Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks Market in ASEAN is experiencing minimal growth due to various factors including changing consumer preferences, increasing competition, and strict regulations. The market's slow growth can also be attributed to rising health consciousness among consumers and the availability of healthier snack options. Despite these challenges, the convenience and indulgence offered by confectionery and snack foods continue to drive demand in the region.
Customer preferences: Consumers in ASEAN are increasingly embracing healthier snacking options due to growing health consciousness and concerns over obesity and diabetes. This has led to a rise in demand for plant-based and guilt-free snacks, such as fruit and vegetable chips, as well as protein-rich bars. Moreover, the rise of e-commerce and online grocery platforms has made it easier for consumers to access these healthier options, driving growth in the online snacking market. This trend is expected to continue as consumers prioritize wellness and seek out convenient and nutritious snack choices.
Trends in the market: In the ASEAN region, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options, with consumers increasingly seeking out plant-based, organic, and low-sugar alternatives. This trend is driven by a growing awareness of health and wellness, as well as environmental concerns. In addition, there is a rise in demand for convenient and portable snacks, as busy lifestyles and on-the-go consumption become more prevalent. These trends are expected to continue, presenting opportunities for industry stakeholders to innovate and cater to evolving consumer preferences.
Local special circumstances: In Indonesia, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's diverse cultural preferences and traditional snacking habits. The market is also impacted by the country's large and growing young population, with a high demand for convenient and affordable snacks. Additionally, the government's efforts to promote locally-produced goods and reduce import dependency have led to the emergence of innovative and unique snack offerings in the market.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in ASEAN is heavily influenced by macroeconomic factors such as consumer spending power, inflation rates, and government policies. As ASEAN countries continue to experience economic growth, consumers have more disposable income to spend on indulgent treats like confectionery and snacks. However, fluctuations in inflation rates can impact pricing and consumer purchasing behavior. Additionally, government policies on trade and import/export regulations can also affect market performance. For example, ASEAN countries with more open trade policies may see a greater variety of confectionery and snack options available, while countries with stricter regulations may have a more limited 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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