SINGAPORE: In 2024, Singapore led the Asia Pacific (APAC) region in snack spending, with consumers spending an average of US$121.30 (S$165.85) per buyer, up from US$119.30 (S$163.11) the previous year. Growth in Singapore is driven by gum and candy, other snacks, and chocolates, which increased by 18%, 15%, and 7%, respectively.
The broader APAC snacking and confectionery market is also booming, with a 10% increase in both volume and value, now worth US$64 billion (S$87.50 billion), according to NielsenIQ’s Unwrapping Opportunities in the Snackiverse: Asia Pacific State of Snacking 2024 report.
This shift in snacking was reportedly driven by a need for convenience, healthier options, and a growing interest in trying new things. More than seven in 10 (73%) consumers are keen to try new brands and products, their interest fuelled by online reviews (38%), recommendations from family and friends (36%), and seeing products in stores (31%).
In addition, 33% of consumers have added portion-controlled snacks to their routines.
Consumer preferences for healthier snacks vary by age group.
Baby boomers (60+) prioritise low-sugar options over low-calorie or other healthier ingredients. Millennials (28-43) prefer snacks with bold flavours, high fibre, and functional benefits over low-sugar options, as they balance health with versatility. Meanwhile, Gen Zers (18-27) opt for snacks that boost their mood and offer bold, unique flavours.
In response to the increasing demand for healthier snacks, the APAC confectionery industry is expected to expand its product range, according to the report. The growing popularity of protein snacks has also pushed brands to diversify beyond bars, with options like chips, ice cream, and cookies.
Encouraging the push for diversity, 62% of APAC consumers also value unique snack options. While BBQ, spicy, and cheese flavours are popular across Southeast Asia, Singaporeans prefer original, cheese, and spicy flavours as their top snack choices.
Meanwhile, price remains a major factor for Singapore consumers, with price drops influencing their brand choice. /TISG
Featured image by Depositphotos (for illustration purposes only)