Confectionery Market- Global Industry Analysis and Forecast (2022-2029)

Confectionary Market was valued at US 284.04 Bn. in 2029. Global Confectionery Market size is expected to grow at a CAGR of 4.8 % through the forecast period.
Confectionery Market Overview:
The confectionary Market is one amongst the quickest increasing within the world. Confections are typically low in nutrition and heavy in calories. Sugar free confection have becomes increasingly popular in recent years as a result of factors like fatness rates, a rise in diabetic patients, rising nutritional concern and health concern and dynamic lifestyle. Consumer increasing preference for exquisite and premium chocolates and gum is driving the global market. Consumers increasing affluence is resulting them engaging in extravagant shopping to fund their wishes. Dark premium chocolate consumptions is increase in developed countries, and it is expected to have a beneficial impact on the overall growth of the confectionary market.

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Confectionery Market Dynamics:
Covid-19 Impact

The global pandemic of Covid-19 has had a devasting influence on the global economy and food business, since governments have implemented strict lockdowns and limited public mobility. In the early months, the shutdown of sugar and chocolate manufacturing facilities had a considerable impact on commodities production. For example in response to the Covid-19 outbreak in the United states the Hershey company temporarily shut down all of its production facilities from march 16 to March 29, 2021. During the lockdown supply chain, disruption , manpower shortage, trade restriction , and transportation and logistical variations were all noticed. Consumers ate more meals at home during the quarantine period, lowered their store visit, and increased their comfort levels with outline purchasing this affected the retail confectionary sector.

However, with production facilities reopening in varied economics and business players making an attempt to revive provide chain disruption, the market position is anticipated to enhance. sugar and chocolates area unit thought about comfort food, and shoppers area unit finding new ways that to celebrate with additional at-home activities like baking. This is often expected to possess a positive impact on the market.

Key Market Trends:

Increasing demand for organic chocolate: Healthy snacking, along with convenience and flavor, is a growing trend among customers, and it is a major tactic employed by big corporations in response to the growing demand for healthy snacks. Organic Chocolate is in high demand these day because it contains no additional chemicals that can cause serious health problems. Because they are concerned about their health and wellness, consumer are increasingly choosing vegan, organic, gluten free, and sugar free chocolates.

As a result a number of major confectionary firms are releasing new unique flavored chocolates in inventive packaging that allows consumers to eat tiny quantities and save the rest for later. The demand for organic based confectionary is predicted to rise in tandem with increases in organic chocolate exports. Major corporation are increasing their operations. The organic chocolate market is growing steadily over the world and is gaining a lot of traction among consumers. Manufactures increased efforts to suit the market growing demand for organic chocolate are ensuring the markets growth in the approaching years. These are increasing the demand of confectionery market.

Driving Factors:

Increasing modernization and a hectic combination of work and personal duties are two significant factors driving the need for convenience snacks in the daily diet. Consumers busy schedules prevent them from cooking or dining out during working hours, leading them to seek for easy and quick to eat food options. The number of consumers in the workplace is growing, making it even more difficult for them to strike a healthy work life balance.

As a result manufactures and marketers are focusing their efforts on creating and promoting a variety of chocolate snacks, such as on the go snacks, chocolate bars and others in order to provide customers with a balanced diet. They also on providing consumers with easy and small packaging that allows them to carry It's high in antioxidants, for example, which increase insulin sensitivity and lower blood pressure. As a result, the growing popularity of chocolates among children and other working people around the world is likely to drive the confectionery market forward during the forecast period.

Increasing demand for sugar free chocolates grow rapidly market shares

Improving customers' lifestyles, particularly their daily diet and health, is likewise undergoing a tidal change around the world. Several lifestyle disorders, such as diabetes and high blood pressure, have risen as a result of these changes. Obesity, overweight, and related disorders are becoming a major source of worry among consumers, posing significant challenges to the global healthcare system's long-term viability. To combat these disorders, consumers are progressively adjusting their tastes toward low-calorie and sugar-free foods. Sugar consumption has decreased as a result of rising health concerns. As a result, the demand for sugar-free chocolates was rising and was expected to continue to rise in the future years.

