2021 is predicted to see rising demand for savoury snacks; the first half of the year has been marked by a spike in COVID-19 cases resulting in various restrictions and encouragement by the government to remain at home as much as possible, including remote working. This is likely to continue supporting demand for the two larger categories of potato chips and puffed snacks, which had already benefited from some home seclusion when the pandemic first emerged.
Following a notable dip in demand in 2020, other savoury snacks is expected to partially recover in 2021 with double-digit volume growth. Other savoury snacks such as beef/pork jerky and dried seaweed products are particularly popular for gifting, but this type of activity was adversely impacted when the pandemic emerged due to less social contact and limited interaction.
2020 became the year of localisation for Taiwan, with this trend originating from co-branding with famous restaurants to make more local flavours of savoury snacks available. With new flavours launched every 3-6 months in the category, this trend is able to continuously attract consumers’ attention and is likely to continue into 2021.
Savoury snacks offers plenty of scope for growth and expansion, with products that are perceived to offer a healthier positioning such as rice snacks, veg/pulses, and popcorn, or that offer more local specialities such as other savoury snacks, likely to benefit the most. This positive outlook also offers the likelihood of a more fragmented landscape as retailers continue to introduce an increasing number of brands.
Large packaging of savoury snacks was extremely popular during the pandemic as entire families spent longer periods of time at home together, which encouraged local players such as Hwa Yuan and Kuai Kuai to launch oversized packaging which quickly gained awareness via social media platforms. Early 2021 had seen an extension of this trend as another spike in COVID-19 cases saw the reintroduction of restrictions.
Younger consumers are willing to pay for products that they perceive to offer greater quality or differentiation, but they are becoming increasingly difficult to engage. They are less attracted by promotions but are more interested in flavour innovation.
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Understand the latest market trends and future growth opportunities for the Sweet and Savoury Snacks industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Sweet and Savoury Snacks research and analysis database.
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