2014-04-21 20:48:02 - Market Focus: Trends and Developments in the Savory Snacks Sector in Japan - a new market research report on companiesandmarkets.com
Weak economic growth and squeezed disposable income leading to consumer frugality, combined with an aging population that is necessitating the reformulation of products, present significant challenges to the Japan savory snacks market.
Despite this, the Japanese market was still the third-most valuable Savory Snacks market worldwide, having grown at a CAGR of 11.4% since 2007 to reach a value of US$7,5382.2 million. Contemporary marketplace challenges will not halt this growth, but slow it, to a much more modest CAGR of 3.9% between 2013 and 2017.
Key to maximizing this growth potential will be receptivity to the major trends and drivers in the market: ageing population, busy lifestyles, and frugality. An aging population and evolving consumption behaviors means that marketers of Savory Snacks
products in Japan must adapt their strategies to make the most of key trends.
Whilst younger Japanese consumers are demanding Savory Snack producers innovate to create products that align with their increasing orientation to ´western´ food habits and lifestyles, it is arguably Japan´s aging population that presents the most pressing challenge.
Despite the convenience offered by snack foods often neatly meshing into the busy lives of Japanese consumers, the country´s weak economy and consumer sensitivity in price has led to manufacturers implementing pack size reduction initiatives. For instance, the number of pakcs sized greater than 250g will decrease from accounting for 6.9% of the Savory Snacks sector in 2007 to 6.5% of the sector in 2017.
This price sensitivity will also provide greater opportunity for private label products. However, retailers need to develop more distinctive, premium ranges of Savory Snacks in order to become more than merely a cheap alternative to branded goods, if they are to fully capitalize on this opportunity.
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