Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks Market in the GCC region is experiencing minimal growth due to factors such as changing consumer preferences, increasing health consciousness, and rising competition. However, with the emergence of new sub-markets and the convenience of online shopping, the market is expected to witness a steady growth in the coming years.
Customer preferences: The Confectionery & Snacks Market within The Food market is witnessing a growing demand for healthier and more nutritious snacks, driven by increasing health consciousness among consumers. This trend is further fueled by the rising awareness of the negative effects of consuming excessive sugar and artificial ingredients. As a result, there is a growing demand for healthier options, such as organic and plant-based snacks, as well as snacks with reduced sugar and clean label ingredients. This shift towards healthier snacking options is also influenced by the growing trend of clean eating and the preference for natural and unprocessed foods.
Trends in the market: In the GCC, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier and more sustainable options. Consumers are becoming increasingly health-conscious, leading to a rise in demand for organic, gluten-free, and natural snacks. This trend is expected to continue as consumers prioritize wellness and sustainability in their food choices. As a result, industry stakeholders are investing in research and development to meet these evolving consumer preferences. Furthermore, this trend presents opportunities for new product development and partnerships with health and wellness companies, highlighting the potential for growth and innovation in the GCC confectionery and snacks market.
Local special circumstances: In the GCC region, the Confectionery & Snacks Market within The Food market is heavily influenced by the cultural preference for indulgent and sweet treats. In addition, the region's hot climate creates a demand for products that can withstand high temperatures. This has led to the development of innovative packaging solutions and a focus on natural and organic ingredients to cater to the health-conscious consumers. Furthermore, the strict halal regulations in the region play a significant role in product development and marketing strategies.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in GCC is also influenced by macroeconomic factors such as consumer spending power, government policies, and market competition. Countries with stable economic growth and favorable policies for food businesses are experiencing higher market growth compared to those with economic instability and restrictive regulations. Additionally, the rapidly growing population and changing consumer preferences towards convenience and indulgence are driving the demand for innovative and affordable confectionery and snacks products in the region.
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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