Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in Bhutan is facing subdued growth, influenced by factors such as limited availability of raw materials, high production costs, and low consumer spending. However, the market is expected to experience growth due to increasing demand for indulgent snacks, shifting consumer preferences towards healthier options, and the convenience of online shopping. These trends are driving the growth of sub-markets such as Chocolate Confectionery, Sugar Confectionery, Ice Cream, and Preserved Pastry Goods & Cakes.
Customer preferences: In Bhutan, there has been a growing preference for healthier and more natural snacks, leading to an increase in demand for organic and plant-based confectionery products. This trend is driven by a shift towards healthier lifestyles and a desire for more sustainable and environmentally friendly options. Additionally, there has been a rise in demand for premium and imported confectionery products, as consumers seek more diverse and exotic flavors. This trend is influenced by a growing interest in global cuisines and an expanding middle class with more disposable income.
Trends in the market: In Bhutan, the Confectionery & Snacks Market is experiencing a shift towards healthier options, with consumers seeking out products made with natural ingredients and free from artificial flavors and preservatives. This trend is driven by a growing awareness of health and wellness, as well as a desire for more sustainable and ethical food choices. As a result, there has been an increase in demand for organic and plant-based confectionery products. This trend is expected to continue, as consumers become more health-conscious and demand for healthier options in the Confectionery & Snacks Market grows. This presents an opportunity for industry stakeholders to cater to this demand and tap into a niche market with potential for growth. Additionally, this trend may also lead to a shift in the overall image of the Confectionery & Snacks Market, from being perceived as an indulgent and unhealthy category to one that offers healthier and more conscious options.
Local special circumstances: In Bhutan, the Confectionery Market is heavily influenced by the country's unique cultural and religious beliefs. As Bhutan is a Buddhist country, there is a strong emphasis on vegetarianism and non-violence, leading to a high demand for plant-based and cruelty-free confectionery products. Additionally, the country's limited access to imported goods due to strict regulations and its mountainous terrain has resulted in a market dominated by locally produced and traditional sweets. These factors contribute to a distinct market dynamic for the Confectionery & Snacks Market within The Food market, setting it apart from other markets.
Underlying macroeconomic factors: The Confectionery Market of the Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, inflation rates, and economic growth. In countries with stable economic conditions and high consumer disposable income, there is a higher demand for indulgent and premium confectionery products. Similarly, countries with low inflation rates and strong economic growth tend to have a higher consumption of confectionery products. On the other hand, economic downturns and inflationary pressures can result in consumers cutting back on discretionary spending, leading to a decline in the demand for confectionery products. Furthermore, fiscal policies, such as taxes and import tariffs, can also impact the prices and availability of confectionery products in the market. Overall, the performance of the Confectionery Market is greatly influenced by the macroeconomic factors of the given country, which can either drive or hinder market growth.
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)
