Refrigerated snacks, which include yogurt, cheese snacks and pudding, rose 6.4% in Asia-Pacific, according to a new global report released by Nielsen.
Globally, consumers spent USD374bn on snack foods annually between 2013 and 2014, a year-over-year increase of 2%,. While Europe ($167 billion) and North America ($124 billion) make up the majority of worldwide snack sales, annual snack sales are growing faster in the largely developing regions. Asia-Pacific ($46 billion) and Latin America ($30 billion) increased 4% and 9%, respectively, while sales in the Middle East/Africa ($7 billion) grew 5%.
“The competitive landscape in the snacking industry is fierce,” said Susan Dunn, executive vice president, Global Professional Services, Nielsen. “Demand is driven primarily by taste and health considerations and consumers are not willing to compromise on either. The right balance is ultimately decided by the consumer at the point of purchase. Understanding the ‘why before the buy’ provides the foresight necessary to deliver the right product to the right consumer at the right time.”
The study also shows that more than three-quarters of global respondents (76%) eat snacks often or sometimes to satisfy their hunger between meals or to satisfy a craving, and 45% of global respondents consume snacks as a meal alternative—52% for breakfast, 43% for lunch and 40% for dinner.
“There is a perception that snacks are intended more for in-between meals than for actual meal replacements,” said Dunn. “But busy, on-the-go lifestyles often dictate a need for quick meals, and many opt for fast food options that can be high in calories and low in health benefits. There is a massive untapped opportunity to gain market share in the nutritious, portable and easy-to-eat meal alternative market that snack manufacturers could fill.”
The Nielsen Global Survey of Snacking polled more than 30,000 online consumers in 60 countries.