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Vietnam’s snack market is the fastest-growing in Asia

Vietnam’s snack market is the fastest-growing in Asia

Tuesday 25, 10 2022
The demand for snack products in the Vietnamese market is increasing rapidly. Vietnam is the fastest-growing Asian market for snack consumption, ranking third in the world.

Vietnam’s snack market: Double-digit growth

Vietnam is the fastest-growing Asian market for snack consumption, ranking third in the world with a compound annual growth rate (CAGR) that witnessed a growth rate of 19.1% in 2021, only behind Argentina (25.8%) and Slovakia (20%).

According to Nielsen's report on the snack market, the monthly expenditure of Vietnamese youth for snacks is up to 13,000 billion VND. That is quite a large amount and proves that food quality and demand among young people are increasing.

Vietnamcredit snack market

Currently, consumers are ready to spend more on snack products such as popcorn, milk tea, spicy noodles, sausages, rice paper salad, rice rolls, etc. The spending on snacks exceeds that on products serving daily urgent needs.

It is also said that young consumers do not tend to eat the traditional three meals a day, instead adopting a diet of 6 small meals a day. They consume more snacks, eat snacks 8 times/week on average, and spend approximately 0.7 USD/time.

Consumers now tend to look for snacks that offer more benefits besides physical health and nutritional needs. They had developed a habit of looking for additional nutrition in daily main meals and snacks.

In addition, snack continues to serve as a means of mental improvement. Nearly 8 out of 10 global consumers agree that some snacks allow them to only care about the value of enjoyment without worrying too much about nutrition (79%).

Proper snacking and value-centered consumption are also increasingly top concerns. 86% of consumers believe in the importance of controlling their snack consumption through portion choices and clear ingredient information.

The hectic life of young people always leaves them little time to prepare daily meals. Instead, they will lean towards fast food and processed food. Food ordering apps are also springing up like mushrooms and becoming a trend.

Vietnamcredit snack food market

Between 2018 and 2022, the snack food market in Vietnam is expected to grow at a double-digit rate. With Vietnamese companies adapting to Western culture, and the spending on snacks rising rapidly, plenty of opportunities are presented for the snacks industry.

Especially in the past few years, Vietnamese consumers are gradually turning to healthy snack products due to the pandemic. That is also the main reason for the rise of a new dietary trend: the gluten-free or keto diet.

Meeting the trend

The food industry is one of the fastest-growing sectors in Vietnam. With the current spending on snacks, the opportunity for snack companies grows.

Grasping the trend, snack businesses and snack shops have been erected on the streets with unique and new styles.

One of the companies ahead of this trend is Funny Group Joint Stock Company with its Propercorn branded popcorn product. Launched in 2018, after about 5 years of market exploration and research, in October 2022, Funny Group officially opened the first Flagship Store in Hanoi with an area of 60 meters square, including a live production area, bar area, and TakeAway, showroom and customer experience.

Vietnamcredit Funny Group

In addition to Funny Group, VISSAN Joint Stock Company (Vissan) also marketed many snack products, including deep-fried pork skin. Before that, in 2015, Vinh Thanh Dat Food Joint Stock Company launched into the market all kinds of instantly processed eggs, such as quail eggs, hidden chicken eggs, and braised duck eggs. From 207 to 2018, these products became a snack, providing nutrition for young people's quick meals, and had a growth rate of more than 100%, prompting the company to invest in expanding its factory to increase production.

In particular, to better meet the consumers' trend for products of clear origin and high creativity, to create a difference, and increase competitiveness with products already on the market, snack processing enterprises also pay great attention to the source of ingredients and the nutritional value of their products.

 

Source: vneconomy, congthuong.vn

Compiled by VietnamCredit

 

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