Global Market for Snack Foods Worth $374 Billion - Nielsen Report

Manila Bulletin, October 13, 2014 | Go to article overview

Global Market for Snack Foods Worth $374 Billion - Nielsen Report


Global consumers spent $374 billion on snack foods annually between 2013 and 2014, a year-on-year increase of 2 percent, according to a new global report released by Nielsen. While Europe and North America make up the majority of worldwide snack sales at US$167 billion and US$124 billion respectively, Southeast Asias developing nations are contributing significantly to the categorys growth at a rate of 3.6% year-on-year. Nielsen expects spending to rise as the Southeast Asian region welcomes almost 300 million new consumers in the next decade as rising income levels and a burgeoning middle class population will fuel growth in the coming years. Increased consumption and the expanding middle class are the two key reasons why developing countries in Southeast Asia are expected to fuel further growth of this category, says Stuart Jamieson, Managing Director of Nielsen in the Philippines. For snack food manufacturers to take a sizable bite of this opportunity, it is important for them to align strategies with the growing middle class and consumers shifting taste and health considerations. The Nielsen Global Survey of Snacking polled more than 30,000 online consumers in 60 countries to identify which snacks are most popular around the world and which health, taste and texture attributes are most important in the selection criteria. There are varying and diverse reasons why consumers snack. For Filipino respondents, snacking is viewed primarily as source of nutrition (74%). In contrast, Indonesians, Malaysians, Singaporeans, and Vietnamese rank enjoyment as the foremost reason for snacking, while eight out of 10 Thai consumers (79%) snack to satisfy a craving. Similar to other consumers in the regions, snacking is also considered by many as a moment for sharing with family and friends, giving rise to opportunities to adjust packaging for single serves for snacking in between meals or family-size packs for sharing. Although Filipino respondents ate a wide variety of snacks in the past 30 days, they prefer bread/sandwich above other snack choices (31%) followed by fresh fruit (20%) and chocolate (12%). While the mindset of Filipino consumers towards snacking is focused on health with preference towards fresh snacks which offer health and nutrition benefits, theyre also looking for an occasional treat, states Jamieson. …

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