Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks Market in North America is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the rise of online shopping. Despite the slow growth rate, the market is still expected to expand due to the constant innovation and introduction of new products in both the Confectionery and Snack Food sub-markets.
Customer preferences: Consumers in North America are increasingly embracing a healthier lifestyle, leading to a surge in demand for healthier snack options. This trend is driven by an increased awareness of the negative health effects of traditional snacks, as well as a growing focus on sustainability and ethical sourcing. As a result, there has been a rise in the popularity of plant-based and organic snack products, and a shift towards more locally sourced ingredients. This reflects a larger cultural shift towards conscious consumption and a desire for more socially responsible options in the Confectionery & Snacks Market within The Food market.
Trends in the market: In North America, the Confectionery & Snacks market is experiencing a shift towards healthier, natural and organic snacks. This trend is driven by increasing consumer awareness and demand for clean label and better-for-you options. Additionally, there is a growing focus on sustainability and ethical sourcing, with companies using more sustainable packaging materials and supporting fair trade practices. This trend is expected to continue with the rise of health-conscious consumers and the launch of innovative, healthier snack options. This presents opportunities for industry stakeholders to capitalize on this trend and cater to the evolving preferences of consumers.
Local special circumstances: In North America, the Confectionery & Snacks market is heavily influenced by the cultural preference for indulgent and convenient snacks. The high disposable income and busy lifestyle of consumers have also fueled the growth of this market. In addition, regulatory factors, such as strict labeling and nutritional requirements, have led to the emergence of healthier snack options. These unique local factors have contributed to the dynamic and diverse landscape of the Confectionery & Snacks market in North America.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in North America is heavily influenced by macroeconomic factors such as consumer spending, population growth, and changing dietary preferences. The region's stable economic growth and high disposable income levels have resulted in a strong demand for indulgent and convenience food products, driving the growth of the market. Additionally, increasing health consciousness and demand for healthier snacking options have led to a rise in the demand for organic, natural, and functional snacks. Moreover, the region's advanced retail infrastructure and strong distribution channels have enabled manufacturers to reach a wider consumer base, further propelling market growth.
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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