Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in South America is seeing minimal growth, impacted by factors such as increasing consumer health awareness, convenience of online services, and the diverse sub-markets of Chocolate, Sugar, Ice Cream, and Preserved Pastry Goods & Cakes. This trend is expected to continue as the region embraces digital technologies and health-conscious choices in The Food market.
Customer preferences: The Confectionery Market in South America is experiencing a shift towards healthier and more natural options, driven by a growing awareness of the importance of nutrition and wellness. This trend is also reflected in the increased demand for organic and low-sugar confectionery products. Additionally, there has been a rise in demand for plant-based confectionery options, as more consumers are adopting vegetarian and vegan diets. These shifts in consumer preferences are influenced by a cultural emphasis on health and wellness, as well as a growing concern for environmental sustainability.
Trends in the market: In South America, the Confectionery market is experiencing a shift towards healthier options, such as organic and natural ingredients, as consumers become more health-conscious. This trend is driven by rising awareness of the negative health effects of excessive sugar consumption. Additionally, there is a growing demand for indulgent yet functional snacks, such as protein bars and energy bites. These trends are expected to continue, reflecting a shift towards healthier snacking options in the region. Industry stakeholders should capitalize on these trends by offering a wider range of healthier and functional snacks to meet the changing consumer preferences.
Local special circumstances: In South America, the Confectionery & Snacks Market within The Food market is heavily influenced by the region's diverse cultural and geographical landscape. For example, in Brazil, the market is driven by the growing middle class seeking convenient and affordable options, leading to the popularity of online ordering and delivery services for confectionery products. In Argentina, the market is shaped by the country's love for traditional sweets, such as alfajores and dulce de leche, which are unique to the region. Additionally, countries like Peru and Colombia have a strong cacao production industry, leading to a thriving market for high-quality chocolate products. These local factors play a crucial role in shaping the dynamics of the Confectionery Market in South America.
Underlying macroeconomic factors: The Confectionery Market in South America is highly influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. The region's economic growth and rising disposable incomes have led to an increase in demand for confectionery products. Additionally, favorable government policies and investments in the food industry have created a conducive environment for market growth. However, fluctuations in global commodity prices, inflation, and currency devaluation can impact the cost of raw materials and production, affecting the profitability of confectionery businesses in the region. Furthermore, changes in consumer preferences and health concerns around sugar consumption may also impact the market's growth trajectory.
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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