New York, United States , Aug. 26, 2024 (GLOBE NEWSWIRE) -- The Global Confectionery Market Size is to Grow from USD 190.5 Billion in 2023 to USD 256.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.01% during the projected period.
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Sugar-free sweets are becoming more and more popular these days because of things like rising obesity rates, a rise in diabetes cases, growing health and nutritional concerns, and shifting lifestyles. Confections are foods that are heavy in carbohydrates and sugar. There are confections such as chocolates, biscuits, bars, candies, and mints. Consumers' interests, tastes, and behaviors are always evolving. One of the main factors supporting market expansion is the variations in flavor and format innovation, which have forced producers to accommodate the various preferences of a broad client base around the globe. These factors have a significant impact on the global confectionery market share. Furthermore, the expansion of the confectionery industry is mostly driven by consumer demand for premium items, which are defined as luxurious and pleasant confections. Owing to global health trends, people's demand for sugar-free and low-calorie products is increasing, which accelerates product formulation innovation and fuels the need for sweets. But the average yearly price of the raw materials varies from low to high, which causes an excess or understock when producing items made with sugar and chocolate for the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Confectionery Market Size, Share, and COVID-19 Impact Analysis By Product Type (Hard-boiled Sweets, Mints, Gums and Jellies, Chocolate, Caramels and Toffees, Medicated Confectionery, Fine Bakery Wares, and Others), By Age Group (Children, Adult, Geriatric), By Price Point (Economy, Mid-range, Luxury), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Pharmaceutical and Drug Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The chocolate segment is anticipated to hold the greatest share of the global confectionery market during the projected timeframe.
Based on the product type, the global confectionery market is divided into hard-boiled sweets, mints, gums and jellies, chocolate, caramels and toffees, medicated confectionery, fine bakery wares, and others. Among these, the chocolate segment is anticipated to hold the greatest share of the global Confectionery market during the projected timeframe. Consumer knowledge of chocolate's health advantages, especially its high cocoa content and possible benefits for cardiovascular health, is driving the market for the chocolate product category.
The adult segment is anticipated to hold the largest share of the global confectionery market during the projected timeframe.
Based on the age group, the global confectionery market is divided into children, adult, and geriatric. Among these, the adult segment is anticipated to hold the largest share of the global Confectionery market during the projected timeframe. The adult confectionery industry is driven by the increased demand for rich and luxurious flavor profiles that appeal to mature tastes searching for new flavors. Rich and complex flavors like dark chocolate with hints of spices or exotic fruits are often attractive to customers in this sector, in addition to premium ingredients like single-origin cocoa beans or handmade nuts.
The economy segment is predicted to hold the greatest share of the confectionery market during the estimated period.
Based on the price point, the global confectionery market is divided into economy, mid-range, and luxury. Among these, the economy segment is economy segment is predicted to hold the greatest share of the Confectionery market during the estimated period. Many important elements that affect consumer behaviour and manufacturing are the main drivers of the confectionery market's economic section. Firstly, customers' price sensitivity is important, particularly in emerging countries and among cost-conscious groups.
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Asia Pacific is expected to hold the largest share of the global confectionery market over the forecast period.
Asia Pacific is expected to hold the largest share of the global confectionery market over the forecast period. Young, active population, rapid urbanization, increased disposable income, and easy availability to confections in consumer packs are the primary factors propelling the regional market's growth. Making the most of these opportunities, the manufacturers are actively seeking facility expansions as well as mergers and acquisitions with nearby businesses.
North America is predicted to grow at the fastest pace in the global confectionery market during the projected timeframe. Sales of sugar and chocolate products are rising significantly in North America as people look more and more toward these products as comfort food. There is a greater need for snacks and cereal bars in the region as a result of the between-meal snacking trend. One of the main marketplaces in the United States is where people are willing to spend money on artisanal confections that improve in both look and taste.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Confectionery Market are Mars, Incorporated, Ezaki Glico Co., Ltd., Haribo GmbH & Co. K.G., Grupo Arcor, Pladis, Nestlé S.A., Meiji Co., Ltd., Ferrero Group, Chocoladefabriken Lindt & Sprüngli AG, Perfetti Van Melle, The Hershey Company, and Other Key Vendors.
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Recent Developments
- In June 2024, gaining a prominent position with Target and its connected online retailers helped The Functional Chocolate Company become more visible. The US-based firm claims that it blends rich dark chocolate, which is naturally free of gluten and dairy, with a unique blend of nutraceuticals, including vitamins, minerals, botanicals, and amino acids, that are specific to various illnesses. These unique combinations have become more in demand since they address so many common health concerns, including energy, focus, sleep, stress, and much more.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global confectionery market based on the below-mentioned segments:
Global Confectionery Market, By Type
- Hard-boiled Sweets
- Mints
- Gums and Jellies
- Chocolate
- Caramels and Toffees
- Medicated Confectionery
- Fine Bakery Wares
- Others
Global Confectionery Market, By Age Group
- Children
- Adult
- Geriatric
Global Confectionery Market, By Price Group
- Economy
- Mid-range
- Luxury
Global Confectionery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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