Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery & Snacks Market in CIS has been experiencing sluggish growth, attributed to factors such as increased health consciousness, fluctuating consumer preferences, and competition from healthier snack alternatives. Despite this, the market for confectionery, including chocolate and sugar-based products, remains resilient due to their indulgent appeal and cultural significance in the region. Innovation in product offerings and targeted marketing strategies could drive growth in the future.
Customer preferences: With the rise of health consciousness and the growing popularity of plant-based diets, there has been a shift towards healthier and more natural confectionery options. This has led to an increase in demand for organic and vegan confectionery products, as well as an emphasis on clean and transparent ingredient lists. Additionally, consumers are seeking out indulgent treats that offer functional benefits, such as added protein or probiotics, reflecting a growing interest in the intersection of health and indulgence.
Trends in the market: In the CIS and Confectionery Market of the Confectionery & Snacks Market within The Food market, there is a growing trend towards healthier and more natural snack options. This is driven by consumer demand for clean label products and a desire for healthier snacking alternatives. Many companies are responding to this trend by introducing new product lines that use natural ingredients and have reduced levels of sugar and artificial additives. This shift towards healthier options is expected to continue, as consumers become more health-conscious and demand for these products grows. This presents an opportunity for industry stakeholders to innovate and cater to changing consumer preferences, while also addressing potential health concerns and regulatory scrutiny.
Local special circumstances: In the CIS region, the Confectionery Market is heavily influenced by the cultural preferences for indulgent and sweet treats. This has led to a variety of unique confectionery products catering to local tastes and traditions. Additionally, the market is also affected by changing consumer behavior, with a growing demand for healthier and premium options. Regulatory factors such as import restrictions and labeling laws also play a significant role, creating challenges and opportunities for market players.
Underlying macroeconomic factors: The Confectionery Market of the Confectionery & Snacks Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending habits, inflation rates, and trade policies. Countries with high consumer spending and low inflation rates tend to have a larger demand for confectionery products, leading to market growth. Additionally, trade policies, such as tariffs and import/export restrictions, can greatly affect the availability and cost of raw materials and finished products for the confectionery industry. Economic stability and growth in these areas can have a positive impact on the Confectionery Market, while economic instability and restrictive trade policies can 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.
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