Published Date : 19 May 2023
The global confectionery market value is growing at USD 250.39 billion in 2023 and is expected to touch around USD 298.2 billion by 2030, poised to grow at a remarkable CAGR of 2.4% from 2022 and 2030. Growth is due to the food and beverage industry's ongoing innovation.
A significant food item with widespread appeal among the populace is confectionery. From ancient times, it has been prized as a prominent gastronomic delicacy. Depending on the region in which it is used, the term "confectionery" can refer to a wide range of sweet products, including cakes. For instance, in the United Kingdom, the phrase is used to refer to any sweet food. In the US, candy is referred to as confectionery and comprises both sugar and chocolate sweets. The rising consumption and sales of the various confectioneries are mostly a result of various marketing and promotional techniques employed by the major industry participants. For instance, Dairy Milk changed its positioning to become a gift item. Dairy Milk thus became a popular gift item in India. Moreover, only children are the only ones that consume sweets. In order to grow their businesses, the participants used aggressive marketing techniques that targeted the adult and senior demographic.
Industry statistics show that, in terms of sales produced, the Western European area dominated the worldwide confectionery sector. Better-for-you goods have become more popular as a response to health issues. The clean label movement has impacted the confectionery market as a result of the need for colors that are derived organically. Many food firms announced intentions to reformulate their goods to swap out artificial additives and streamline ingredient lists in order to meet this rising demand.
Confectionery sales in the United States were close to 36.4 billion dollars in 2016 and are projected to increase to 52.6 billion dollars by 2025. According to retail-tracked sales for the 52 weeks that concluded on December 30, 2018, The Hershey Corporation and Mars held the top two spots in the U.S. confectionery market. Hershey produces a variety of chocolate goods, including well-known brands like Kisses and Reese's Peanut Butter Cups. According to a 2019 consumer poll, almost 46.75 million Americans said they eat Reese's Peanut Butter Cups on a regular basis.
Confectionery Market Report Scope:
|Market Revenue in 2023||USD 250.39 Billion|
|Projected Forecast Revenue in 2030||USD 298.2 Billion|
|Growth Rate from 2022 to 2030||CAGR of 2.4%|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The following are a few of the major participants in the Confectionery Market:
Market Drivers: Popularity of healthier and more convenient snacking
The market for confections is growing as consumers adopt a trend toward healthy snacking and the popularity of portable snacks, which also offer good flavor and sufficient nutritional advantages. The organic snack categories of confectionery food items have gained traction in the worldwide market because of the popularity of sugar and chocolate goods. Customers are looking for healthier choices, such as candy made with low-calorie, high-cocoa, and useful ingredients. Functional claims on candy product labels are expanding quickly.
Consumers are extremely concerned about high sugar content as it relates to obesity. Customers are looking for healthier choices, such as candy made with low-calorie, high-cocoa, and useful ingredients. Functional claims on candy product labels are expanding quickly.
Market Restraints: The outbreak of Covid-19 affected the market
The market for sweets has been severely impacted by the COVID-19 epidemic. Throughout 2020, the confectionery industry has been affected by the strict regulations and lockdown, which have had a different impact on the supply of raw materials (agricultural produce, food ingredients, and intermediate food products), trade and logistics, demand-supply volatility, uncertain consumer demand, and the workforce at the industrial level. Sales fall as a consequence of decreased gifting and impulsive purchases among customers throughout the world was one of the key reasons that had an impact on the confectionery business during the lockdown.
Market Opportunities: Growing Interest in organic and clean-labeled snacks
The expanding consumer trend toward healthier snacking, combined with convenience and flavor, is the primary tactic used by large corporations in response to the increased demand for healthy snacks. As organic chocolate doesn't include any additional ingredients that can have serious health effects, demand for it is growing. Because of their concern for their health and wellness, consumers favor chocolate that is vegan, organic, gluten-free, and sugar-free. As a result, several enormous confectionery firms are releasing the newest flavors of chocolate in novel packaging that enables consumers to enjoy a tiny amount while saving the remainder for later. The demand market for confectionery made with organic ingredients is anticipated to rise along with the exports of organic chocolate.
The market is divided into hard-boiled sweets, mints, gums and jellies, chocolate, caramels and toffees, medicinal confectionery, premium bakery goods, and other categories based on the kind. The most ubiquitous and well-liked candy worldwide is chocolate. The demand for chocolates is being driven by a number of fundamental factors, including an increase in disposable income, a taste for chocolate across all age groups, and the accessibility of several types of chocolate, including dark chocolate, white chocolate, nut- and fruit-based varieties.
The majority of people who consume confectionery items worldwide are adults, making up the majority (16 to 60 years). As millennials are the biggest consumers of chocolate goods, they are particularly responsible for its growth. Also, by including trends like odd colors, bursting sweets, hot & spicy alternatives, cooling effects, and more interactive & customized packaging, marketers are explicitly marketing their products to this demographic group. The geriatric sector, however, is anticipated to expand at a faster CAGR throughout the projection period.
Distribution Channel Insights:
Supermarkets and hypermarkets, convenience shops, internet retailers, specialty stores, vending machines, and other distribution channels are among the divisions of the distribution channel. In developed countries like the U.S., Germany, the UK, France, Canada, and Italy, supermarkets and hypermarkets provide decreased pricing on well-known brands. In 2020, this category had more than 35% of the market share, and it is anticipated that it would continue to be the market leader during the projected period. Nonetheless, throughout the projected period, internet retailers are anticipated to be the most opportunistic category.
By Distribution Channel
By Age Group
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