Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in Southern Asia has seen minimal growth due to various factors such as changing consumer preferences, increasing competition, and fluctuations in raw material prices. Despite the challenges, the market is expected to continue growing, driven by the popularity of chocolate and sugar confectionery as well as the rising demand for preserved pastry goods and cakes. However, the growth rate is likely to be impacted by increasing health awareness and the availability of healthier snack options in the market.
Customer preferences: With the rise of health consciousness and the increasing availability of healthier options, consumers in Southern Asia are showing a growing preference for low-sugar, organic and plant-based confectionery products. This trend is driven by a heightened awareness of the health risks associated with high sugar consumption and a desire to incorporate more natural and sustainable options into their diets. As a result, manufacturers are increasingly focusing on creating innovative and healthier confectionery options to cater to these changing consumer preferences.
Trends in the market: In Southern Asia, the Confectionery market is experiencing a shift towards healthier options as consumers become more health-conscious. This trend is driven by the increasing prevalence of diet-related diseases and government initiatives promoting healthy eating. As a result, there has been a rise in demand for plant-based, sugar-free, and organic confectionery products. This trend is expected to continue, with the market projected to grow at a CAGR of 7.5% by 2025. Industry stakeholders need to adapt to this shift and innovate in order to stay competitive in the market. Additionally, there is an opportunity for collaboration with healthcare providers to promote these healthier options and tap into the growing health and wellness market.
Local special circumstances: In Southern Asia, the Confectionery market is heavily influenced by cultural preferences and traditional ingredients. For example, in India, the market is dominated by local sweets and snacks made with ingredients such as jaggery, ghee, and cardamom. In contrast, in countries like Sri Lanka and Pakistan, the market is heavily influenced by British colonialism, with a focus on chocolates and biscuits. Additionally, regulatory factors play a significant role in this market, with countries like Bangladesh and Pakistan imposing strict halal certification requirements for confectionery products.
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, population growth, and disposable income levels. Countries with strong economic growth and rising disposable income, particularly in Southern Asia, are experiencing higher demand for confectionery products. Additionally, favorable government policies and initiatives to promote local production and consumption of confectionery products are also driving market growth in the region. However, fluctuations in global commodity prices and trade policies may impact the availability and affordability of key ingredients, potentially affecting market performance.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
