Key regions: Philippines, South Korea, Canada, Japan, China
The global Confectionery & Snacks market is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping. However, sub-markets within The Food market, such as Confectionery and Snack Food, are still driving growth for the overall market. This can be attributed to the rising demand for healthier and more diverse snack options.
Customer preferences: Consumers are becoming more health-conscious and are seeking healthier options in the Confectionery & Snacks Market within The Food market. This has led to an increase in demand for organic and natural snacks, as well as snacks with low sugar and fat content. In addition, there has been a rise in demand for plant-based and gluten-free snacks, driven by the growing number of consumers following specific diets or dietary restrictions. This trend is also reflected in the growing popularity of snacking on-the-go, as busy lifestyles and a desire for convenience drive the demand for single-serve and portable snack options.
Trends in the market: In recent years, the Confectionery & Snacks Market within The Food market has seen a shift towards healthier snack options, driven by consumer demand for more nutritious and sustainable choices. This trend is expected to continue, with companies introducing new products made from natural ingredients and incorporating functional benefits such as protein and fiber. Additionally, there is a growing focus on eco-friendly packaging and ethical sourcing of ingredients, presenting opportunities for industry players to differentiate themselves and cater to the evolving preferences of consumers.
Local special circumstances: In the Confectionery & Snacks Market within The Food market, geographical factors play a crucial role in driving market dynamics. For instance, in North America, the market is dominated by demand for healthy and organic snacks, while in Asia Pacific, there is a growing trend towards indulgent and premium treats. Cultural norms also impact the market, with countries like Japan favoring traditional snacks over Western brands. Additionally, regulatory factors, such as stricter labeling laws in Europe, have led to the popularity of alternative, healthier snack options in the region.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending patterns, economic stability, and consumer confidence. Countries with strong economic growth and high disposable incomes are experiencing higher demand for indulgent food products, leading to increased market growth. Furthermore, favorable fiscal policies, such as tax incentives for the food industry, can also drive market growth. On the other hand, countries with economic instability and low consumer confidence may see a decline in demand for confectionery and snack products, affecting market performance. Additionally, changing consumer preferences towards healthier snacking options and increasing regulations on sugar and fat content in food products can also impact the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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