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Key regions: Philippines, South Korea, Canada, Japan, China
Snacking, the act of eating something small between meals, continues to be preferred by consumers over typical mealtimes. This trend was furthered by the outbreak of the COVID-19 pandemic, as consumers spent a lot more time indoors. A 2021 survey conducted by Mondelez International and The Harris Poll, with over 3,000 respondents from 12 countries, revealed that over 60% of participants replace at least one meal a day with snacks, and 68% cannot picture a world without a sweet treat during the day.
Growth in the Confectionery & Snacks segment is also being driven by an increase in ice cream sales, particularly in countries that regularly experience extended heat waves, e.g., China and India. Records show that the average temperature in China for June 2022 was the highest that it had witnessed in the past 50 years, leading to robust volume sales for JD.com. Furthermore, this space is also witnessing a rise in online deliveries, which is made possible because of improved logistics and transportation infrastructure. Refrigerated trucks, for example, allow long-distance transportation and last-mile deliveries while maintaining the quality and taste of food. Innovations in product offers, with respect to formulation, packaging, and processing, are also expected to continue driving this segment.
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)