The global confectionery market was worth around USD 187.9 billion in 2021 and is estimated to grow to about USD 240.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.5 percent over the forecast period.
The global confectionery market was worth around USD 187.9 billion in 2021 and is estimated to grow to about USD 240.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.5 percent over the forecast period. The report analyzes the confectionery market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the confectionery market.
Foods high in sugar and carbs are referred to as confections. Chocolates, biscuits, bars, candies, mints, and other confections are among the items available. The behaviors, interests, and preferences of consumers are always changing. This has resulted in confectionary innovation, which is driving market expansion. To fulfill evolving customer preferences, manufacturers are expanding their product variety by integrating tropical fruit, organic herbal fillings, functional ingredients, and nut-based & exotic tastes in product formulations. Furthermore, in recent years, the practice of giving confectionery products such as chocolates, cookies, bakery items, and others has aided market expansion. Confectionery items are heavily purchased, thus brands are continuously developing novel engaging strategies to attract consumer attention.
The COVID-19 pandemic has had a significant impact on the confectionery industry. During FY 2020, the strict rules and lockdown had repercussions on the confectionery industry, causing differential impacts on the supply of raw materials such as food ingredients, agricultural produce, and intermediate food products. The impact also resulted in disruption in trade & logistics, demand-supply uncertainty, iffy consumer demand, and availability of workforce at the industrial scale. Further, the sales declines as a consequence of diminished gifting and impulse spending among customers throughout the world were one of the primary issues that affected the confectionery Processing business during the shutdown.
Rise in demand for organic chocolate is boosting the growth of the market
Healthier snacking, coupled with simplicity and flavor, is a growing trend among buyers, and firms are responding with a big plan to cater to the increasing demand for healthier snacks. As a result, confectionery businesses are developing packaging that allows consumers to eat tiny quantities and save the remainder for later. Snack bars are also widely considered as a healthy alternative to chocolate or confectionery, and they have a strong image as a treat owing to product variety in terms of varied nutrients, such as proteins. For example, Mars Inc. launched "Goodness Knows," a new low-chocolate and low-calorie bar that is the first low-calorie bar in 20 years. Thus, all these factors coupled with the rise in the export of organic chocolates are fostering market growth. In addition to this, the growing trend of gifting confectionery products, rise in the retail market, online distribution channels, rising disposable income, and hectic lifestyle are also some of the key factors that are propelling the market growth.
Raw material price fluctuations can affect market growth
Sugar and cocoa are two fundamental raw ingredients used in the production of confectioneries all over the world. Cocoa and sugar prices have fluctuated in recent years due to rapid changes in production and demand in the worldwide marketplace. Unfavorable weather conditions, labor availability, stock ratios, crop diseases, and other economic issues all impact cocoa and sugar yields, interfering with the seamless functioning of need and supply in the market. As a result, the average yearly price of raw materials ranges from low to high, resulting in excess or understock in the market for sugar and chocolate goods. As a result, raw material price changes are projected to impact overall demand in the future years.
Rise in sugar-free confectionery popularity in developed economies to fuel the market growth
Low-calorie items, including sugar-free confectionaries, are likely to drive the global confectionery market's modest rise throughout the forecast period. High sugar consumption is also a matter of concern across the world since it has been related to a variety of health issues. When it comes to sweets, many individuals opt for sugar-free products to avoid ingesting too much sugar. Artificial sweeteners and sugar alcohols are the most common sweeteners used in the production of sugar-free chocolate and gums. For example, Hershey, the largest chocolate company in the United States, offers sugar-free versions of popular brands like Hershey and Reese's that employ polyglucitol and maltitol instead of sugar. Thus, the growing inclination of the consumers towards a healthy lifestyle has led to the growing demand for sugar-free confectionery. Hence, sugar minimizing movement in the new products by the manufacturers may generate ample opportunities for market growth during the forecast period.
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Report Scope:
Report Attributes | Report Details |
---|---|
Report Name | Confectionery Market Research Survey Report |
Market Size in 2021 | USD 187.9 billion |
Market Forecast by 2028 | USD 240.4 billion |
Compound Annual Growth Rate | CAGR of 3.5% |
Number of Pages | 179 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | Nestlé S.A, Mars Inc, Ferrero Group, Mondelez International, Inc, Meiji Co Ltd, Chocoladefabriken Lindt & Sprüngli AG, The Hershey Company, Ezaki Glico Co Ltd, Pladis, and Haribo GmbH & Co. K.G |
Segments Covered | By Age Group, By Product Type, By Distribution Channel, By Price Point, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Countries Covered | North America: U.S and Canada Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile The Middle East And Africa: South Africa, GCC, Rest of MEA |
Base Year | 2021 |
Historical Year | 2016 to 2020 |
Forecast Year | 2021 - 2028 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Traceability and need for flexibility in supply chain challenges the market expansion
The capacity to trace any foodstuff through all phases of the food chain is a critical component of both administration and information. Each stakeholder in the supply chain, from farmer and breeder to manufacturer, distributor, and retailer, must be able to trace goods movements back and forth. Each instance should take one stride forward and one step back. This should include the ability to identify the source of all dietary inputs in order to take remedial actions appropriately and safely. In addition to this, product lifecycles are smaller than they were previously. There is a trend toward ongoing product innovation and package modifications to promote products. As the number of product changes rises, so does the number of portfolio changes. Inventory levels are low, and fast-moving consumer products are moving at a quicker rate than ever before. To manage this, flexibility in the supply chain is required which serves as a major challenge to the market growth along with the traceability factor.
