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Confectionery & Snacks - Hong Kong

Hong Kong
  • Revenue in the Confectionery & Snacks market amounts to US$3.01bn in 2024. The market is expected to grow annually by 5.61% (CAGR 2024-2029).
  • In global comparison, most revenue is generated United States (US$135bn in 2024).
  • In relation to total population figures, per person revenues of US$401.50 are generated in 2024.
  • In the Confectionery & Snacks market, volume is expected to amount to 334.90m kg by 2029. The Confectionery & Snacks market is expected to show a volume growth of 2.1% in 2025.0.
  • The average volume per person in the Confectionery & Snacks market is expected to amount to 41.4kg in 2024.

Definition:

The Confectionery & Snacks market includes both confectionery and snacks subsegments. Confectionery is defined as foods with a relatively high sugar content, such as chocolate and chocolate products, sugar confectionery such as chewing gum, sweets, ice cream, preserved pastry goods and cakes. Snack Foods are typically eaten in between meals or as a quick bite.

Structure:

The market consists of two different submarkets:

  • The Confectionery market covers foods with a relatively high sugar content. This market is divided into four subsegments: chocolate confectionery, ice cream, preserved pastry goods and cakes and sugar confectionery.
  • The Snack Food market covers sweet, savory, and salty snacks. This market is divided into three submarkets: cookies and crackers, potato chips, tortilla chips, flips, and pretzels.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Chocolate and sugar confectionery
  • Ice Cream
  • Cakes
  • Snack Food
  • Cookies and crackers

Out-Of-Scope

  • Chocolate/nut/nougat spreads
  • Peanut butter
  • Desserts
  • Out-of-home consumption
Confectionery & Snacks: market data & analysis - Cover

Market Insights report

Confectionery & Snacks: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Confectionery & Snacks Market in Hong Kong has been experiencing minimal growth, influenced by factors such as consumer preferences shifting towards healthier snacking options, increasing competition from other food categories, and fluctuating raw material prices. However, the convenience and indulgence factor of these products continue to drive demand.

    Customer preferences:
    Consumers in Hong Kong have shown a growing interest in healthier snack options, with a particular focus on plant-based and organic products. This trend is driven by a rising awareness of health and wellness, as well as concerns over sustainability and ethical consumption. As a result, there has been an increase in demand for snacks that are free from artificial ingredients and additives, as well as those that cater to specific dietary restrictions, such as gluten-free or vegan options. This shift towards healthier snacking aligns with the overall global trend towards a more health-conscious lifestyle.

    Trends in the market:
    In Hong Kong, the Confectionery & Snacks Market within The Food market is seeing a rise in demand for healthier and organic options, as consumers become more health-conscious. This trend is expected to continue, with a focus on clean label and natural ingredients. Additionally, there is a growing market for snack products with functional benefits, such as energy-boosting or stress-relieving properties. These trends present opportunities for industry stakeholders to tap into the growing health and wellness market and cater to the changing preferences of consumers.

    Local special circumstances:
    In Hong Kong, the Confectionery & Snacks Market within The Food market is heavily influenced by the city's fast-paced lifestyle and high consumer demand for convenience. This has led to the growth of convenience stores and e-commerce channels, as well as the popularity of on-the-go snacks. Additionally, the city's diverse cultural influences have resulted in a wide variety of snack options, catering to different taste preferences. Hong Kong's strict food safety regulations also play a significant role in shaping the market, ensuring high-quality and safe products for consumers.

    Underlying macroeconomic factors:
    The Confectionery & Snacks Market within The Food market in Hong Kong is influenced by macroeconomic factors such as economic growth, consumer spending, and trade policies. As a highly developed and open economy, Hong Kong benefits from strong economic growth, which has a positive impact on consumer purchasing power and demand for confectionery and snack products. Additionally, the country's favorable trade policies, including low tariffs and minimal trade barriers, contribute to a competitive market environment and allow for a wide variety of international confectionery and snack options to be available to consumers. However, the market may face challenges due to rising inflation and increasing labor costs, which could potentially lead to higher prices for these products. Furthermore, fluctuations in global commodity prices, such as sugar and cocoa, can also impact the market's performance. Overall, the Confectionery & Snacks Market in Hong Kong is heavily influenced by the country's economic health and trade policies, along with global economic trends and commodity prices.

    Methodology

    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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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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