Confectionery Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Products, Age Group, Price-Point, Distribution Channels, and Region

Confectionery Market Overview:

The confectionery industry is one of the fastest expanding industries in the world. Confections are typically low in nutrition and heavy in calories. Sugar-free candies have become increasingly popular in recent years due to factors such as an increase in diabetic patients, rising obesity rates, rising nutritional and health concerns, and changing lifestyles.

 

Confectionery Market report examines the market's growth drivers as well as its segments (Type, Interferometer Type, Application, End-User, and Region). Data has been provided by market participants, and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2017-2020), statistics, and presentations are used. The report examines the Confectionery markets, Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Confectionery market.

 

The Confectionery market is expected to grow at a CAGR of 4 % during the forecast period. The fast-food market is expected to reach US$ 242.60 Billion in 2027 from US$ 194.47 Billion in 2021.

 

 

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Confectionery Market Dynamics:

The behaviours, interests, and preferences of consumers are constantly changing. This has resulted in Confectionery innovation, which is driving confectionery market growth. Manufacturers are expanding their product variety to fulfill evolving consumer preferences by integrating functional ingredients, tropical fruit, organic herbal fillings, and nut-based & exotic flavors in product formulations.

 

Moreover, in recent years, the trend of gifting confectionery products such as cookies, bakery items, chocolates, and others has aided market growth. Confectionery products are frequently purchased due to impulse purchases; thus, brands are continually developing novel engaging techniques to attract consumer attention. These factors are propelling the Confectionery market forward. However, the fluctuating nature of sugar and cocoa raw material prices may hinder the Confectionery market's growth.

 

The COVID-19 epidemic has had a significant impact on the confectionery market. During the course of 2020, the strict rules and lockdown had repercussions on the confectionery market, causing differential impacts on raw material supply (food ingredients, agricultural produce, and intermediate food products), trade & logistics, demand-supply volatility, uncertain consumer demand, and workforce at the industrial level. Sales declined due to diminished gifting and impulse spending among customers around the world were one of the primary issues affecting the confectionery market during the shutdown.

 

Confectionery Market Segmentation:

By Product, Confectionery Market is segmented into Hard Boiled Sweets, Mints, Gum & Jellies, Chocolates, Caramels and toffees, Medicated confectionery, Fine Bakery Wares, Others. Chocolate Segment held the largest market share 35.2 % of the Confectionery market. People of all ages consume chocolate Confectionery to satisfy their taste buds. The chocolate market has been driven by an increase in economic affluence, particularly in emerging countries.

 

Moreover, chocolate is the most popular Confectionery per capita (kg) product in several countries. During the projected period, however, the medicated confectionery category is expected to increase quicker. The increased use of over-the-counter pharmaceuticals and dietary supplements needs active components such as antacids, vitamins, and herbal supplements.

 

Chocolates hold a significant share in classifying the confectionery market by product. Followed by premium bakery wares and medicated confectionery.

 

 

By Age, Adults were the most popular age group in 2020, accounting for 58.1 % of the total Confectionery market share. The majority of people who consume confectionery items are adults, accounting for around half of the world's population (16 to 60 years).

 

Millennials, the largest consumers of chocolate goods, are driving this trend. Brands are also tailoring their products to this generation by incorporating trends like odd colours, bursting confectionery, hot and spicy alternatives, cooling effects, and more interactive and personalized packaging.

 

However, during the projection period, the geriatric sector is expected to grow at a faster CAGR. The bulk of the population, particularly in industrialized economies, will be 60 years old or older. In addition, the demand for confectionery items has increased. This shift in demography is expected to provide significant confectionery market opportunities aimed at the geriatric population during the projected period.

 

By Price Point, The economy segment held the largest market share of the 44.6% of Confectionery Market in 2021. Confectionery in the economic category is aimed at the general public. It is made up of the cheapest things and is generally affordable to customers in all economies.

 

When it comes to chocolates, consumers search for good value. However, during the projected period, the mid-range segment is expected to grow at a faster CAGR. The confectionery market for mid-range items is predicted to develop due to rising disposable income and changing consumer tastes/lifestyles, product innovation, and marketing/promotion efforts.

