COVID-19 Lockdowns Lead To Surge In Snacking And Unlock New Growth Opportunities
Thursday, September 10th, 2020 | 345 Views
The pendulum of growth is likely to swing toward the positive side in terms of the growth of the snack products market from 2020 to 2030, according to a report by TMR. The COVID-19 lockdown has unlocked a plethora of opportunities for the snack products market to expand its footprint across numerous untapped regions and opportunities.
Snack products have acquired a prominent place in the households of a considerable populace across the globe due to the COVID-19 lockdown implementations and the lockdown extensions. The change in traditional patterns of food consumption may also open a pathway of opportunities for innovations across the snack products market.
Asia Pacific may expand at a higher CAGR due to the increasing demand from India, China and Japan, especially with greater accessibility to raw materials and cheap labour.
Healthy Snacking Reigning Supreme over Snack Products Market
As the SARS-CoV-2 pandemic cast its ugly shadow across the globe, almost all countries around the world imposed lockdown restrictions. This led to a considerable chunk of the populace to stay at home. The demand for snacking witnessed a tremendous surge during these months, thus inviting growth opportunities.
However, sedentary work and being home for a maximum time led to a trend of increased body weight among many individuals. This aspect eventually led to switching consumer preferences from unhealthy snacking to healthy snacking. Therefore, the players in the snack products market are adopting this trend and launching new products that are tasty as well as healthy for the consumer.
Surging Popularity of Ready-to-eat Products
Ready-to-eat products are a preferred choice, especially among the millennial and Generation-Z category. The COVID-19 outbreak has strengthened the dynamics of the ready-to-eat segment further. Thus, the snack products market may derive expansive growth from ready-to-eat products.
Partnerships between online food delivery companies and players involved in the production of ready-to-eat food products are garnering immense growth for the snack products market. At the same time, the players are also forming agreements with hypermarkets and supermarkets around the world to cater to the rising demand.
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