Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery & Snacks Market in Nordics is experiencing negligible growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping. These factors have led to a shift in demand towards healthier and more diverse options in the Chocolate and Sugar Confectionery, Ice Cream, and Preserved Pastry Goods & Cakes sub-markets.
Customer preferences: In recent years, there has been a notable shift in consumer preferences towards healthy and sustainable food options, impacting the Confectionery Market of the Confectionery & Snacks Market within The Food market. This trend is driven by increased awareness about the environmental impact of food production and the desire for ethically-sourced products. Additionally, there has been an emerging demand for plant-based and organic snacks, reflecting a growing interest in healthier lifestyles among Nordic consumers. This has led to the introduction of new confectionery products that cater to these preferences, such as vegan and low-sugar options.
Trends in the market: In the Nordics, there is a growing trend towards healthier and more sustainable confectionery options, with an increasing demand for natural and organic ingredients. This trend is driven by consumers' growing health consciousness and concerns about the environmental impact of food production. As a result, confectionery companies in the region are investing in product innovation and marketing strategies that cater to these preferences. Additionally, there is a rising demand for plant-based and vegan options in the confectionery market, driven by the growing number of consumers following plant-based diets. This trend is expected to continue, with companies expanding their product portfolios to meet the evolving needs of consumers. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in sustainable and innovative products to remain competitive in the market.
Local special circumstances: In the Nordics, the Confectionery market is heavily influenced by the region's strong focus on sustainability and health-consciousness. Consumers are increasingly demanding organic and natural ingredients in their confectionery products, leading to the growth of niche brands. Additionally, the use of innovative packaging materials, such as biodegradable and compostable materials, is gaining popularity in the region. This is driven by the Nordic region's strong environmental awareness and regulations promoting sustainable practices. The market is also seeing a rise in demand for plant-based and vegan options, reflecting the region's growing trend towards healthy and ethical food choices.
Underlying macroeconomic factors: The Confectionery Market within the Confectionery & Snacks Market of The Food market in Nordics is influenced by macroeconomic factors such as consumer spending, population demographics, and global trade policies. Countries with stable economies and high disposable incomes tend to have a higher demand for confectionery products, while fluctuations in exchange rates and trade agreements can impact the availability and cost of ingredients used in the production of confectionery items. Additionally, changes in consumer preferences and health trends can also influence the demand for healthier and more sustainable confectionery options, leading to shifts in market dynamics.
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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