Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in Bangladesh is experiencing sluggish growth, influenced by factors such as low consumer spending, changing dietary habits, and competition from other snack options. Despite the presence of sub-markets like Chocolate and Sugar Confectionery, Ice Cream, and Preserved Pastry Goods & Cakes, the overall market is struggling to grow due to economic factors and shifting consumer preferences.
Customer preferences: As the economy of Bangladesh continues to grow, there has been a significant increase in disposable income and a shift towards a more urban lifestyle. This has led to a rise in demand for convenience foods, including confectionery and snacks. However, with a growing health consciousness among consumers, there has also been a trend towards healthier snack options, such as low-sugar and organic alternatives. This preference for healthier options is also influenced by cultural values and a growing awareness of the impact of diet on overall well-being. Additionally, with the rise of e-commerce and online shopping, there has been a noticeable increase in online sales of confectionery and snacks, as consumers seek convenience and variety in their purchasing habits.
Trends in the market: In Bangladesh, the Confectionery market is experiencing a shift towards healthier options, with consumers becoming more health-conscious and seeking out products with natural ingredients and reduced sugar content. This trend is expected to continue as the country faces rising rates of obesity and chronic diseases. Additionally, there is a growing demand for premium and indulgent confectionery products among the middle and upper-class population. This presents opportunities for industry players to innovate and cater to diverse consumer preferences in the market. Furthermore, the rise of e-commerce and online grocery shopping is expected to drive the growth of the confectionery market, as consumers increasingly turn to online channels for their food purchases. This trend is likely to continue, especially in the wake of the COVID-19 pandemic, which has accelerated the adoption of online shopping in the country. As a result, confectionery companies may need to invest in digital marketing and e-commerce strategies to remain competitive in this rapidly evolving market.
Local special circumstances: In Bangladesh, the Confectionery market is heavily influenced by the country's growing urban population and their increasing disposable income. This has led to a rise in demand for premium and imported confectionery products. Additionally, cultural preferences for sweet and savory snacks have also shaped the market, with local brands offering a wide variety of unique flavors. Regulatory factors, such as the government's strict control over sugar imports and taxes on unhealthy snacks, also play a role in shaping the market. These factors have resulted in a highly competitive and diverse Confectionery market, unlike other countries in the region.
Underlying macroeconomic factors: The Confectionery Market in Bangladesh is heavily influenced by macroeconomic factors such as consumer spending power, economic growth, and government policies. The country's economic growth rate has been steadily increasing over the years, leading to a rise in disposable income and consumer spending. This has resulted in a higher demand for confectionery products, as consumers have more purchasing power. Additionally, government initiatives to promote the food industry and attract foreign investments have also positively impacted the market. However, rising inflation and fluctuations in currency exchange rates can adversely affect market performance.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
