Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks Market in Australia & Oceania is currently experiencing minimal growth, influenced by factors such as changing consumer preferences and increasing competition. While the rising health consciousness among consumers may impact growth in the Confectionery sub-market, the Snack Food sub-market may see growth due to the convenience and indulgence offered by online sales. However, with the overall market growth rate being low, it is essential for companies to innovate and adapt to changing trends in order to maintain their market share.
Customer preferences: In Australia & Oceania, the Confectionery & Snacks Market within The Food market is witnessing a growing demand for healthier and more sustainable options. This trend is influenced by the region's strong focus on health and wellness, as well as increased awareness of environmental impact. As a result, companies are introducing products with natural and organic ingredients, as well as sustainable packaging options, to cater to these evolving consumer preferences.
Trends in the market: In Australia & Oceania, the Confectionery & Snacks Market within The Food market is experiencing an increase in demand for healthier snack options, driven by consumer awareness of the negative health effects of traditional snacks. This trend is expected to continue as consumers prioritize health and wellness, leading to an increase in demand for organic and natural snack options. Industry stakeholders will need to adapt to this trend by diversifying their product offerings and investing in research and development to meet the growing demand for healthier snacks. Additionally, there is a growing trend of incorporating indigenous ingredients into confectionery and snack products, catering to the rising demand for locally sourced and sustainable options. This trend is significant as it not only supports the local economy but also appeals to environmentally conscious consumers. Industry stakeholders will need to consider incorporating indigenous ingredients into their products to stay relevant and meet the changing preferences of consumers.
Local special circumstances: In Australia & Oceania, the Confectionery & Snacks Market within The Food market is influenced by the region's diverse cultural influences, particularly from Asia. This has led to a unique range of snacks and confectionery products, catering to different taste preferences. Additionally, Australia's strict food regulations and growing demand for healthier snack options have also impacted the market, with a rise in organic and natural snack products. In New Zealand, the market is shaped by the country's love for local and artisanal products, resulting in a strong market for locally made and high-quality confectionery and snack items.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in Australia & Oceania is greatly influenced by macroeconomic factors such as consumer spending patterns, inflation rates, and trade policies. Countries with stable economic conditions and favorable trade agreements are experiencing higher market growth compared to those with economic instability and restrictive trade policies. Additionally, the increasing trend towards healthier snacking options and the growing popularity of premium confectionery products among consumers are driving the demand for innovative and high-quality products in 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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