Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks Market in The Food market in G20 is facing minimal growth due to factors like changing consumer preferences, increasing competition, and stringent regulations. However, the demand for healthier snacking options and convenience offered by online purchasing are driving the market forward. Additionally, the rising health consciousness among consumers is also impacting the growth rate positively.
Customer preferences: In recent years, there has been a significant rise in demand for healthier and more sustainable snack options in the Confectionery & Snacks Market within The Food market. This shift is driven by increasing awareness of the negative impact of traditional snacks on health and the environment. As a result, consumers are gravitating towards plant-based, organic, and ethically sourced snacks, reflecting their growing concern for personal health and the planet. This trend is expected to continue as consumers prioritize health and sustainability in their purchasing decisions.
Trends in the market: In the G20 countries, the Confectionery & Snacks Market within The Food market is seeing a rise in demand for healthier and more sustainable snack options. This trend is driven by increasing health consciousness among consumers and a growing demand for plant-based and organic snacks. Industry players are responding by introducing new products and reformulating existing ones to meet these changing preferences. This shift towards healthier options is expected to continue, presenting opportunities for innovation and growth in the industry. Additionally, there is a growing focus on transparency and sustainability in the supply chain, as consumers become more aware and concerned about the environmental and social impact of their food choices. This trend is likely to drive industry players towards more sustainable practices and supply chain transparency, in order to maintain consumer trust and loyalty.
Local special circumstances: In Brazil, the Confectionery & Snacks market is heavily influenced by cultural preferences and regulatory frameworks. The country has a strong snacking culture, with traditional snacks like brigadeiros and pão de queijo being popular choices. In addition, Brazil has strict regulations on food labeling, which has led to the rise of healthier snack options. These unique factors have shaped the market dynamics, with a growing demand for healthier and more local snack options.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market is also influenced by macroeconomic factors such as consumer spending, inflation rates, and trade policies. In countries with strong consumer spending and stable inflation rates, the demand for confectionery and snacks is typically higher. On the other hand, trade policies and tariffs can significantly impact the availability and cost of ingredients and finished products, which can affect market performance. Additionally, economic growth and stability play a crucial role in consumer confidence and purchasing power, which ultimately impact the demand for confectionery and snacks.
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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