The ‘Global Confectionery Market Growth, Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global confectionery market, assessing the market on the basis of its segments like type, product type, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Confectionery Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4%
The increasing demand for sugar confectionery products is one of the primary drivers of the confectionery market. Sugary products are extensively popular among all age groups, and products like candies, gummies, jellies, chocolates, and toffees are some of the sugar confectionery products which are expanding the market for confectionery. Inclination of consumers, especially children, towards confectionary is growing rapidly due to delicious taste, different flavours, affordability, and easy availability. The market is also being driven by the growing demand for chocolate, especially for gifting purposes with various products available like chocolate bars, boxes, and hampers.
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Expansion of multiple supermarkets and hypermarkets as well as online stores are contributing extensively to the growth of the confectionery market. Ease in accessibility through supermarkets and hypermarkets is increasing the purchase of confectionary products, particularly during routine grocery shopping trips. A wide variety of flavours, different variety of sweets and snacks are driving the market further. The convenience that is offered by online stores is becoming highly popular as customers can order and select their preferred confectionery product amongst a wide variety of brands.
Confectionery Industry Definition and Major Segments
Confectionery products refer to food items that are high in sugar or sweeteners, and typically include chocolates, candies, and sweet baked goods. They are available individually and in bulk, and in a variety of price points and flavours to suit the tastes of different consumers.
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On the basis of type, the market is bifurcated into:
• Organic
• Conventional
Based on product type, the market is divided into:
• Chocolate
o Breakup by Type
White
Dark
Milk
• Sugar Confectionery
o Breakup by Type
Hard-boiled Sweets
Caramels and Toffees
Mints and Gums
Others
• Snack Bar
• Others
On the basis distribution channel, the market is classified into:
• Supermarket and Hypermarket
• Convenience Stores
• Pharmaceutical and Drug Stores
• Speciality Stores
• Online
• Others
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Confectionery Market Trends
The ongoing trend of snacking on healthier foods along with exquisite taste and nutritional values, is rising among consumers, which is boosting the confectionery market. With the growing demand of organic food products, organic confectionaries are gaining popularity globally which is expanding the market for confectionery goods. Consumers are preferring healthy snack options that are low-calorie, rich in cocoa, and a vegan ingredient list. The growing demand for functional confectionery is also aiding the expansion of the confectionery industry.
Growing vegan and plant-based chocolates consumption is also one of the key trends in the confectionery market. The rising popularity of vegan and plant-based diets is noticeably influencing the demand for chocolates in the confectionery industry. Chocolate manufacturers are incorporating ingredients which are an alternative to dairy and are available in a variety of flavours.
Increasing prevalence of diabetes around the world is leading to a rising demand for confectionary products that have low levels of sugar and are diabetic-friendly. Confectionary manufacturers are catering to the demands for low-sugar products by expanding their product offerings to include healthier and low-sugar confectionary options. Apart from diabetics, consumers seeking to lose weight or manage their sugar intake are also preferring low-sugar confectionary products.
Key Market Players
The major players in the global confectionery market report are
• The Hershey Company
• Ferrero SpA
• Mars, Incorporated
• Nestlé SA
• Chocoladefabriken Lindt & Sprüngli AG
• Mondelez International, Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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