Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery & Snacks market in Mexico is experiencing minimal growth due to factors such as increasing health awareness among consumers, preference for healthier options, and competition from other snack categories. However, the market is still driven by the convenience of online purchasing and nostalgia associated with traditional Mexican treats. The Chocolate Confectionery sub-market remains the largest segment, while Ice Cream and Preserved Pastry Goods & Cakes are expected to see steady growth.
Customer preferences: In Mexico, the Confectionery Market of the Confectionery & Snacks Market within The Food market is seeing a rise in demand for healthier and more natural options. This shift is driven by the growing awareness of the negative effects of highly processed and sugary snacks on health. As a result, there has been a rise in demand for organic and plant-based confectionery products, as well as alternatives to traditional sugar such as stevia and honey. This trend is also influenced by the increasing popularity of healthier lifestyles among the younger demographic.
Trends in the market: In Mexico, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options, with consumers demanding products with natural and organic ingredients. This trend is driven by increasing health consciousness and concerns over the negative effects of sugar consumption. As a result, manufacturers are incorporating more functional and nutritious ingredients into their products. This trend is expected to continue, with consumers seeking better-for-you snacks and confectionery options. This shift presents opportunities for industry stakeholders to innovate and cater to the changing preferences of consumers.
Local special circumstances: In Mexico, the Confectionery market is heavily influenced by the country's rich cultural heritage. Traditional sweets and candies, such as dulces de leche and churros, hold a significant market share and continue to be popular among local consumers. Additionally, the country's close proximity to the United States has led to the adoption of American confectionery brands, but with a Mexican twist. Furthermore, the increasing health consciousness among consumers has also influenced the market, leading to the rise of healthier options and the use of traditional Mexican ingredients, such as agave and cacao, in confectionery products.
Underlying macroeconomic factors: The Confectionery Market within The Food market in Mexico is heavily influenced by macroeconomic factors such as consumer spending power, inflation rates, and economic stability. As global economic trends continue to evolve, the demand for confectionery and snacks is expected to increase. Additionally, favorable fiscal policies and investments in the food industry have contributed to the growth of the market. However, fluctuations in currency exchange rates and trade policies may impact the import and export of confectionery products, affecting market performance. Furthermore, the rising prevalence of health-conscious consumers is driving the demand for healthier and more natural confectionery options, creating new opportunities for 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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