Restraining Factors:

Fluctuation in the price of raw materials to hamper market performance: Cocoa and sugar are two fundamental raw materials used in the production of confectioneries all over the world. Cocoa prices and sugar have fluctuated in recent years due to rapid changes in production and demand in the marketplace. Unfavorable weather conditions, crop diseases, labour availability, stock ratios, and other economic issues all affect sugar yields and cocoa, interfering with the smooth flow of demand and supply in the market. As a result, the average annual price of raw materials ranges from low to high, resulting in surplus or understock in the market for chocolate goods and sugar. As a result, raw material price changes are expected to impact overall demand through the forecast period.
Confectionery Market Segment Analysis:
Based on Type, Because of the expanding acceptance and indulgence of chocolates and chocolate snacks among consumers in developed nations such as North America and Europe, the global market is growing at a reasonable rate. The chocolate confectionery segment, on the other hand, is the most popular worldwide and is growing rapidly in developing countries. Some of the primary elements motivating demand for various chocolates in the market include rising disposable income and stable growth of developing economies. The increased adoption of westernized food in the daily lives of customers has provided a plethora of chances for chocolate manufacturers all around the world.

Sugar and gum confectioneries, on the other hand, are doing well in the general market. Innovative candies, snack bars, and other inventive items are in high demand among children, teenagers, and working people. Sugar confectioneries have grown their retail penetration in the market thanks to the launch of new goods with improved flavors and textures.

Based on the Distribution Channel, supermarket segment dominated the market with 40% share. Supermarkets/hypermarkets are gaining a lot of popularity among people all around the world. Consumers' increasing reliance on these services, as well as their freedom of choice, more comprehensive product ranges, and bundling schemes offered by mass merchandisers, have resulted in increased foot traffic on the floor. Due to their busy and demanding schedules, consumers prefer to buy groceries in bulk for a specific period of time. As a result, supermarkets/hypermarkets provide customers with a convenient shopping experience all under one roof. Chocolates and other confectioneries can be purchased easily in distinct areas of supermarkets/hypermarkets.

The rapid appearance of such sales counters around the world is predicted to help boost the global revenue generation of sugar and chocolate products. Manufacturers, on the other hand, are concentrating on small businesses.
Confectionery Market Regional Insights:
The Europe region dominated the market with 45% share in 2021. The Europe region is expected to witness significant growth at a CAGR of 4% through the forecast period. In 2021, Due to their expanded permissive eating habits and taste preferences people are increasingly seeking for quality and premium chocolates over sugar confectionery products. One of the primary causes that are becoming influential motivators to consume confectioneries in their daily routine is the combination of work-life, health concerns, and individual wishes among consumers.

Consumers are requesting specialised and personalised chocolates in the market, such as “quality-for-chocolate," "melt-in-the-mouth" feel chocolate, and others, resulting in increased confectionery sales in the region. In several European countries, including as the United Kingdom, Germany, and Austria, it is the most popular snack. These countries are anticipated to participate

The objective of the report is to present a comprehensive analysis of the global Confectionary Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Confectionery Market dynamic, structure by analyzing the market segments and projecting the Confectionary Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Confectionery Market make the report investor’s guide.
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Confectionery  Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 195.21 Bn.


Forecast Period 2022 to 2029 CAGR:
4.8%
Market Size in 2029:
US$ 284.04 Bn.


 Segments Covered:
by Product Type
• Chocolates
• Sugar
• Gums


by Age Group
• Children
• Adult
• Geriatric


by Price Point
• Economy
• Mid-Range
• Luxury


by Distribution channel
• Supermarket/Hypermarket
• Online Retail
• Departmental stores
• Convenience stores



Confectionery Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Confectionery Market, Key Players
• Chocoladefabriken Lindt & Sprungli AG
• Crown Confectionary
• DELFI Limited
• Ezaki Glico Co.Ltd
• Ferrero International S.A.
• Mars, Incorporated
• Mondelez International
• Nestle S.A.
• The Hershey Company
• Unilever PLC
• Barry Callebaut
• Meiji Holdings
• HARIBO GmbH& Co.KG
• Pladis Global

Frequently Asked Questions:

1] What segments are covered in the Global Confectionery Market report?
Ans. The segments covered in the Confectionery Market report are based on Product Type, Age Group, Price Point and Distribution channel.

2] Which region is expected to hold the highest share in the Global Confectionery Market?
Ans. The Europe region is expected to hold the highest share in the Confectionary Market.

3] What is the market size of the Global Confectionery Market by 2029?
Ans. The market size of the Confectionary Market by 2029 is expected to reach US$ 284.04 Bn.

4] What is the forecast period for the Global Confectionery Market?
Ans. The forecast period for the Confectionery Market is 2022-2029.

5] What was the market size of the Global Confectionery Market in 2021?
Ans. The market size of the Confectionery Market in 2021 was valued at US$ 195.21 Bn.