On May 21, 2025, GF Securities released a research report stating that Southeast Asia has a large population base and strong growth momentum, and there is promising potential for going global. Taking per capita GDP as the reference value, Thailand is close to the level of China in 2013, Indonesia, Vietnam and the Philippines are close to the level of China in 2010, and Myanmar, Cambodia and Laos are at an earlier stage.

Focusing on the snack market, the snack market size in the nine Southeast Asian countries was 20.8 billion US dollars in 2024, accounting for 32% of the Chinese market size on the same basis. There are significant growth differences among different countries. By category, salty snacks (flavored snacks) account for a relatively high proportion, while the growth rate of confectionery has slowed down. From the perspective of the competitive landscape, the market concentration in Indonesia has increased rapidly, while the market in Thailand is relatively stable. By comparing the Top5 snack companies and brands in nine Southeast Asian countries, it can be seen that the markets of Indonesia and the Philippines are dominated by domestic brands, while the proportion of foreign capital in the other markets is relatively high.

Referring to the products of leading snack brands, mainly Western-style snacks such as candy cookies; Referring to the best-selling products on Shopee online, flavored snacks account for a relatively high proportion. From the perspective of channel breakdown, the proportion of convenience stores and supermarkets is around 15%, while the proportion of online channels has been increasing year by year. From the perspective of the channel competition landscape, the industry concentration is relatively low and dominated by domestic retail brands. Among foreign brands, only 7-Eleven has a relatively high proportion.

Overall, the export of snacks to Southeast Asia is still in its early stage at present. Although the market space in Indonesia is large, the advantages of localized snacks are obvious. Foreign capital has an advantage in Thailand and its chain system is relatively developed. It can enter the market by leveraging core channel brands. The Vietnamese market is growing rapidly and has a geographical advantage. The hypermarket system has also begun to be tested and sampled, and can be introduced through major merchants and snack systems.