As per our research report, the Global Confectionery Market size is estimated to be growing at a CAGR of 5.5% from 2024 to 2030.
With its global reach and ability to entice palates for many generations, the confectionery market is expected to develop in the future. This market satisfies our innate need for sweet enjoyment and is driven by theoretical factors such as growing disposable income, especially in developing economies. Convenient snack options are in high demand due to busy urban lifestyles, and confectionery is the ideal solution. To keep customers interested, manufacturers continuously experiment with flavors, textures, and forms. Options for sugar-free, organic, and functional confectionery even cater to changing health preferences. The route isn't without theoretical difficulties, though. Some people may restrict their sugar intake due to worries about consuming too much of it. Confectioners also have to contend with the unstable costs of raw ingredients such as sugar and cocoa, which affect their cost of manufacturing. The market itself is extremely competitive, with both long-standing competitors and up-and-comers fighting for market share.
The confectionery sector was caught off guard by the COVID-19 outbreak. When people started to seek solace in candy during the initial lockdowns, there was a candy rush. However, this was followed by a slump as a result of restaurant closures and movement restrictions that limited consumption. Due to border restrictions and lockdowns that disrupted the flow of cocoa and other components, supply chains were also negatively impacted. But the market seems to be back on an excessive sugar high, with demand rising to pre-pandemic levels, presumably as a result of more people baking and munching at home. To serve the post-pandemic consumer, the industry is bringing forth a flurry of innovation in the future. Organic, sugar-free, and functional sweets are becoming more popular as people's health continues to be their primary concern. Focus is also placed on sustainable sourcing methods and research on cocoa's possible health benefits. Another development that's lovely to watch is the growth of e-commerce platforms, which provide an easy entry point to a larger world of candy. Focus is also placed on sustainable sourcing methods and research on cocoa's possible health benefits.
To adapt to changing consumer demands, the multibillion-dollar confectionary business is undergoing a surge of innovation. Health-conscious options are becoming more popular, even though indulgence—chocolate being a perennial favorite—remains. It's becoming more and more popular to find sugar-free, organic, and functional candy that contains probiotics or botanicals. Research about the possible health advantages of cocoa is fueling this focus on wellbeing even further, resulting in a win-win situation for enjoyment and well-being. Environmentally friendly packaging and products obtained responsibly are becoming more and more popular, making sustainability another hot topic. By providing easy access to a greater range of confectionary items and promoting smaller firms' global reach, e-commerce platforms are transforming the industry.
KEY MARKET INSIGHTS:
Based on market segmentation by Product Type, As of 2023, chocolate holds a staggering 45% market share worldwide. It is the candy of choice. Because chocolate is so tasty and in demand across all age groups, it has become a global favorite. That chocolate is the world's most consumed food per person is not surprising. The market for premium and organic chocolate variants is also predicted to continue expanding in the upcoming years. But the fastest-growing area is sugar confectionery, which is a rising star. Sugar confectionery is likely to have a sweet future due to several variables, including changing nutritional preferences, a growing middle class with more disposable cash, and global urbanization.
Based on market segmentation by Age Group, In the worldwide confectionery market, the adult segment—which includes those aged 16 to 60—is the dominant player, holding a commanding 60% of the market in 2023. This dominance is a reflection of how many adults enjoy sweets in general. This tendency is primarily driven by millennials, who consume a lot of chocolate. Confectionery manufacturers take advantage of this by ingeniously designing goods that appeal to adult tastes. Consider striking hues, mind-blowing candies, taste profiles that are daring, such as sour or chilly, and even interactive or customized packaging. But the growing star is the geriatric sector, which includes people over 60. This market is expected to grow at the quickest rate, most likely as a result of an increase in the number of older persons worldwide and a rising demand for healthful indulgences.
Based on market segmentation by Price Point, There is an obvious leader and a new growth engine in the worldwide confectionery business, according to a stratified study of the market by price point. The economy category, which includes inexpensive sweets intended for mass consumption, held a commanding 46% of the market in 2023. This domination highlights the demand for affordability across all socioeconomic groups and the universal appeal of sweets. Customers that are budget concerned frequently look for affordable solutions, especially in the chocolate sector. But with the greatest predicted Compound Annual Growth Rate (CAGR) throughout the course of the forecast period, the mid-range market is set for a big change. There are other reasons for this expected growth. Growing discretionary incomes provide customers the freedom to investigate additional high-end options. Additionally, candy producers constantly innovate their products to meet the changing needs and tastes of their customers.
Based on market segmentation by Distribution Channel, With a commanding 39% market share in 2023, supermarkets and hypermarkets continue to dominate. The increasing prevalence of these one-stop shops, particularly in developed and developing countries, is what is driving their supremacy. Confectionery lovers find a sanctuary in them, as they offer a wide variety of sweets conveniently arranged under one roof. But e-commerce appears to have a bright future. Due to the proliferation of internet marketplaces selling confectionary products, this market is anticipated to grow at the quickest rate. This trend is especially noticeable in developing nations where internet usage is rapidly increasing. Advances in technology further empower the global online business sector, and these platforms frequently entice buyers with alluring offers. Thus, even if supermarkets are the industry leader now, e-commerce is expected to be the next big thing.
Based on market segmentation by Region, In 2022, Europe held a dominant market share of over 35% worldwide when it came to the consumption of candy. One big factor driving this is their infatuation with chocolate, and another is the increased demand for natural and organic foods. The demand for sweets in Europe is growing as people's diets and lifestyles change. Yet, Asia-Pacific is expected to develop at the greatest rate, with a notable 5% CAGR increase expected between 2022 and 2030. Several factors are driving this rise, including growing disposable incomes, a booming population, and sizable consumer bases in nations like China, India, and Japan. Asia-Pacific is therefore the region to watch for future supremacy in the global confectionery market, even if Europe presently maintains the top rank.
Companies playing a leading role in the Global Confectionery Market profiled in this report are – Nestlé S.A., Meiji Co., Ltd., Ferrero Group, Mars, Incorporated, Meiji Holdings Co., Ltd., Mondelez International, Inc., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Perfetti Van Melle, Ezaki Glico Co., Ltd.
Mints
Chocolate
Hard-boiled Sweets
Jellies
Caramels & Toffees
Sugar Confectionery
Fine Bakery
Others
Children
Adult
Geriatric
Economy
Mid-Range
Luxury
Supermarkets/ Hypermarkets
Convenience stores
Food Services
E-Commerce
Others
North America
Asia Pacific
Europe
South America
Middle East and Africa
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