Key regions: Philippines, South Korea, Canada, Japan, China
The confectionery and snacks market in Angola is facing subdued growth due to factors such as low consumer spending power, limited distribution channels, and competition from traditional snack options. However, increasing urbanization and changing consumer preferences towards convenience and indulgence are expected to drive market growth in the future. Additionally, the rising health consciousness among consumers may lead to a shift towards healthier snack options, further impacting the market's growth rate.
Customer preferences: As the demand for healthier snacking options continues to rise in Angola, there is a growing trend towards plant-based and organic snacks. This can be attributed to an increasing awareness of the health benefits associated with such products, as well as a growing interest in sustainable and ethical consumption. Additionally, there has been a shift towards smaller, on-the-go snack options, catering to the busy lifestyles of urban consumers. These emerging trends in preferences indicate a shift towards more conscious and convenient snacking choices.
Trends in the market: In Angola, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier snacking options. Consumers are becoming more health-conscious and demanding products with natural ingredients and low sugar content. This trend is expected to continue as the country's economy grows and disposable incomes increase. Additionally, there is a rise in demand for convenience snacks, such as on-the-go bars and single-serve packages, as busy lifestyles become more prevalent. These trends provide opportunities for industry stakeholders to tap into new markets and develop innovative products to cater to evolving consumer preferences.
Local special circumstances: In Angola, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's rich cultural diversity. Traditional snacks and sweets, such as kikwanga and kimbombo, have a strong presence in the market, alongside international brands. Additionally, the country's growing middle class and urbanization have led to a demand for convenient and on-the-go snacks, driving the growth of the market. The market is also impacted by the country's strict import regulations and high tariffs, promoting the growth of local and regional brands.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in Angola is also heavily influenced by macroeconomic factors. The global economic trends, national economic health, fiscal policies, and other relevant financial indicators all play a role in shaping the market's performance. With a strong and stable economy, Angola has seen an increase in consumer spending power, leading to a rise in demand for confectionery and snacks. Additionally, the country's growing population and urbanization have also contributed to the market's growth, as more individuals have access to these products. However, challenges such as inflation and currency devaluation have also affected the market's performance. Overall, the macroeconomic landscape in Angola has a significant impact on the Confectionery & Snacks Market within The Food market, shaping its growth and development.
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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