Key regions: Japan, India, China, United Kingdom, South Korea
The Snack Food Market in China's Confectionery & Snacks Market is facing subdued growth, influenced by factors such as increasing health awareness, convenience of online services, and changing consumer preferences towards healthier options. However, growth is still driven by demand for Tortilla Chips, Flips & Pretzels, Potato Chips, and Cookies & Crackers.
Customer preferences: As the demand for healthier snack options continues to rise, consumers in China are increasingly turning towards plant-based and organic snacks. This trend is driven by a growing awareness of health and sustainability, as well as a desire for natural and clean ingredients. The market has seen a surge in offerings of plant-based and organic snacks, catering to the preferences of a health-conscious population. Additionally, there has been a shift towards smaller portion sizes and on-the-go snack options, as busy lifestyles and a rise in snacking occasions drive the demand for convenient and portable options.
Trends in the market: In China, the Snack Food market is experiencing a shift towards healthier snack options, driven by changing consumer preferences and government initiatives promoting healthier diets. This trend is reflected in the growing popularity of organic and natural snacks, as well as the rise of functional snacks that offer added health benefits. This trajectory is significant as it presents opportunities for industry stakeholders to tap into the growing demand for healthier snacks and cater to the evolving needs of consumers. However, it also poses challenges for traditional snack brands to adapt and innovate in order to remain competitive in a changing market landscape.
Local special circumstances: In China, the Snack Food market is heavily influenced by the country's large population and changing consumer preferences. With a growing middle class, there is a demand for healthier snack options, leading to the rise of organic and natural snack products. Additionally, the unique cultural tradition of gifting snacks during holidays and celebrations has created a thriving market for premium and luxury snack items. The regulatory environment also plays a role, with strict food safety regulations and increasing emphasis on sustainable sourcing driving market trends.
Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending, disposable income, and economic growth. In China, the growing middle class and rising disposable income levels have led to increased demand for convenience and indulgent food products, driving the growth of the Snack Food Market. Additionally, favorable government policies, such as tax incentives and subsidies for food manufacturers, have also contributed to the market's growth. However, the volatile global economic climate and trade tensions between China and other countries could potentially impact the market's performance. Moreover, the ongoing COVID-19 pandemic has also disrupted supply chains and consumer behavior, posing challenges for market players.
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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