Confectionery & Snacks - Jamaica

Jamaica

Revenue in the Confectionery & Snacks market amounts to €311.90m in 2024. The market is expected to grow annually by 6.59% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€124bn in 2024).
In relation to total population figures, per person revenues of €110.40 are generated in 2024.
In the Confectionery & Snacks market, volume is expected to amount to 40.67m kg by 2029. The Confectionery & Snacks market is expected to show a volume growth of 1.8% in 2025.
The average volume per person in the Confectionery & Snacks market is expected to amount to 13.2kg in 2024.

Key regions: Philippines, South Korea, Canada, Japan, China

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Confectionery & Snacks Market in Jamaica has seen moderate growth due to factors such as changing consumer preferences, increasing health consciousness, and the convenience of online purchasing. However, this growth is hindered by high competition, rising costs, and fluctuating raw material prices.

Customer preferences: In Jamaica, there is a growing demand for healthier snack options, driven by an increasing awareness of the link between diet and health. This has led to a rise in the availability of organic, gluten-free, and low-sugar snacks in the Confectionery & Snacks Market. Additionally, there has been a shift towards more sustainable and locally sourced ingredients, reflecting a desire for environmentally friendly products. This trend is further reinforced by the Jamaican culture's emphasis on holistic well-being and connection to nature.

Trends in the market: In Jamaica, the Confectionery & Snacks Market within The Food market is experiencing a surge in demand for healthier and more natural options. This trend is driven by increasing consumer awareness of the importance of nutrition and wellness. As a result, companies are innovating and incorporating more organic and plant-based ingredients into their products. This trajectory is significant as it reflects a shift towards healthier eating habits and presents opportunities for industry stakeholders to tap into this growing market. However, it also poses challenges for traditional confectionery and snack companies to adapt and stay competitive.

Local special circumstances: In Jamaica, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's tropical climate and rich cultural traditions. The demand for locally-grown ingredients and traditional flavors is high, leading to a strong market for indigenous snack products. Additionally, the government's focus on promoting small businesses and supporting local agriculture has spurred a growth in the market for handmade, artisanal snacks. These unique factors have contributed to the dynamic and diverse landscape of the Confectionery & Snacks Market in Jamaica.

Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in Jamaica is influenced by macroeconomic factors such as consumer spending, inflation rates, and trade policies. With a growing economy and a stable political environment, Jamaica has seen an increase in consumer spending, leading to a rise in demand for confectionery and snack products. However, high inflation rates and trade restrictions can impact the cost of production and import of raw materials, affecting market growth. Additionally, the country's high reliance on imports for raw materials and finished products makes it vulnerable to fluctuations in global economic trends.

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.