Consumers across Asia are increasingly opting for snacks over traditional meals, creating significant opportunities for food companies to diversify their product offerings. Industry experts point to the rapid growth of the savoury snack category, which is expanding at twice the rate of other snack segments.
According to Euromonitor International, changing lifestyles and busier routines post-pandemic have fueled demand for convenient nutrition options. Consumers now view snacks as both meal replacements and indulgent treats for social occasions.
Shift towards Healthy and Convenient Snacking
Euromonitor’s Voice of the Consumer: Lifestyles Survey, conducted in early 2024, found that 28% of Singaporeans cited a lack of time to cook as a reason for increased snack consumption, compared to a 23% average across the Asia-Pacific region.
In Hong Kong, the proportion of residents replacing meals with snacks rose from 6% in 2023 to 10.8% in 2024, marking the highest year-on-year increase among surveyed countries. Meanwhile, in Vietnam and Thailand, one in seven adults now substitute meals with snacks.
Globally, the 30-44 age group is leading the shift towards meal-replacement snacking. Experts attribute this to hybrid work environments, rising productivity demands, and evolving economic conditions.
Industry Adapts to Snacking Boom
Food and beverage companies are responding by “snackifying” their product lines to cater to evolving consumer preferences. In Singapore, for instance, Thong Siek Food Industry expanded beyond its traditional processed seafood brand, Dodo, into seafood snacks under the Crusty’s label, capitalizing on the booming snack category.
While India’s snacks sector saw a dip in retail value growth last year, overall consumption remains strong. In 2024, 18% of Indian consumers reported replacing meals with snacks, the highest percentage globally. However, increasing health consciousness is driving demand for snacks made with wholesome ingredients, reflecting a growing focus on nutrition and well-being.
Middle East and Africa Lead Global Snack Growth
The Middle East and Africa region is expected to witness the highest snack market expansion, with a forecasted compound annual growth rate (CAGR) of 4.6%, surpassing the global average of 2.5%. Consumers in the region are value-driven, with a preference for premium and branded snacks. A young population and ongoing urbanization are further accelerating this trend.
Savoury Snacks Dominate Market Share
Euromonitor data indicates that savoury snacks accounted for 35.1% of global snack value sales in 2024. Their popularity is attributed to their affordability, versatility, and ability to serve as meal replacements during economic downturns. Unlike categories such as ice cream, which is limited by storage and consumption constraints, savoury snacks offer greater flexibility.
Despite growing competition, confectionery remains a key player in the snack industry. Holding a 33.4% market share, confectionery products are resilient due to their strong association with celebrations and emotional comfort. However, rising cocoa prices are expected to challenge chocolate manufacturers in the coming years, prompting leading brands to strengthen local supply chains to maintain profit margins.
As snack consumption continues to evolve across Asia, food companies are poised to innovate and expand their portfolios to meet the shifting demands of modern consumers.