Key regions: Japan, India, China, United Kingdom, South Korea
The Snack Food Market in North America is experiencing minimal growth, influenced by factors such as consumers' increasing preference for healthier snack options and the convenience of online purchasing. The Confectionery & Snacks Market is also impacted by the sub-markets of Tortilla Chips, Flips & Pretzels, Potato Chips, and Cookies & Crackers, which contribute to the overall market's slow growth rate. The rise of health-consciousness and e-commerce are key drivers of this trend.
Customer preferences: The Snack Food Market within the Confectionery & Snacks Market is experiencing a rise in demand for healthier and more nutritious snack options. This trend is driven by the growing health-consciousness among consumers, particularly millennials, who are seeking convenient and guilt-free snacking options. As a result, there is a growing market for plant-based snacks, gluten-free options, and snacks with no artificial flavors or preservatives. This shift towards healthier snacking is also influenced by the increasing prevalence of dietary restrictions and allergies, as well as a desire for more sustainable and environmentally friendly food choices.
Trends in the market: In North America, the Snack Food Market of the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options, with consumers increasingly demanding snacks with natural ingredients and lower sugar content. This trend is driven by growing health consciousness and concerns over obesity and diabetes. Additionally, there is a rise in demand for plant-based and protein-rich snacks, catering to the growing vegan and flexitarian population. These trends present opportunities for industry players to innovate and cater to changing consumer preferences, while also addressing health and sustainability concerns. However, it also poses challenges for traditional snack brands who may need to adapt their product portfolios to stay competitive.
Local special circumstances: In North America, the Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by consumer preferences for healthy and convenient snack options. This is due to the increasing awareness of the importance of a balanced diet and the growing trend of on-the-go snacking. Additionally, the market is highly regulated, with strict labeling requirements for nutritional information and restrictions on certain ingredients. These factors drive innovation in the market, with companies constantly developing new products to meet consumer demand for healthier options. In comparison to other markets, such as Europe, North America has a higher demand for protein-rich snacks and a greater focus on portion control, reflecting the cultural emphasis on health and fitness.
Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending, GDP growth, and inflation rates. Countries with strong economic health and rising disposable incomes tend to have higher demand for snack foods, while countries with slower economic growth and high inflation may experience a decline in demand. Additionally, regulatory policies and taxes on sugary snacks can also greatly influence market performance. As global economic trends continue to shift, the Snack Food Market is expected to see fluctuations in demand and growth rates.
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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