Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks market in BRICS is experiencing minimal growth due to factors such as changing consumer preferences, increasing health consciousness, and rising competition. Despite this slow growth, the market is expected to benefit from the convenience and indulgence offered by these products. Factors such as rising disposable incomes and urbanization are also contributing to the market's growth.
Customer preferences: The growing demand for healthier snack options has led to an increase in the popularity of plant-based and functional snacks. More consumers are now looking for snacks that not only satisfy their cravings but also offer added health benefits. This trend is driven by a shift towards a more health-conscious lifestyle, as well as an increasing focus on sustainability and ethical consumption. Brands are responding to this demand by offering a wider variety of plant-based and functional snacks, catering to the diverse preferences of consumers within the BRICS countries.
Trends in the market: In BRICS, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options, driven by the growing health consciousness among consumers. This trend is leading to the launch of new products with reduced sugar and fat content, as well as increased use of natural ingredients. Furthermore, there is a rising demand for functional snacks, such as protein bars and energy bites. This trend is expected to continue, as consumers seek convenient and nutritious on-the-go snacks. Industry players should focus on developing innovative and healthier products to capitalize on this trend and cater to changing consumer preferences.
Local special circumstances: In Brazil, the Confectionery & Snacks market is heavily influenced by cultural factors such as the widespread love for snacking and the popularity of street food. These local preferences have led to the development of unique snack options, such as Brigadeiro and Pão de Queijo. Additionally, the country's diverse geography has a significant impact on the production and distribution of snacks, with different regions specializing in specific ingredients and flavors. Brazil's growing middle class and increasing urbanization have also created a demand for healthier and more convenient snack options, leading to the rise of functional and on-the-go snacks in the market.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending, inflation rates, and government policies. In countries with strong economic growth and rising disposable incomes, there is a higher demand for indulgent and convenient food options, driving the growth of the confectionery and snacks market. On the other hand, countries with high inflation rates and economic instability may experience slower market growth due to decreased consumer spending. Government policies such as taxes and regulations on ingredients and labeling also play a significant role in shaping the market landscape. Moreover, changing consumer preferences and health concerns are also impacting the market, leading to an increased demand for healthier and more sustainable snacking options.
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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