Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in The Food market of G20 is experiencing minimal growth due to factors such as changing consumer preferences, increasing health consciousness, and the availability of healthier snack alternatives. Sub-markets like Chocolate Confectionery and Ice Cream face competition from health-conscious consumers, while Sugar Confectionery and Preserved Pastry Goods & Cakes are affected by rising ingredient costs. These factors are impacting the overall market's growth rate.
Customer preferences: Consumers in the Confectionery Market are increasingly opting for healthier and more diverse snack options, driven by a rise in health-consciousness and demand for plant-based alternatives. This trend is further amplified by the growing prevalence of vegan and vegetarian diets, as well as the increasing availability of organic and all-natural confectionery products. Additionally, there is a growing interest in indulgent yet functional treats that cater to specific dietary needs or provide added nutritional benefits.
Trends in the market: In the G20, the Confectionery Market is experiencing a shift towards healthier options, with consumers increasingly seeking out plant-based, organic, and all-natural products. This trend is being driven by growing health consciousness and concerns about the environmental impact of traditional confectionery production. In addition, there is a rising demand for clean label and transparent ingredients, as well as innovative flavors and textures. These trends are likely to continue, as consumers become more health conscious and seek out more sustainable and ethical options, creating opportunities for industry stakeholders to tap into this growing market.
Local special circumstances: In the G20 Confectionery & Snacks Market, regulatory factors play a significant role in shaping the market dynamics. For instance, in the United States, the Food and Drug Administration has strict guidelines for labeling and ingredient restrictions, impacting product innovation and marketing strategies. In China, cultural preferences for traditional sweets and snacks drive demand, while in Germany, the organic and natural trend has a strong influence on product choices. Additionally, varying levels of disposable income and consumer tastes across these markets further differentiate the confectionery landscape.
Underlying macroeconomic factors: The Confectionery Market of the Confectionery & Snacks Market within The Food market is significantly impacted by macroeconomic factors such as consumer spending, trade policies, and government regulations. Economic conditions, such as GDP growth and inflation rates, can affect consumer purchasing power and influence the demand for confectionery products. Changes in trade policies and tariffs can also impact the import and export of confectionery goods, affecting market competitiveness. Government regulations, particularly related to food safety and labeling, can also affect market performance. Furthermore, economic stability and political stability can play a crucial role in creating a favorable business environment for companies operating in the Confectionery Market, ultimately influencing 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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