The global confectionery market is segmented as product type, price point, age group, distribution channel, and region. By product type, the market is bifurcated into mints, hard-boiled sweets, gums & jellies, caramels & toffees, chocolate, fine bakery wares, medicated confectionery, and others. Based on age group, the market is categorized into adults, children, and geriatric. The price point segment of the market is divided into luxury, mid-range, and economy. The distribution channel of the market is segmented as convenience stores, supermarket/hypermarkets, food services, pharmaceutical & drug stores, e-commerce, duty-free outlets, and others.
Europe to account for the highest market share during forecast period
In 2021, Europe accounted for the largest portion of the global confectionery market, with over 35 percent of the share. Due to their expanded taste preferences and permissive eating habits, people are increasingly seeking quality and premium chocolates over sugar confectionery goods. One of the primary causes that are becoming important motivators to eat confectioneries in their daily routine is the mix of work-life, health concerns, and individual wishes among consumers. Consumers are requesting specialized and personalized chocolates in the market, such as "melt-in-the-mouth" feel chocolate, "quality-for-chocolate," and others, resulting in increased confectionery sales in the region. In several European nations, including Germany, Austria, and United Kingdom it is the most popular snack. Asia Pacific is the world's second-largest and rapidly growing confectionery market, with enormous potential for chocolate product consumption. The rise of the regional market is mostly due to rapid urbanization, rising disposable income, a youthful & dynamic population, and the simple availability of confectioneries in consumer packs.
Major players functioning in the global confectionery market include Nestlé S.A., Mars Inc., Ferrero Group, Mondelez International, Inc., Meiji Co., Ltd., Chocoladefabriken Lindt & Sprüngli AG, The Hershey Company, Ezaki Glico Co., Ltd., Pladis, and Haribo GmbH & Co. K.G.
By Age Group
By Product Type
By Distribution Channel
By Price Point
FrequentlyAsked Questions
Rise in demand for organic chocolate is primarily boosting the growth of the market. Healthier snacking, coupled with simplicity and flavor, is a growing trend among buyers, and firms are responding with a big plan to cater to the increasing demand for healthier snacks. As a result, confectionery businesses are developing packaging that allows consumers to eat tiny quantities and save the remainder for later. Snack bars are also widely considered as a healthy alternative to chocolate or confectionery, and they have a strong image as a treat owing to product variety in terms of varied nutrients, such as proteins. For example, Mars Inc. launched "Goodness Knows," a new low-chocolate and low-calorie bar that is the first low-calorie bar in 20 years. Thus, all these factors coupled with the rise in the export of organic chocolates are fostering market growth.
According to the Zion Market Research report, the global confectionery market size was worth about 187.9 (USD billion) in 2021 and is predicted to grow to around 240.4 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 3.5 %.
Europe accounted for the largest portion of the global confectionery market, with over 35 percent of the share. Due to their expanded taste preferences and permissive eating habits, people are increasingly seeking quality and premium chocolates over sugar confectionery goods. One of the primary causes that are becoming important motivators to eat confectioneries in their daily routine is the mix of work-life, health concerns, and individual wishes among consumers. Consumers are requesting specialized and personalized chocolates in the market, such as "melt-in-the-mouth" feel chocolate, "quality-for-chocolate," and others, resulting in increased confectionery sales in the region.
Major players functioning in the global confectionery market include Nestlé S.A., Mars Inc., Ferrero Group, Mondelez International, Inc., Meiji Co., Ltd., Chocoladefabriken Lindt & Sprüngli AG, The Hershey Company, Ezaki Glico Co., Ltd., Pladis, and Haribo GmbH & Co. K.G.
The global confectionery market is segmented as product type, price point, age group, distribution channel, and region. By product type, the market is bifurcated into mints, hard-boiled sweets, gums & jellies, caramels & toffees, chocolate, fine bakery wares, medicated confectionery, and others. Based on age group, the market is categorized into adults, children, and geriatric. The price point segment of the market is divided into luxury, mid-range, and economy. The distribution channel of the market is segmented as convenience stores, supermarket/hypermarkets, food services, pharmaceutical & drug stores, e-commerce, duty-free outlets, and others.
Traceability and the need for flexibility in the supply chain challenge the market expansion
The capacity to trace any foodstuff through all phases of the food chain is a critical component of both administration and information. Each stakeholder in the supply chain, from farmer and breeder to manufacturer, distributor, and retailer, must be able to trace goods movements back and forth. Each instance should take one stride forward and one step back. This should include the ability to identify the source of all dietary inputs in order to take remedial actions appropriately and safely. In addition to this, product lifecycles are smaller than they were previously. There is a trend toward ongoing product innovation and package modifications to promote products. As the number of product changes rises, so does the number of portfolios changes.
The rise in demand for organic chocolate is boosting the growth of the market Healthier snacking, coupled with simplicity and flavor, is a growing trend among buyers, and firms are responding with a big plan to cater to the increasing demand for healthier snacks. As a result, confectionery businesses are developing packaging that allows consumers to eat tiny quantities and save the remainder for later. Snack bars are also widely considered as a healthy alternative to chocolate or confectionery, and they have a strong image as a treat owing to product variety in terms of varied nutrients, such as proteins. For example, Mars Inc. launched "Goodness Knows," a new low-chocolate and low-calorie bar that is the first low-calorie bar in 20 years. Thus, all these factors coupled with the rise in the export of organic chocolates are fostering market growth. In addition to this, the growing trend of gifting confectionery products, rise in the retail market, online distribution channels, rising disposable income, and hectic lifestyle are also some of the key factors that are propelling the market growth.
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