12月01 China Is One of The Largest Pofffood Markets In The World
The global expansion of baked goods is still growing. London market research firm Technavio predicts the category will reach 4.15% compound annual growth in the next five years.
Biscuits and puffed foods continue to benefit from the urbanization of developing countries and the increasing lifestyles. Technavio points out that India is largest biscuit market in the world. Its two local brands Britannia and Parle to promote the category growth.
This is in line with another report by Mintel(the market research firm),which is about salt-flavored snacks, mainly puffed and cracked, such as biscuits and chips. India and China are the fastest-growing two salt-flavored snack markets. The United States and China are still owned the largest salty snack market sales, followed by India, Mexico, Japan and the UK.
Take Pepsi as example,nearly half of its income comes from snacks,they see India and China as high-growth markets. Also in their 2015 anaual report, Chinese market doubled sales;Indian market also has higher unit growth.
However, in developed countries such as the United States, the United Kingdom and Canada, snack sales have been slow and difficult to grow. Mainly because consumers are focusing on healthy eating, do not want to take too much calories and sodium.
“In developed countries, small-pack snacks will be the next five years of growth-driven categories, because they are less likely to lead to impulsive consumption,” says Manjunath Reddy, a food researcher at Technavio.
Technavio also saied that the price of raw materials (corn flour) lower, more benefit for the snack foods such as biscuits puff. Some brands (such as Pepsi’s Puffcorn) to launch a number of sub-tastes. Expanded food made from rice is also popular. Technavio mentions this because rice is considered more nutritious. Nuts and various kinds of seeds are also popular for healthy snack ingredients.
In addition,instant popcorn is becoming more and more popular. Technavio expects the category to grow at a CAGR of 4.32% in the next five years.