Confectionery Market Size 2022-2030, Market Share Analysis, Growth, Trends, Covid 19 Outbreak Impact Research Report Added by Precedence Research.
The global confectionery market size is projected to hit USD 298.2 billion by 2030. Furthermore, the CAGR from 2022 to 2030 is positioned to be at a CAGR of 2.4%.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2022 to 2030.
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Confectionery refers to the food items that are rich in sugar and carbohydrates. The various confectionery products includes chocolates, toffies, candies, bakeries, gums, jellies, pastillage, and pastries. The higher demand and consumption of various confectionery products have augmented the global confectionery market in the past years.
The growing demand for the sugar-free confectioneries is the latest trend in the market that may propel the market growth in the upcoming future. The rising health consciousness, desire to have a healthy and active lifestyle, growing prevalence of obesity, rising prevalence of diabetes among the children and young adults, and increasing promotional activities of the sugar-free substitutes industry players have resulted in the increased demand for the low or no calorie sugar substitutes based confectionery products across the globe. Therefore, the rising demand for the low calorie or sugar free confectionery items is expected to drive the global confectionery market during the forecast period.
Crucial factors accountable for market growth are:
- Rising disposable income
- Changing consumer tastes and preferences
- Growing popularity of sugar free confectioneries
- Increasing health consciousness among the population
- Growing demand for the organic chocolate
- Continuous product launches by the key players
- Increased per capita chocolate consumption in North America and Europe
- Growing penetration of online food deliveries and online groceries
- Growing geriatric population to drive the sugar free confectioneries demand
Drivers – The growing demand for low calorie confectioneries is exponentially driving the market. The various sugar substitutes such as saccharin, sucralose, aspartame, and acesulfame-K are very efficiently used to add sweetness to the sugar products or confectioneries. The rising prevalence of obesity and diabetes and growing geriatric population is the most important driver of the confectionery market.
Restraints – The major restraint of the confectionery market is the fluctuating prices of the raw materials. Raw materials such as sugar, low calorie sugar, cocoa liquor, and other additives are used in the production of confectioneries. However fluctuations in prices of these raw materials may also fluctuate the profit margins in a negative way.
Opportunities – The organic is the latest trend in the market. Moreover, organic chocolate is a trending topic across the developed markets like Europe and North America. Organic chocolate is made using the organically grown cocoa and the consumers are willing to pay premium prices for the organic products owing to the rise in health consciousness among the population.
Challenges – Attaining sustainability is a major challenge. This so because the major raw material used for making chocolates is cocoa and it is majorly grown in African regions. There is an acute problem of forced labor and child labor. Therefore, ensuring sustainability becomes difficult for the chocolate makers as the consumers are interested in knowing that they are buying sustainable products.
- By type, the chocolate segment led the global confectionery market with remarkable revenue share in 2020. This is attributed to the growing demand and increased consumption of the organic chocolates across the major markets like Europe and North America. Moreover, the per capita consumption of chocolates is higher in the European countries.
- By distribution channel, the online stores segment is expected to be the fastest-growing segment owing to the rising penetration of internet, and growing popularity of online ordering and easy home deliveries with convenient payment systems.
- By age group, the geriatric segment is estimated to be the most opportunistic segment owing to the growing geriatric population and growing demand for the sugar free confectioneries among this age group.
Europe is the dominating market for the confectioneries owing to the increased per capita consumption of chocolates and other confectioneries. Further, the increased penetration of small family-run bakeries and restaurants have significantly contributed towards the increased consumption of confectionery item in the European countries. Europe is characterized by the growing demand for the organic products due to the increased health awareness among the population. Rising health consciousness among the European consumers have significantly boosted the demand for the organic chocolates in the region as it is extremely good for the health and consumers are willing to pay a premium price for the organic confectionery items. This provides a good opportunity for the market players to serve the growing needs of the consumers.
North America is a growing market for the organic confectioneries. According to the Organic Trade Association of the US, in 2020, the sales of the organic products has witnessed a significant growth. The sales of organic food and non-food items were at its peak in 2020 in the US.
Asia Pacific is expected to be the fastest-growing market in the upcoming years. The growing youth population, rising demand for the confectioneries owing to its delicious taste, rising penetration of supermarkets in the urban areas, growing infrastructure for the distribution of products, rising popularity of online food delivery platforms and online groceries, and increasing demand for the savory food items are the driving factors of the Asia Pacific confectionery market.
The confectionery market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.
Some of the key players in the global confectionery market include:
- Nestle S.A.
- The Hershey Company
- Mars Incorporated
- Ferrero Group
- Mondelez International, Inc.
- HariboGmbh& Co. K.G.
- Barry Callebaut
- Meiji Holdings
- Pladis Global
- Chocoladefabriken Lindt &Sprungli AG
- Ezaki Glico Co. Ltd.
Segments Covered in the Report
- Sugar Confectionery
- Gums & Jellies
By Distribution Channel
- Supermarkets & Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Stores
By Age Group
- North America
- Asia Pacific
- South Korea
- Rest of the World
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