Key regions: Philippines, South Korea, Canada, Japan, China
The Food market in Sri Lanka, particularly the Confectionery & Snacks Market, has seen a slow growth rate due to factors such as changing consumer preferences, increasing health consciousness, and competition from healthier snack options. However, with the rise of e-commerce and convenience stores, the market is expected to see a gradual increase in demand.
Customer preferences: The rising health consciousness among Sri Lankan consumers has led to a growing demand for healthier snack options, such as organic and plant-based snacks. This trend is driven by the increasing awareness of the benefits of a balanced diet and the desire for guilt-free indulgences. Such preferences are further amplified by the growing influence of Western lifestyles and the rising purchasing power of the younger generation. As a result, more food companies are introducing healthier and innovative snack options to cater to this evolving consumer demand.
Trends in the market: In Sri Lanka, the Confectionery & Snacks Market is experiencing a shift towards healthier and more natural options, with consumers becoming more health-conscious. This trend is driven by the growing awareness of the negative health effects of processed foods and the increasing availability of healthier alternatives. Additionally, there is a rise in demand for on-the-go snacks as busy lifestyles are becoming more common. This presents opportunities for industry stakeholders to innovate and introduce new, healthier snack options to meet consumer demand.
Local special circumstances: In Sri Lanka, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's cultural diversity and strong preference for local flavors. This has led to the development of unique, traditional snacks and sweets that cater to the local palate. Additionally, the country's geographical location as a major trade hub has allowed for the introduction of international brands, creating a diverse and competitive market. The regulatory environment has also played a role, with the government promoting local production and supporting small-scale producers, leading to a thriving market for homemade snacks and confectionery.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in Sri Lanka is greatly influenced by macroeconomic factors such as consumer spending, population growth, and trade policies. Despite the impact of the recent economic downturn, Sri Lanka's rising middle class and growing tourism industry have contributed to steady market growth. However, changes in government policies and fluctuations in global commodity prices can also affect the market. Additionally, consumer demand for healthier and more diverse snack options is driving the growth of this market, as Sri Lankans become more health-conscious and seek out convenient and nutritious snacking 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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