New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global confectionery market is estimated to generate a revenue of $227.4 billion during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Increasing prevalence of sugar-free confectioners is expected to drive the growth of the market during the forecast period. In addition, changing lifestyle and preferences among people has enabled the market players to focus more on the innovativeness of the product in order to cater diabetic and health enthusiasts. This factor is also expected to bolster the growth of the market during the forecast period.
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Restraints: Increasing awareness among people about the negative effects of consuming foods with excess sugar content is expected to impede the growth of the market.
Opportunities: Market players undergo an introduction of a variety of confectioners according to the various festivals prevalent in different countries. Moreover, there has also been an increase in adoption of healthy and tasty foods among various health-conscious people around the globe. These factors are expected to create vital opportunities for the growth of the market during the forecast period.
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Segments of the Market
The repot has divided the market into different segment based on type, distribution channel, and region.
Type: Chocolate Confectionery Sub-segment to be Most Profitable
The chocolate confectionery sub-segment is expected to generate a revenue of $126.5 billion during the forecast period. Chocolate confectioneries are extensively prevalent in almost all countries, especially among children. Chocolate treats are also considered as a tradition in many holiday celebrations like Diwali, Christmas, Halloween, Thanksgiving, and so on. These factors are expected to drive the growth of the sub-segment during the forecast period.
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Distribution Channel: Supermarket sub-segment to be Most Lucrative
The supermarket sub-segment is expected to generate a revenue of $92.4 billion during the forecast period. Affordable prices, persistent offers & discounts, and a variety of selections offered by the supermarkets are expected to accelerate the growth of the sub-segment during the forecast period.
Region: Europe Anticipated to Dominate the Market
The European confectionery market is expected to generate a revenue of $86.9 billion during the forecast period. Europe is home to the largest manufacturer of cocoa beans across the region. Furthermore, strategic collaborations among the key market players in region are expected to drive the growth of the market in the region during the forecast period.
COVID-19 Impact on the Market
Stringent trade regulations impeded the import and export of raw materials required to make confectioneries. Furthermore, reduction in the disposable income due the financial crisis during the pandemic further decreased the demand for confectioneries.
Key Players of the Market
1. Mars, Incorporated,
2. The Hershey Company,
3. Nestle
4. Mondelez International, Inc.,
5. Ferrero Group,
6. Meiji Co., Ltd.,
7. Chocoladefabriken Lindt & Sprüngli AG
8. pladis Global,
9. Ezaki Glico Co., Ltd.
10. Haribo GmbH & Co. K.G.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in June 2021, Hershey’s, one of the largest chocolate manufacturers in the world, has acquired Lily’s, a low sugar confectionery brand, for about $25 million dollars in order to maximize its presence in the market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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