Key regions: Spain, Canada, Japan, South Korea, Russia
The Confectionery market in Thailand is currently experiencing minimal growth, influenced by factors such as increasing demand for healthier snack options, changing consumer preferences, and competition from other food categories. Despite this, the market continues to see growth due to the convenience and indulgence offered by confectionery products. Innovations in flavors and packaging also contribute to the market's growth.
Customer preferences: Consumers in Thailand are becoming more health-conscious, leading to a rise in demand for healthier and natural confectionery options. This trend is reinforced by the growing popularity of organic and plant-based products. Additionally, the increasing influence of Western culture has resulted in a demand for premium confectionery products, such as gourmet chocolates and artisanal treats. This shift towards healthier and higher-quality options is driven by the evolving lifestyle preferences of the younger generation and rising disposable incomes.
Trends in the market: In Thailand, the Confectionery market is experiencing a shift towards healthier options, driven by increasing health-consciousness among consumers. This trend is reflected in the rise of organic and natural confectionery products, as well as the use of alternative sweeteners like stevia. Additionally, there is a growing demand for premium and indulgent confectionery products, particularly among urban consumers. This trajectory is significant for industry stakeholders as it presents opportunities for product diversification and innovation. However, it also poses challenges for traditional confectionery brands to adapt and stay relevant in a changing market landscape.
Local special circumstances: In Thailand, the Confectionery market is heavily influenced by the country's unique cultural preferences for sweet and savory flavors. As a predominantly Buddhist country, there is a high demand for vegetarian and halal-friendly options, which has led to the development of innovative products such as vegetarian gummies and halal-certified chocolates. Additionally, the country's tropical climate and abundance of fresh fruits have inspired local confectionery brands to incorporate exotic fruit flavors into their products. These factors contribute to the dynamic and diverse nature of the Confectionery market in Thailand.
Underlying macroeconomic factors: The Confectionery Market of the Confectionery & Snacks Market within The Food market in Thailand is heavily influenced by macroeconomic factors. Global economic trends, such as changes in consumer preferences and purchasing power, can impact the demand for confectionery products. Additionally, the national economic health of Thailand, including factors like GDP growth and inflation rates, can affect consumer spending on indulgent treats like confectionery. Fiscal policies, such as taxes and trade regulations, can also impact the market by affecting the cost of ingredients and the ability of companies to import and export products. Furthermore, other relevant financial indicators, such as consumer confidence and disposable income, can play a role in shaping the performance of the confectionery market in Thailand. These macroeconomic factors should be carefully considered by companies operating in this market to ensure their products remain competitive and meet the evolving demands of consumers.
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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