 due to the closure of international tourism as a result of COVID-19. Although these products are also listed in large retailing channels such as supermarkets, consumer sentiment there is not sufficiently strong to cover the sales lost at tourist-orientated outlets such as speciality stores located at airports.
Owing to the financial fallout of COVID-19, consumers are expected to be more careful with their choice of snacks. As a result, value-for-money products are likely to perform well.
In 2020, during the Circuit Breaker period, while staying at home, consumers were looking for different snacking options to fill the void of social isolation, with e-commerce offering a convenient way of browsing for various snacks from the comfort of their home. This led to significant growth in sales of savoury snacks via e-commerce, whose value share of the category leapt and is likely to stay at its elevated level as many more consumers are now used to buying online.
Savoury snacks excluding nuts, seeds and trail mixes has many large leading brands that are active in innovation to maintain or increase their sales share. However, there are also many smaller yet agile brands in the category, such as local popcorn brand The Kettle Gourmet.
In 2020, because of the stay-at-home regulation, savoury snacks recorded lower growth in retail volume and value sales given that opportunities for impulse or on-the-go purchases were much fewer. Hometainment kept demand positive, with many people for instance creating the cinema experience at home, which often included savoury snacks.
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