Mexico savory snacks market: Young affluent customers to aid growth in the industry
Market Focus: Trends and Developments in the Savory Snacks Sector in Mexico - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-21 20:47:01
A growing base of young and affluent customers will drive strong future growth in the Mexico savory snacks market. However, the devaluation of the Mexican Peso in 2009 caused a substantial drop in the value of the Savory Snacks sector measured in US dollars, even though volumes increased. Improving economic conditions will drive growth in the sector´s value, though some categories have recovered faster than others.
Food and Grocery sales in Mexico will increase across all channels; however, the majority of this growth will occur in modern retail chains as they expand beyond core urban centers and into smaller towns. The Food and Grocery market will consolidate as consumers continue to be attracted by the "all under one roof" offer and price advantage held by retailers such as Walmart and Soriana.
Mexican consumers are increasingly looking for quick and easy meals. This is a result of long working hours, the loss of women at home to cook meals as they enter the workforce (over 40% of Mexican women are now economically active, as opposed to 32% in 1995), or as consumers replace traditional meal times with other leisure activities.
Nuts and seeds and pretzels are expected to witness relatively strong growth rates during 2012-2017 as compared to during 2007-2012. Meat Snacks and Ethnic/Traditional Snacks will register the highest and the lowest growth rates respectively during the period 2012-2017.
While growth has been steady in local currency terms, closely matching volume growth, volatile exchange rates have added complexity to the market for international companies
An analysis of changes in market share between 2007 and 2017 shows little change. Potato Chips are the only clear winner, increasing their market share by 0.4% between 2007 and 2017, and taking market share from most other Savory Snack categories.
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