23-Feb-2023 | Zion Market Research
The global confectionery market size was worth around USD 206.53 Billion in 2022 and is estimated to grow to about USD 261.7 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 3.9 percent over the forecast period from 2023 to 2030.
Confectionery is all those food items that have high sugar and carbohydrate content. They usually include jellies, fudge, candies, toffies, hard candy, pastilles, etc. Chocolate confectionery is widely popular in various countries across the globe as more and more children are increasingly inflicted towards it as they are sweeter and also because cocoa or chocolate is a crucial part of these confectioneries.
Chocolate confectioneries usually include white chocolate, dark chocolate, milk chocolate, etc. Flour-based confectioneries are also gaining massive prominence as they are prevalent in various cultures be it baked cakes, cookies, or different kinds of biscuits. Over the years, various confectionery manufacturers have started to offer different varieties of products by including and integrating tropical fruit, organic herb fillings, exotic flavors, and nut-based ingredients in product formulations to meet the growing and altering demands of consumers.
The global confectionery market is expected to surge exponentially due to a rise in the standard of living among people, a surge in urbanization, and an increase in demand for convenience and on-the-go snacks among people across the globe. There has been a significant surge in the number of people in workplaces, and hence it is difficult for them to strike a healthy work-life balance with a strict and tedious blend of professional & personal duties.
Therefore, they tend to incline toward healthier confectioneries that have natural ingredients. Thus, an increase in the trend, popularity, and demand for healthy and sugar-free confectionery products, growth in the awareness of the benefits of dark chocolate among consumers, and growing consumption of regular chocolates among children & youngsters will create ample opportunities for the growth of the confectionery market during the forecast period. However, fluctuations in the prices of raw materials such as cocoa and sugar impede the growth of the market to an extent.
The global confectionery market is segmented based on product type, price point, age group, distribution channel, and region.
Based on product type, the market is bifurcated into hard-boiled sweets, mints, gums & jellies, chocolate, caramels & toffees, medicated confectionery, fine bakery wares, and others. The chocolate segment held the largest market share in 2022 and is further predicted to occupy a dominant status and simultaneously grow at a significant CAGR during the forecast period. The reason for the growth of this segment is that the highest per capita consumed confectionery product across the globe is chocolate, and hence it is widely consumed among all age groups, particularly among children to appease their taste buds. Besides, the surge in demand for premium, organic, and exotic flavors of chocolates be it white or dark, or milk-based chocolate among people further drive the growth of this segment.
Based on distribution channel, the market is bifurcated into supermarkets/hypermarkets, convenience stores, pharmaceutical & drug stores, food services, duty-free outlets, e-Commerce, and others. The supermarkets/hypermarkets segment held the largest market share in 2022 and is further predicted to occupy a significant market share during the forecast period. The main reason for the growth of this segment is the convenient access and wide variety of confectionery products, based on the preference of consumers in supermarkets and hypermarkets. Besides, consumers can physically validate the quality and size of the products and can even taste them in some cases, which increases credibility and further drives the growth of the segment.
Based on region, Europe region held the largest market share in 2022 and is further expected to grow exponentially at a rapid CAGR during the forecast period. The major reason for the growth of the market in this region is because European countries such as Switzerland, France, Netherlands, Sweden, and Italy have a high per capita consumption of confectioneries, particularly chocolate confectioneries. Besides, the rapidly evolving eating habits and lifestyles of the consumers, and a growing inclination towards organic chocolates among people further drive the growth of the market in this region.
This review is based on a report by Zion Market Research, titled “Confectionery Market By Type (Hard-Boiled Sweets, Mints, Gums & Jellies, Chocolate, Caramels & Toffees, Medicated Confectionery, Fine Bakery Wares, and Others), By Age Group (Children, Adult, and Geriatric), By Price Point (Economy, Mid-Range, and Luxury), By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, Food Services, Duty-Free Outlets, E-Commerce, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/confectionery-market
By Age Group
By Product Type
By Distribution Channel
By Price Point
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