Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in ASEAN is facing minimal growth, due to factors such as changing consumer preferences, increasing competition, and regulatory challenges. Despite the popularity of chocolate and sugar confectionery, the market is hindered by the demand for healthier alternatives and the rise of e-commerce. However, the growth potential of the market lies in the growing demand for indulgent treats and the emergence of innovative products in the ice cream and preserved pastry goods & cakes sub-markets.
Customer preferences: Consumers in the ASEAN region are increasingly gravitating towards healthier and more natural confectionery options, driven by their growing awareness of the impact of their food choices on their overall health. This shift is also influenced by the rising trend of clean eating and the preference for food products that are free from artificial ingredients. As a result, there is a growing demand for confectionery products made with natural sweeteners, such as honey and fruit extracts, as well as those that are free from additives and preservatives.
Trends in the market: In ASEAN, the Confectionery Market of the Confectionery & Snacks Market within The Food market is experiencing a surge in demand for healthier and organic options. This trend is driven by a growing health consciousness among consumers and a shift towards clean label products. Additionally, there is a rising demand for plant-based and vegan confectionery products, as well as a focus on sustainable sourcing and production methods. These trends are expected to continue, presenting opportunities for companies to adapt and innovate in order to meet changing consumer preferences.
Local special circumstances: In ASEAN, the Confectionery Market is heavily influenced by the diverse cultural preferences and tastes of the region's population. For example, in Indonesia, traditional snacks and confectionery products using local ingredients are highly sought after. In Malaysia, the market is driven by the popularity of imported European chocolates and candies. These unique local factors play a significant role in shaping the competitive landscape and consumer behavior in the Confectionery & Snacks Market, making it distinct from other markets in The Food market.
Underlying macroeconomic factors: The Confectionery Market within the Confectionery & Snacks Market of The Food market is heavily influenced by macroeconomic factors such as consumer spending, disposable income, and economic stability. Countries with strong economic growth and a growing middle class are experiencing higher demand for confectionery products, while countries with economic challenges and low consumer spending are facing slower market growth. Additionally, changing consumer preferences, such as a shift towards healthier snack options, are also impacting the performance of the Confectionery Market within The Food market. As such, companies in this market must closely monitor macroeconomic trends to effectively adapt their strategies and cater to the evolving needs of consumers.
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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