Confectionery & Snacks - Singapore

Singapore

Revenue in the Confectionery & Snacks market amounts to €0.90bn in 2024. The market is expected to grow annually by 4.66% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€125bn in 2024).
In relation to total population figures, per person revenues of €148.40 are generated in 2024.
In the Confectionery & Snacks market, volume is expected to amount to 118.70m kg by 2029. The Confectionery & Snacks market is expected to show a volume growth of 3.9% in 2025.
The average volume per person in the Confectionery & Snacks market is expected to amount to 17.0kg in 2024.

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

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Analyst Opinion

The Confectionery & Snacks market in Singapore is experiencing minimal growth due to factors such as changing consumer preferences, growing health consciousness, and increased competition. Despite these challenges, the market is expected to see steady growth in the coming years, driven by the growing demand for healthier snack options and the convenience of online purchasing.

Customer preferences: As the demand for healthier snacks and treats continues to rise, consumers are gravitating towards plant-based and organic options. This trend is driven by the growing awareness of the environmental impact of food production and the desire for clean and natural ingredients. Additionally, there is a growing preference for snacks that offer functional benefits, such as protein bars and energy-boosting snacks, as consumers prioritize convenience and health in their busy lifestyles.

Trends in the market: In Singapore, the Confectionery & Snacks Market within The Food market is seeing a shift towards healthier snack options, with the demand for organic and natural products on the rise. This trend is driven by increasing health consciousness and the growing awareness of the negative effects of excessive sugar and preservatives. As a result, there has been a rise in the availability of healthier snack alternatives, such as protein bars and fruit snacks. This trend is expected to continue, with potential implications for industry stakeholders to adapt their product offerings to cater to this growing demand for healthier options.

Local special circumstances: In Singapore, the Confectionery & Snacks Market is heavily influenced by the country's multicultural population, with a mix of Chinese, Malay, and Indian cultures. This has led to a diverse range of snacks and sweets available in the market, catering to different taste preferences. Additionally, the strict regulations on food standards and safety have resulted in a high level of trust in locally produced snacks, giving them a competitive edge over imported products. The small size of the country also allows for efficient distribution and quick response to changing consumer demands.

Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in Singapore is influenced by various macroeconomic factors such as consumer spending power, trade policies, and economic growth. The country's robust economy and high disposable income levels have led to a strong demand for convenience foods, including confectionery and snacks. Moreover, Singapore's favorable business environment and supportive trade policies have attracted major players to invest in the market, resulting in a wide range of product offerings and intense competition. Additionally, the growing trend of health-consciousness among consumers has led to a shift towards healthier snack options, driving market growth.

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.