SINGAPORE: The snack and confectionery industry across the Asia Pacific (APAC) region is experiencing unprecedented growth, with a remarkable 10% increase in volume and value in 2024. As detailed in NielsenIQ’s Unwrapping Opportunities in the Snackiverse: Asia Pacific State of Snacking 2024 report, the market is now valued at a staggering US$64 billion, presenting a vast opportunity for brands to tap into the evolving consumer landscape.
Convenience, health, and mood-boosting trends shape consumer preferences
APAC consumers prioritize convenience more than ever when selecting snacks, with 84% citing it as a key factor in their choices. The demand for healthier, mood-enhancing snacks is also on the rise, with a growing focus on low-calorie and stress-relieving options. As snacking becomes increasingly integrated into busy lifestyles, portion-controlled snacks and prepared meal kits are gaining popularity, with 33% of consumers adopting them.
Age groups within the region show distinct preferences when it comes to snacking. Boomers (60+) focus on low-sugar options to manage health concerns, while Millennials (28-43) opt for snacks that offer enhanced flavor, high fiber, and functional benefits. Meanwhile, Gen Z (18-27) seeks novelty, with snacks that improve mood and deliver bold flavors.
This divergence highlights a broader trend of emotional well-being and a variety of driving choices in the region.
Health-conscious snacking fuels industry diversification
As consumers across APAC demand healthier snack options, the industry is rapidly adapting. The expansion of health-oriented products is reshaping the confectionery sector, particularly with the growing popularity of protein-rich snacks. Brands are diversifying their offerings to include protein-based chips, ice cream, and cookies, moving beyond traditional protein bars to cater to a broader range of tastes and needs.
This health-conscious shift is not just about reducing sugar or calories—consumers are also seeking snacks that offer tangible functional benefits. This evolution in product development is expected to accelerate in the coming years as health trends continue to influence purchasing decisions across the region.
Singapore leads the way in snacking expenditures
Among APAC countries, Singapore stands out as the leader in snacking spending, with consumers spending an average of USD 121.30 per person in 2024, marking an increase from the previous year. This uptick in expenditure is driven by growth in categories such as gum, candy, and chocolate, as well as other snack varieties.
Singapore’s snack preferences reveal a strong penchant for unique flavors. Popular choices include Original, Cheese, and Spicy varieties, while BBQ, Spicy, and Cheese dominate across Southeast Asia. However, price sensitivity remains a crucial factor in purchasing decisions, with many consumers opting for brands that offer discounts or better value.
As the APAC snacking market continues to expand, convenience, health, and variety are emerging as the key drivers of consumer behavior, creating exciting opportunities for brands to innovate and meet the evolving demands of this dynamic region.