头图

Food Expo| Snack Industry outlook analysis

2024.09.26

Market size and growth trend

 

The snack industry has shown strong growth momentum in recent years. According to the 2022-2027 In-depth Analysis and Development Trend Forecast Report of China's Leisure Food Industry released by China Business Industry Research Institute, the market size of China's leisure food industry has reached 928.6 billion yuan in 2023, with a compound annual growth rate of 4.24% in the past five years. It is expected to exceed 1009.3 billion yuan in 2024. Experts at the food Expo said the snack industry has huge market potential and growth space.

 

Market Drivers

 

1.Consumption upgrading and quality pursuit

 

With the development of national economy and the improvement of people's living standards, consumers' demand for snacks is no longer only satisfied with taste and price, but pay more attention to quality and health. This trend has promoted the snack industry to develop in the direction of high quality and health.

 

2. Rise of e-commerce platforms

 

The rise of e-commerce platforms and the improvement of logistics and distribution system provide more convenient purchase channels for the snack industry, so that consumers can buy their favorite snack products anytime and anywhere. At the same time, e-commerce platforms also provide a broader marketing and promotion space for snack brands.

 

3. Diversified consumer demand

 

Consumers of different age groups, different regions and different consumption abilities have different demands for snacks. This diversified consumer demand prompts the snack industry to constantly innovate products and expand categories to meet the needs of different consumers.

 

 

Industry opportunities and challenges

 

The Opportunity:

 

Demographic change: With increasing urbanization and a growing young population, the snack market has a large potential consumer base.

 

Rise of healthy food market: With the improvement of people's health awareness, the market of healthy leisure food is gradually rising, providing a new growth point for the snack industry.

 

Innovation and differentiation: The problem of product homogeneity has become increasingly serious, and innovation and differentiation have become the key for snack brands to stand out.

 

The challenge:

 

Fierce market competition: There are many brands in the snack industry, and the market competition is fierce, and new entrants need to have outstanding advantages to compete for market share.

 

Food safety issues: Food safety has always been a key concern for consumers, and snack companies need to strengthen product quality management to ensure food safety.

 

 

Future development trend

 

Health: With the enhancement of people's health awareness, the healthy leisure food market will continue to expand, low sugar, low salt, no addition to become the focus of the market.

 

Quality: Consumers have higher and higher requirements for the quality of snacks, so brands need to strengthen product quality management and improve product taste and quality.

 

Diversification: In order to meet the needs of different consumers, the snack industry will continue to innovate products, expand categories, and form diversified product lines.

 

Online: With the continuous development of e-commerce platforms, online sales channels will become an important development direction for the snack industry.

 

To sum up, the snack industry has a promising future and its market size continues to grow. Facing the market environment with both opportunities and challenges, snack food enterprises need to grasp the market trend, strengthen product innovation and quality management, and actively expand online sales channels to achieve sustainable and steady development.

 

If you want to know more about the food industry, please visit the SIAL Shenzhen (South China) website for more information.

 

Source: Naughty Food

If there is any infringement, please contact to delete.

 

SIAL Shenzhen 2024

Exclusive Gateway to Southern China Food and Beverage Booming Market

100000+ F&B Products

Sep 2-4, 2024

Invite successfully your Partner to Register

Win a Limited Edition Gift