Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks market in South Korea is experiencing minimal growth due to factors such as changing consumer preferences, increasing health consciousness, and competition from healthier snack options. The overall Food market is also facing challenges from economic slowdown and government regulations. Despite these factors, the convenience and indulgence offered by confectionery and snack food continue to drive demand.
Customer preferences: With the rising health consciousness among South Korean consumers, there has been a noticeable shift towards healthier snacking options in the Confectionery & Snacks Market. This trend is driven by a growing awareness of the negative impact of excessive sugar and artificial ingredients on overall health. As a result, there has been an increase in demand for natural and organic snacks, as well as innovative, functional snacks that cater to specific dietary needs or promote overall well-being.
Trends in the market: In South Korea, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options, driven by increasing health consciousness among consumers. This trend is reflected in the growing demand for sugar-free, low-calorie, and organic snacks. Additionally, there is a rise in demand for premium snacks, such as gourmet chocolates and imported snacks, indicating a growing preference for indulgent, high-quality treats. These trends are significant as they indicate a change in consumer preferences and present opportunities for industry stakeholders to innovate and cater to evolving demands. Moreover, the shift towards healthier options aligns with the government's efforts to combat rising obesity rates and promote a healthier lifestyle. This trend is likely to continue, with potential implications for industry players to adapt and diversify their product offerings to stay competitive.
Local special circumstances: In South Korea, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's unique cultural and geographical factors. The love for snacking in South Korea has led to a diverse range of innovative and traditional snacks, catering to the local palate. Additionally, strict regulations on food labeling and safety have shaped consumer preferences and purchasing behavior. The country's emphasis on health and wellness has also led to the popularity of healthier snack options, such as roasted seaweed and rice cakes.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in South Korea is greatly impacted by macroeconomic factors such as consumer disposable income, consumer preferences, and government regulations. The rising disposable income and changing consumer preferences towards healthier snacks have led to a shift in the market towards healthier and premium snack options. Additionally, favorable government policies and investments in food safety regulations and infrastructure have also positively influenced market growth. However, economic downturns and fluctuations in the national economy can have a negative impact on the market, as consumers may reduce their spending on non-essential items such as confectionery and snacks. Overall, the market is heavily influenced by the economic climate of the country and its impact on consumer behavior and government policies.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