 

By Distribution Channel, the supermarket/hypermarket segment held the largest 38.3% of the Confectionery Market in 2021. The increase in supermarket/hypermarket adoption in mature and emerging markets is attributable to the growth of the supermarket/hypermarket segment in the confectionery market.  These retail formats are prevalent among consumers since they give a one-stop shopping experience. However, during the projected period, the e-commerce segment is expected to grow at a faster CAGR of xx%.

 

The expansion of the market is aided by the establishment of online portals for Confectionery items, particularly in emerging nations with significant populations who use the internet. To attract more clients, this site offers a variety of discounts on online candy purchases. The advancement of advanced technologies aids the rise of online business.

 

Confectionery Market Regional insights:

Europe has the largest share of the confectionery market by region, with a stronghold in the chocolate confectionery area. Consumers expect specialized and customized chocolates, such as 'melt in the mouth,' 'quality for chocolate,' and others, resulting in increased confectionery sales. It is the most popular snack in several European countries, including the United Kingdom, Germany, and Austria. These countries are predicted to consume five times as much as the rest of the world.

 

However, due to rising population, rising disposable income, and new brand launches from established players, the Asia-Pacific region is predicted to grow at a substantial CAGR throughout forecast period.

 

Sugar and chocolate products are seeing a massive increase in sales in North America as consumers increasingly view them as comfort food. The region's between-meal snacking trend has increased demand for snacks and cereal bars.

 

The United States is one of the primary markets where consumers are willing to spend money on artisanal confectionery items that improve their beauty and taste. Manufacturers' increased efforts, the deployment of new technologies, and the emergence of new production facilities in the region have all contributed to the region's total demand development.

 

The report's goal is to provide stakeholders in the confectionery industry with a detailed market outline. The research discusses the most critical trends in the confectionery sector and how these trends will impact future business investments and marketing strategies throughout the forecast period. By studying market leaders, market followers, and regional players, the report also aids in the understanding of the Confectionery Market dynamics, economic fundamentals, and competitive structure.

 

The qualitative and quantitative data in the confectionery market report is intended to assist in establishing which market segments, regions, as well as factors affecting the market are anticipated to expand at higher rates, as well as key opportunity areas that will drive the industry and market growth over the forecast period.

 

The competitive landscape of important players in the industry and their recent advances in the Confectionery market are also included in the report. The study examines company size, market share, market growth, revenue, production volume, and profitability of the Fast-Food industry's major players.

 

 

The objective of the report is to present a comprehensive analysis of the confectionery market and highlight the significant trends and growth opportunities. The report provides Porter's Five Force Model for analysis of the confectionery industry, which helps design the business strategies in the market. The study aids in determining the number of rivals, who they are, and the performance of the products in the industry.

 

The analysis also examines whether the Confectionery market is open to new entrants, whether they enter and exit the market regularly, and whether a few players dominate it.

 

The report also includes PESTEL Analysis, which aids in developing company strategies. Numerous elements affect growth and profitability. A PESTEL study can assist in determining the significance and strength of these elements.

 

It helps firms decide which of these characteristics are beneficial and which are not. PESTEL is a word that stands for Political, Economic, Socio-cultural, Technological, Environmental, and Legal. These variables take on added significance for organizations functioning in a global setting.

 

Confectionery Market Scope:

Confectionery Market
Market Size in 2023	USD 218.74 Bn.
Market Size in 2030	USD 287.85 Bn.
CAGR (2024-2030)	4%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Product Hard Boiled Sweets Mints Gum & Jellies Chocolates Caramels and toffees Medicated confectionery Fine Bakery Wares Others
	By Age Child Adult Geriatric
	By Distribution Channel Convenience store Supermarkets/ Hypermarkets Food Services Duty-free outlets E-commerce Others Pharmacies & drug stores
	By Price Point Economy Mid-Range Luxury
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Key players and their Insights:

The Confectionery  industry has become competitive, with various players in the industry have adopted product launches and business expansion as their developmental strategies to expand their market share, increase profitability, and remain stable in the market.

 

Some of the most prominent and loved players in the Confectionery Market from all over the world are:

• The Hershey Company
• Unilever
• Cadbury’s
• Delfi limited
• Ferraro international SA
• Mondelez international INC
• Nestle SA
• Mars, Incorporated
• Ezaki Glico
• Pladis global
• Haribo GmBH
• Meiji holdings
• Barry Callebaut
• Chocoladefabriken Lindt and Sprungli AG