Volume sales of snacks in Lebanon increased modestly in 2024 as consumer spending recovered somewhat amidst a slight easing of the socioeconomic crisis and inbound tourism boomed. Numerous local manufacturers have benefited from the unavailability and unaffordability of imported products and international brands, carving out strong positions in key categories such as potato chips, nuts, seeds and trail mixes, sweet biscuits and ice cream by appealing to demand for high quality at low prices.
Despite the negative impact of the ongoing socioeconomic crisis that continues to affect Lebanon, including the presidential and executive vacuum and resultant political instability which has fuelled the country’s economic and financial collapse, demand for snacks continued to increase over the course of 2024 after the rebounding during the second half of 2023. There were several factors underpinning the recovery of consumer spending power that fuelled this recovery in demand for snacks, including remittances from Lebanon’s substantial diaspora around the world, with remittances now estimated to account for more than 53% of Lebanon’s overall GDP.
Potato chips and nuts, seeds and trail mixes are the two categories of snacks that have been the least negatively affected by the ongoing socioeconomic crisis and this is largely due to the wide availability of locally made brands at affordable prices. Sales of these products are also being driven by buoyant inbound and domestic tourism flows during the post-pandemic era.
Exchange rate anomalies continued to undermine the spending power of the Lebanese population throughout 2023 and into 2024, even after the significant devaluation of the Lebanese pound. One major issue is that the salaries and wages of many local people are denominated in local currency and these salaries have not been adjusted to reflect the much lower exchange value of the local currency since the onset of the socioeconomic crisis.
The recovery seen in Lebanon’s private sector has not translated into a concomitant recovery in the public sector, with the Lebanese government teetering on the brink of bankruptcy throughout 2023 and into 2024. This has made it impossible for the authorities to address the deeply-rooted infrastructure issues that go back decades, as the ongoing socioeconomic crisis has significantly exacerbated ongoing issues.
At the end of the review period, there was still no meaningful end in sight to Lebanon’s deep and protracted economic crisis. Nonetheless, the incremental improvements seen in the socioeconomic situation during 2023 and into 2024 and the recovery registered in demand for snacks as a result tend to suggest that sales of snacks will continue to rise over the forecast period as well.
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Snacks
This report originates from Passport, our Snacks research and analysis database.
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