Freddy Hirsch develops local snack flavours to cut FX loans

Food seasoning manufacturer, Freddy Hirsch Nigeria, has said that it will continue to develop local snack flavours to reduce its foreign exchange exposure.

The Managing Director of Freddy Hirsch Nigeria and West Africa, Kojo Brito, made this known in a statement made available to The According on Friday.

He said, “Freddy Hirsch Nigeria continues to develop authentic local snack flavours at the most affordable costs, given its non-FX requirements, without sacrificing convenience and quality. Freddy Hirsch Nigeria is committed to transforming snack products such as chips, crackers, nuts, popcorn, and biscuits into inspiring ones and improving on texture, mouthfeel, and nutritional and sustainability benefits. The ability to adapt to local taste differentiates Freddy Hirsch and makes its flavours unique.”

Manufacturers in Nigeria have been grappling with high forex losses due to the harmonisation of segments of the currency markets last June.

Speaking on the potential of Nigeria’s thriving snack market, Brifo noted that the consumer landscape was undergoing a significant transformation with the snacking sector at the forefront of the change.

“Beyond its vibrant culture and breathtaking landscapes, Nigeria boasts a rapidly growing snack market fueled by urbanisation, rising disposable incomes, and evolving consumer preferences. The Nigerian snack food industry, valued at $883m in 2021, is projected to reach $1.5bn by 2024, reflecting an estimated annual growth rate of 20 per cent,” he added.

Brifo highlighted some of the factors impacting the consumer market as street food, millennials, and a desire for healthy but indulgent snacking

He said, “Street food holds a special place in the sweet landscape of any country, serving as a window into its cultural soul and gastronomic traditions. In Nigeria, street food is more than just convenient. Beyond satisfying hunger, Nigerian street food fosters social connections, bringing people together to share in the joy of good food and cultural exchange.

“Millennials are a key demographic shaping snacking trends in Nigeria. Time constraints and busy lifestyles have led them to adopt snacking as a meal replacement, demanding convenient options that are both filling and flavorful. Available sachetized snacks, sold in traffic spots with extended shelf life, are gaining traction.

“Beyond practicality, millennials crave exciting taste experiences. Bold spices, innovative flavour combinations, and playful shapes can all capture the attention of this demographic. Manufacturers who can cater to this adventurous spirit and tap into the “fun factor” of snacking are well-positioned to win over millennial consumers.”

For the segment of the market seeking healthy snacks, Brifo stated, “Consumers are actively seeking out ‘permissible indulgence’ snacks that combine deliciousness with healthier ingredients like nuts, whole grains, and vegetables. Additionally, the rise of allergy awareness has led to an increased demand for gluten-free and allergen-friendly options. This trend presents a significant opportunity for manufacturers to develop innovative snack formulations that cater to both indulgence and health aspiration.”