Key regions: Spain, Canada, Japan, South Korea, Russia
The confectionery market in the EAEU has been experiencing slow growth, influenced by factors such as changing consumer preferences, health concerns, and economic challenges. While the market is segmented into various sub-markets, the overall growth rate remains subdued due to the increasing demand for healthier options and the impact of the COVID-19 pandemic on consumer spending. However, the introduction of new products and innovations in the confectionery industry may drive future growth in the market.
Customer preferences: As the EAEU continues to experience economic growth and higher disposable incomes, consumers in the Confectionery Market of the Confectionery & Snacks Market within The Food market are showing a growing preference for premium and indulgent confectionery products. This trend is influenced by a desire for higher quality and more diverse offerings, as well as the influence of Western confectionery trends. As a result, manufacturers are increasingly focusing on introducing new, innovative products to cater to this demand.
Trends in the market: In the EAEU, the Confectionery Market is experiencing a shift towards healthier and more natural options, as consumers become more health-conscious. This trend is driven by the growing demand for organic and plant-based confectionery products, as well as the rise of functional and fortified snacks. This trajectory is significant as it addresses the growing concerns about the negative health effects of traditional confectionery products. It also presents opportunities for industry stakeholders to diversify their product offerings and cater to the changing preferences of consumers. Additionally, this trend could potentially lead to increased competition and consolidation within the market, as companies strive to stay relevant and meet the evolving demands of consumers.
Local special circumstances: In the EAEU, the Confectionery Market is heavily influenced by the cultural preferences and traditions of its member countries. For example, in Russia, chocolate and candy are popular gifts for holidays and special occasions, leading to a high demand for premium and artisanal confectionery products. In Kazakhstan, traditional desserts and sweets made with local ingredients are favored, creating a unique market for niche confectionery brands. This emphasis on local tastes and customs drives innovation and competition within the market, setting it apart from other global confectionery markets.
Underlying macroeconomic factors: The Confectionery Market of the Confectionery & Snacks Market within The Food market is heavily impacted by macroeconomic factors such as consumer spending patterns, inflation rates, and economic stability. Countries with strong economic growth and stable inflation rates are experiencing higher demand for confectionery products. Additionally, government policies that support the food industry and investment in food infrastructure are expected to drive market growth. However, fluctuations in exchange rates and trade policies can also impact the import and export of confectionery products, affecting market performance. Furthermore, changing consumer preferences towards healthier snacks and increasing health concerns are also shaping the confectionery market landscape.
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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