The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreSep 2017
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Confectionery is facing challenging times in Latin America, with a difficult economic situation, particularly in Brazil, growing consumer health concerns and legislative challenges the main culprits. Nevertheless, the importance of chocolate confectionery over sugar confectionery is increasing in light of it being perceived as more premium and less detrimental to health. This is driven, for example, by smaller pack sizes and improved retail distribution.
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Economic difficulties have led to a poor performance by confectionery in Brazil. The development of confectionery very much depends on consumers having spare disposable income, and a recession that consumers feel in their wallets is therefore going to have a direct impact on sales. As a result of the size of confectionery in Brazil relative to the wider region, the performance of confectionery in the country has a strong impact on confectionery in the wider Latin American region.
While both chocolate and sugar confectionery declined over the period 2012-2017, the decline was stronger for sugar confectionery. When disposable incomes are increasing, consumers feel encouraged to buy more chocolate confectionery, which is perceived as more premium and in many cases less detrimental to health than sugar confectionery, which generally has lower unit prices.
Traditional retailers remain very important in the region, and being able to distribute to them efficiently is key for opening up additional growth potential. While this can be a challenge for large multinationals, it offers opportunities, especially for chocolate confectionery, which in many countries is not very saturated in traditional channels such as independent small grocers due to higher unit prices.
Consumers are expected to become more aware of health issues related to consumption of large amounts of unhealthy foods, and consequently are likely to try and limit themselves in this respect. Similarly, governments are worried about the effects of their populations’ diets on health and care systems, and generally on the future of their countries. They are therefore implementing laws aimed at discouraging consumption of unhealthy products. Both of these aspects affect the forecast growth potential.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.