Key regions: Japan, India, China, United Kingdom, South Korea
The Snack Food Market in the Confectionery & Snacks Market within The Food market in G7 is experiencing negligible growth due to factors such as changing consumer preferences, increasing health awareness, and the convenience of online options. This trend is seen in sub-markets like Tortilla Chips, Flips & Pretzels, Potato Chips, and Cookies & Crackers, which are all affected by the same underlying factors. However, the overall growth rate remains stagnant due to the saturation of the market and competition from healthier snack alternatives.
Customer preferences: As consumers become more health-conscious, there is a growing demand for healthier snack options. This trend is reflected in the rising popularity of plant-based snacks, gluten-free options, and snacks made with natural ingredients. Moreover, with the increasing focus on sustainable and ethical food choices, consumers are also gravitating towards snacks that are environmentally friendly and ethically sourced. This shift in preference towards healthier and more sustainable snacks is driving innovation and new product development in the snack food market.
Trends in the market: In the G7 countries, the Snack Food Market of the Confectionery & Snacks Market within The Food market is experiencing a surge in demand for healthier and more sustainable snack options. This is driven by a growing awareness of the health and environmental implications of traditional snack foods. As a result, we are seeing a rise in plant-based and organic snacks, as well as an increase in sustainable packaging options. This trend is expected to continue as consumers become more health-conscious and environmentally aware, presenting opportunities for industry stakeholders to tap into this growing market. Additionally, the rise of e-commerce and online grocery shopping is also influencing the Snack Food Market, as consumers seek convenience and ease of access to healthier snack options. Companies in this market will need to adapt to these changing consumer preferences in order to stay competitive.
Local special circumstances: In the Snack Food market of the Confectionery & Snacks market within The Food market, the unique local factors in Japan play a significant role in shaping the market dynamics. Japan has a strong snacking culture, with small, traditional snacks known as "dagashi" being popular among all age groups. This has led to the emergence of a wide variety of local snack brands, catering to specific regional tastes and preferences. Additionally, strict regulations on food labeling and packaging have influenced the product offerings and marketing strategies of snack companies in Japan.
Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily impacted by macroeconomic factors such as consumer spending, economic stability, and trade policies. Countries with high consumer spending and stable economies are witnessing significant growth in the Snack Food Market, while those with economic volatility are facing challenges in market growth. Additionally, trade policies, such as tariffs and trade agreements, can have a significant impact on the import and export of snack food products, affecting market performance in the given country. Moreover, the increasing trend of healthy snacking and the demand for clean label products are also influencing market growth, with consumers becoming more health-conscious and seeking healthier snack options.
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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