Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery & Snacks Market within The Food market in G7 is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and competition from healthier snack options. Despite the sub-markets of Chocolate Confectionery, Sugar Confectionery, Ice Cream, and Preserved Pastry Goods & Cakes, the overall market is struggling to maintain growth due to these factors.
Customer preferences: Consumers are increasingly seeking healthier and more natural options in the Confectionery Market of the Confectionery & Snacks Market within The Food market, leading to a rise in demand for organic and plant-based candies and snacks. This shift is influenced by the growing awareness of the negative health effects of traditional sugary treats and a desire for more ethical and sustainable products. Additionally, there is a growing preference for indulgent yet functional treats, such as dark chocolate with added health benefits.
Trends in the market: In the Confectionery Market of the Confectionery & Snacks Market within The Food market, there is a growing trend towards healthier and more natural ingredients in confectionery products. Consumers are increasingly looking for options that are free from artificial flavors, colors, and preservatives. This trend is driven by a desire for healthier snacking options and a growing awareness of the negative impact of artificial ingredients on health. As a result, industry players are investing in research and development to create healthier confectionery options, such as sugar-free and organic alternatives. This trend is expected to continue, as consumers prioritize health and wellness in their food choices, presenting opportunities for industry players to tap into this growing demand for healthier options.
Local special circumstances: In the Confectionery Market of the Confectionery & Snacks Market within The Food market, local factors play a significant role in shaping market dynamics. In Japan, the market is driven by the country's unique snacking culture, with a wide range of traditional and innovative confectionery products catering to different tastes. In China, the growing middle class and increasing preference for imported confectionery products have led to a rise in international brands entering the market. In the United States, the market is highly regulated, with strict labeling and advertising guidelines, influencing consumer behavior and market trends.
Underlying macroeconomic factors: The Confectionery Market in the Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, global economic trends, and government policies. In countries with stable economies and high consumer spending, the market is expected to experience steady growth. On the other hand, economic downturns and fluctuations in exchange rates can affect consumer purchasing behavior and lead to a decline in market performance. Additionally, favorable fiscal policies and investments in the food industry can create opportunities for market expansion, while strict regulations and high taxes can hinder growth. Furthermore, the rising prevalence of health-consciousness among consumers and the demand for healthier snack options are also impacting the confectionery market, with manufacturers introducing healthier alternatives to traditional confectionery products.
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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