Confectionery - Hong Kong

  • Hong Kong
  • Revenue in the Confectionery market amounts to €2.26bn in 2024. The market is expected to grow annually by 5.47% (CAGR 2024-2029).
  • In global comparison, most revenue is generated in China (€77bn in 2024).
  • In relation to total population figures, per person revenues of €301.70 are generated in 2024.
  • In the Confectionery market, volume is expected to amount to 285.00m kg by 2029. The Confectionery market is expected to show a volume growth of 1.8% in 2025.
  • The average volume per person in the Confectionery market is expected to amount to 35.6kg in 2024.

Key regions: Spain, Canada, Japan, South Korea, Russia

 
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Analyst Opinion

The Confectionery market in Hong Kong's Food Market has seen minimal growth, influenced by factors such as consumer health consciousness, convenience of online services, and adoption of digital technologies. The sub-markets of Chocolate, Sugar, Ice Cream, and Preserved Pastry Goods & Cakes all play a role in shaping this trend.

Customer preferences:
Consumers in Hong Kong are becoming more health-conscious and are seeking healthier options in the confectionery market. There is a growing demand for sugar-free, organic, and natural confectionery products. This trend is driven by the increasing awareness of the negative impact of excessive sugar consumption on health. Additionally, there is a growing preference for locally sourced ingredients and environmentally friendly packaging in the confectionery market. This shift towards healthier and sustainable options is influenced by the cultural values of Hong Kong, where health and sustainability are highly valued.

Trends in the market:
In Hong Kong's Confectionery Market, there is a noticeable trend towards healthier and more natural ingredients, as consumers become increasingly health-conscious. This trend is driven by the rise of clean eating and organic food movements, as well as an increased awareness of the negative health effects of artificial additives. As a result, many confectionery brands are now offering products with reduced sugar and no artificial flavors or preservatives. This trend is expected to continue, with potential implications for industry stakeholders such as the need to reformulate products and invest in marketing campaigns that highlight their use of natural ingredients. Additionally, there is a growing demand for vegan and vegetarian options, presenting an opportunity for brands to tap into this niche market.

Local special circumstances:
In Hong Kong, the Confectionery market is heavily influenced by the city's unique geographical location as a major trade hub in Southeast Asia. This has resulted in a diverse range of international brands and flavors being readily available in the market. Additionally, Hong Kong's strong British colonial influence has led to a preference for high-quality and premium confectionery products. On the regulatory front, the city's strict food safety standards ensure a high level of quality and safety in the Confectionery market, creating a trusted and competitive environment for both local and international players.

Underlying macroeconomic factors:
The Confectionery Market of the Confectionery & Snacks Market within The Food market is influenced by macroeconomic factors such as consumer spending, population demographics, and global economic conditions. The growth of the market is driven by rising disposable incomes, urbanization, and changing consumer preferences towards indulgent and convenient snacks. Additionally, government policies promoting foreign investments and trade agreements have also contributed to the growth of the market. However, fluctuations in commodity prices and inflation rates can impact the production and pricing of confectionery products, thereby affecting market performance. Furthermore, health consciousness and increasing concerns about obesity and diabetes are also influencing the demand for healthier and organic options in the confectionery market.

Methodology

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.

Vue d’ensemble

  • Revenue
  • Volume
  • Price
  • Demographics
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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