The annual output of the Chinese snack industry exceeded 2 trillion yuan, according to a report on the development of the country’s snack industry recently issued by the Ministry of Commerce.
As experts have observed, the Chinese snack industry has entered a fast lane of development, becoming the most promising sector in the fast-moving consumer goods industry. Its gross output value is expected to hit 3 trillion yuan ($444 billion) by 2020.
The reasons behind the industry’s rapid development include on-going consumption upgrade and emerging new retail channels.
Data shows that per capita disposable personal income grew by 6.5 percent in real terms in 2018, underpinning China’s booming snack industry.
People now have more options and channels to buy snacks thanks to the popularity of e-commerce platforms. They also show growing demand for quality leisure food and high-standard brands.
However, there is still a lack of snack brands with international competitiveness within high-end markets, and furthermore homogeneous competition in general categories.
Experts believe that a sound business environment must be fostered for the healthy development of the snack industry. Meanwhile, snack firms must upgrade their products and boost international competitiveness.