12 Jan 2021
Posted in Consumer
Malaysia’s savory snacks market to reach US$240.1m in 2024, says GlobalData
The Malaysian savory snacks sector is expected to grow from RM806.6m (US$193.0 m) in 2019 to RM1,012.1m (US$240.1m) in 2024 at a compound annual growth rate (CAGR) of 4.6%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Malaysia Savory snacks – Market Assessment and Forecasts to 2024’, reveals that the sector is majorly driven by growth in the potato chips category, which is forecast to register the fastest value CAGR of 5.7% during 2019-2024. The category is followed by pretzels and meat snacks, which are expected to record CAGRs of 5.5% and 4.8% respectively during the next five years.
Sanchi Agarwal, Consumer Analyst at GlobalData, says: “Growing urbanization and busy lifestyles of the consumers have led to increased demand for convenient snacking options in Malaysia. Moreover, innovative product offerings with new and unusual tastes and flavors are also driving the growth in the Malaysian savory snacks sector.”
‘Hypermarkets & supermarkets’ was the leading distribution channel in the Malaysian savory snacks sector in 2019. It was followed by convenience stores and food & drinks specialists.
The per capita expenditure of savory snacks in Malaysia decreased from US$6.2 in 2014 to US$5.9 in 2019, which was lower than both the global (US$21.3) and the regional (US$14.3) level. However, the per capita expenditure of savory snacks in Malaysia is expected to increase to US$7.0 in 2024.
Mamee Double Decker, Universal Robina and Oriental Food Industries Sdn Bhd. were the top three companies in the Malaysian savory snacks sector in 2019. Jack `N Jill and Mister Potato were the leading brands in value terms during the year.
Ms Agarwal concludes: “Health awareness among the Malaysian consumers is on the rise due to which they are shifting from merely convenient products to more healthy snacks. Therefore, manufacturers are launching products with natural formations that are also free from artificial ingredients, preservatives and GMO to appeal to these consumers.”