DATA: 2019-06-13 HITS: CLASS: Industry News
PepsiCo (China) Co., Ltd. recently issued a price adjustment notice stating that due to the varying degrees of increase in packaging materials and labor costs in recent years, the entire product line is facing enormous cost pressure. Despite efforts from multiple parties to overcome the pressure brought by cost increases, it is still inevitable to maintain the brand and market services of the past through price increases. After careful consideration, our company has decided to increase the prices of our puffed products starting from May 1, 2019
Although snack prices are rising, Chinese consumers are still willing to spend money in this area. According to data provided by Mintel to Interface News, the total retail sales of major snack categories are expected to reach 819 billion yuan by the end of 2018, an increase of 6.2% over the previous year. Mintel predicts that the total retail sales of major snack categories in China will grow at an average annual compound growth rate of 5.1% in the next five years, reaching 1.05 trillion yuan in 2023.
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