Savoury snacks is set to see a return to growth in retail volume terms in 2021 as concerns over COVID-19 and consumers start to return to their normal lives. Salty snacks are commonly consumed when socialising, at special events, parties, and meetings, but with these occasions largely put on hold during 2020 due to COVID-19 sales slumped.
Despite an anticipated improvement in sales of savoury snacks manufacturers of these products face a new threat in the form of the food labelling law which came into effect in 2021. Under the new law the packaging will be required to carry a black octagon if the product contains an excess amount of salt, sugar, fat, or saturated fat.
Private label is expected to continue recording dynamic growth in 2021 thereby gaining ground in savoury snacks. Currently the range of private label options is concentrated in salty snacks.
COVID-19 has pushed many consumers to reflect on their lifestyle choices with the pandemic having drawn attention to how being fit and healthy can support your body in fighting off infection. Added to this, the new food labelling law will make it easier than ever to quickly identify products with a high content of unhealthy ingredients.
International companies will likely continue to lead savoury snacks over the forecast period. Papas Chips (GBO PepsiCo Inc) will likely retain its strong lead, mainly due to its well-known Lay’s brand.
E-commerce saw significant gains within savoury snacks during 2020 and continues to enjoy strong growth in 2021. Stuck at home consumers have developed an understanding of the convenience that shopping online can afford and as retailers increasingly invest in developing their online sales and logistics it is likely to become increasingly easy to shop online, including for savoury snacks.
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