Confectionery & Snacks - NAFTA

NAFTA

Highlights

Revenue in the Confectionery & Snacks market amounts to US$163.40bn in 2024. The market is expected to grow annually by 4.73% (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$320.20 are generated in 2024.
In the Confectionery & Snacks market, volume is expected to amount to 21.45bn kg by 2029. The Confectionery & Snacks market is expected to show a volume growth of 2.9% in 2025.0.
The average volume per person in the Confectionery & Snacks market is expected to amount to 37.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Confectionery & Snacks market in NAFTA is experiencing minimal growth due to factors such as increasing health awareness among consumers and the convenience of online services. However, this growth is being hindered by the sub-markets' slower growth rates and potential competition from healthier snack options.

Customer preferences: There has been a noticeable shift in consumer preference towards healthy and sustainable snacks in the Confectionery & Snacks Market within The Food market. This is driven by the increasing awareness of the health benefits of plant-based and organic snacks, as well as the demand for environmentally friendly packaging. Additionally, the rise of health-conscious and eco-conscious demographics has also contributed to this trend, with consumers seeking guilt-free indulgences.

Trends in the market: In the NAFTA region, the Confectionery & Snacks market is experiencing a shift towards healthier snack options due to increasing health consciousness among consumers. This has led to a rise in demand for organic, gluten-free, and low-sugar snacks. Additionally, there is a growing trend of incorporating functional ingredients such as probiotics and superfoods in snacks. This trend is expected to continue as consumers seek out convenient and nutritious snacking options. Industry stakeholders must adapt to these changing preferences to remain competitive in the market.

Local special circumstances: In Mexico, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's rich culinary culture and love for sweet and savory snacks. Local favorites such as churros, dulce de leche, and spicy chips dominate the market, catering to the unique taste preferences of Mexican consumers. Additionally, the country's close proximity to the United States has led to a strong presence of American snack brands in the market, further diversifying the product offerings. The regulatory environment also plays a key role, with strict labeling laws and taxes on high-calorie snacks pushing companies to innovate and offer healthier options to consumers.

Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending, inflation rates, and trade policies. Countries with stable economic conditions and growing consumer spending power are witnessing an increase in demand for confectionery and snack products. Moreover, favorable trade agreements, such as those within the NAFTA region, have facilitated the free flow of these products, leading to market growth. However, economic downturns and fluctuating currency exchange rates can hinder market growth and affect consumer purchasing behavior.

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.