Singapore – The snacking and confectionery market across Asia Pacific (APAC) is booming, recording 10% growth in both volume and value in 2024, reaching a market valuation of US$64 billion, according to a new report from NielsenIQ (NIQ).
According to the report, the APAC snacking landscape is evolving, driven by demands for convenience, healthier choices, and a curiosity for new options, with 73% of consumers eager to try new brands. This curiosity is further fuelled by key discovery channels, including online reviews (38%), family and friend recommendations (36%), and offline visibility (31%).
NIQ’s report highlights that convenience, health consciousness, and mood-boosting snacks are key factors shaping consumer preferences in APAC.
The report reveals that convenience is the top priority for APAC consumers when choosing snacks, with 84% highlighting its importance. This is followed by preferences for low-calorie, healthier options (73%) and mood-enhancing snacks like stress relievers (69%).
Portion-controlled snacks are also growing in popularity among APAC consumers, with 33% incorporating meal kits or prepared foods into their snacking habits.
Additionally, protein snacks are gaining popularity, with brands expanding their offerings beyond bars to include chips, ice cream, cookies, and more.
The report further highlights notable differences in healthier snack preferences across age groups. Boomers (60+ years) prioritise low-sugar options over low-calorie snacks or those with healthier ingredients, reflecting their focus on managing specific health concerns.
In contrast, Millennials (28–43 years) favour snacks with enhanced flavour, high fibre, and functional benefits, placing these attributes above low-sugar options as they balance health with versatility. Meanwhile, Gen Z (18–27 years) seeks snacks that enhance mood, offer bold flavours, and provide unique varieties, aligning with their desire for emotional well-being and novelty.
As health-conscious snacking continues to rise across APAC, NIQ emphasises that the confectionery industry is set to expand its range of health-orientated products to meet the growing demand for healthier options.
The report also found that, among APAC countries, Singapore leads the region in snack spending, with consumers averaging USD $121.30 per buyer in 2024. This marks the highest spending in the region, up from USD $119.30 in 2023.
According to the report, this growth is driven by strong performances in key categories, including gum and candy (+18%), other snacks (+15%), and chocolates (+7%) during the same period.
Beyond health, variety plays a crucial role, with 62% of APAC consumers valuing unique snack options. In Singapore, original, cheese, and spicy flavours are the top choices, while BBQ, spicy, and cheese dominate in Southeast Asia. Price sensitivity also remains a significant factor in consumer decisions, with price drops being the primary influence on brand selection.