Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks Market within The Food market in G7 is facing sluggish growth, influenced by factors such as changing consumer preferences, increasing health concerns, and the rise of alternative snacking options. This has led to a negligible growth rate in the market, with manufacturers and retailers adapting to these trends to remain competitive.
Customer preferences: In recent years, consumers have become more health-conscious and are actively seeking out healthier snack options. This has led to a rise in demand for snacks made from natural and organic ingredients, as well as alternatives to traditional high-sugar and high-fat snacks. Additionally, with the increasing popularity of plant-based diets, there has been a growing demand for vegan and vegetarian snack options in the Confectionery & Snacks Market within The Food market. This trend is driven by a combination of factors, including concerns over animal welfare, environmental sustainability, and personal health.
Trends in the market: In the G7 countries, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options, as consumers become more health-conscious. This trend is driven by the increasing prevalence of chronic diseases and the rising demand for clean-label products. Additionally, there is a growing interest in plant-based snacks and alternative sweeteners. These trends are expected to continue, with companies investing in product innovation and marketing to cater to this demand. This presents opportunities for industry stakeholders to tap into the growing market for healthier snacks and differentiate themselves from traditional offerings.
Local special circumstances: In Japan, the Confectionery & Snacks Market within The Food market is heavily influenced by cultural traditions and preferences. The country has a strong culture of gift-giving, leading to a demand for high-quality and aesthetically pleasing confectionery products. Additionally, Japan's aging population is driving the demand for healthier snacks, leading to a rise in functional and nutritious snack options. The strict regulations on food labeling and safety also play a significant role in shaping the market dynamics of the Confectionery & Snacks Market in Japan.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending, disposable income, and consumer preferences. Countries with stable economic conditions and growing disposable incomes are witnessing a rise in demand for indulgent and convenient snacks. On the other hand, countries facing economic instability and declining disposable incomes are experiencing a shift towards healthier snack options. The increasing adoption of e-commerce and digital platforms for food purchases is also impacting the growth of the Confectionery & Snacks Market, as consumers seek convenience and variety in their snack choices. Furthermore, changing demographics and the rise of health-conscious consumers are driving the demand for healthier and functional snacks, such as protein bars and gluten-free options. These macroeconomic factors are shaping the growth of the Confectionery & Snacks Market in G7 and globally, and companies must adapt to these trends to remain competitive in the market.
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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