Top Growth Opportunities: Savory Snacks in China

By , in PR PR Economy on .

NEW YORK, Nov. 9, 2017 — Summary

China is the second largest savory snack market in the world, valued at just over US$10 Billion in 2016 and an overall volume of about 1 Billion kg. With a projected value CAGR of about 11%, it is the highest in the world, giving China the highest reward score of the countries analysed. However, this high reward score is toned down somewhat by a relatively weak risk score, which stems from China's status as a developing economy. This risk can be reduced as the technological and transit infrastructures improve along with tighter effective regulations to combat corruption.

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The Chinese savory snacks market grew at a CAGR of almost 8% during 2011-2016 from over US$7 Billion in 2011 to more than US$10 Billion in 2016. The growing number of consumers in China with long working hours and busy lives are changing their consumption patterns from traditional meals to frequent snacking options. Consequently, the market is forecasted to register a faster growth at a CAGR of above 11% during 2016-2021 and is expected to be worth just above US$18 Billion by 2021.

Chinese savory snacks market is led by the processed snacks category in US dollar terms, which grew at a CAGR of about 7% in the last five years and is forecasted to record faster growth at a CAGR of above 11% during through to 2021. On the other hand, the potato chips category, which recorded growth at a CAGR of almost 8.5% during 2011-2016, is expected to be the fastest-growing category with a CAGR of more than 14% in the next five years. Meanwhile, the meat snacks and pretzels categories are forecast to record the slowest value growth at a CAGR of just above 10% during 2016-2021.

The report “Top Growth Opportunities: Savory Snacks in China“, provides recommended actions and detailed analysis of how to target the best growth opportunities for savory snack producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of savory snacks food markets in China through our detailed and robust data, expert insight, and case studies.

This report provides the following information in-depth –
– Key consumer demographic groups driving consumption within the China market. Improve your consumer targeting by understanding who's driving the market, what they want, and why.
– A study of market value and volumes over 2011-2016 for China, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
– White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
– Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
– Examples of international and regional product innovation targeting key consumer needs.

Companies mentioned in this report: China Resources Vanguard, Quik (Kuaike), Want Want China Holdings Limited, Fujian Jinjiang Fuyuan, Foodstuff Co Ltd, PepsiCo, Family Mart Yamijiang, Tenfu, Ruisong, Bobocorn, Dahewei.

China ranks as one of the smallest market in the global Savory Snacks sector in terms of per capita expenditure in US$ terms.
– After a period of strong growth at a CAGR of 7.9% in US Dollar terms between 2011 and 2016, the China's Savory Snacks market will grow even faster in the five years to 2021, at a CAGR of 11.5%.
– Savory Snack consumption is centered on younger consumers. Having grown up in the age of globalization and Western influence, they have much more positive perceptions of Savory snacks products, especially in regards to novel and unique features/flavors.
– Over 2016-2021, processed snacks will remain the highest value category, while potato chips is expected to record the fastest value growth in US$ over the same period.

Reasons to buy
– This report brings together consumer analysis and market data to provide actionable insight into the behavior of China 's Savory snacks consumers.
– This is based on GlobalData's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Savory Snacks sector.
– Category, brand, and packaging dynamics are also examined. This allows product and marketing strategies to be better aligned with the leading trends in the market.

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Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
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