Confectionery - Equatorial Guinea

Revenue in the Confectionery market amounts to US$123.40m in 2024. The market is expected to grow annually by 7.31% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$84bn in 2024).
In relation to total population figures, per person revenues of US$70.33 are generated in 2024.
In the Confectionery market, volume is expected to amount to 15.83m kg by 2029. The Confectionery market is expected to show a volume growth of 5.1% in 2025.0.
The average volume per person in the Confectionery market is expected to amount to 7.3kg in 2024.

Definition:

The Confectionery market covers food items with a relatively high sugar. Confectionery has a variety of flavorings, colorings, and other components that give them their distinct taste, texture, and appearance. This market is divided into four submarkets: chocolate confectionery, ice cream, preserved pastry goods and cakes and sugar confectionery.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Chocolate products
Sugar confectionery
Ice Cream
Preserved Pastry Goods & Cakes

Nuts
Dried fruit snacks
Chocolate spreads
Desserts
Jams
Out-of-home consumption

The Confectionery & Snacks market in Equatorial Guinea is seeing minimal growth due to factors such as low consumer awareness, limited access to digital technologies, and traditional preferences for homemade sweets. However, the market has potential for growth with increasing urbanization and the introduction of new products targeting local tastes.

Customer preferences: With the rapid growth of the health and wellness trend in Equatorial Guinea, there has been a rise in demand for healthier and functional confectionery products. This shift is driven by conscious consumer choices and a growing awareness of the negative health impacts of traditional sugary treats. As a result, there has been an increase in the production and availability of healthier options such as sugar-free, gluten-free, and organic confectionery products in the market. This trend is expected to continue as consumers become more health-conscious and prioritize their well-being.

Trends in the market: In Equatorial Guinea, the confectionery market is experiencing a shift towards healthier options, driven by increasing health consciousness among consumers. There is a growing demand for sugar-free and organic confectionery products, as well as a preference for natural ingredients and clean labels. This trend is expected to continue in the coming years, with consumers becoming more discerning about their food choices. For industry stakeholders, this presents opportunities for innovation and product diversification, as well as the need to adapt to changing consumer preferences. Additionally, the rise of e-commerce platforms in the region has opened up new avenues for distribution and sales, allowing companies to reach a wider audience and cater to the growing demand for healthier confectionery options.

Local special circumstances: In Equatorial Guinea, the Confectionery Market of the Confectionery & Snacks Market within The Food market is heavily influenced by cultural preferences for sweet and indulgent snacks. This market is also impacted by the country's limited access to imported goods and limited purchasing power of its population, leading to a focus on locally produced confectionery. Additionally, the country's tropical climate and abundant natural resources have led to the incorporation of unique and traditional ingredients in confectionery products, catering to local tastes and preferences.

Underlying macroeconomic factors: The Confectionery Market of the Confectionery & Snacks Market within The Food market in Equatorial Guinea is primarily influenced by macroeconomic factors such as consumer spending, inflation rates, and government policies. The country's economic growth and stability, as well as its fiscal policies, have a significant impact on the purchasing power of consumers and their willingness to spend on confectionery products. Furthermore, global economic trends, such as fluctuations in commodity prices and currency exchange rates, also play a crucial role in shaping the performance of the market. Additionally, any changes in national economic health, such as changes in employment rates or GDP growth, can affect consumer confidence and ultimately impact the demand for confectionery products in the country.

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.