Confectionery Market Outlook 2031
The Confectionery Market was USD 311.02 Billion in 2022 and is likely to reach USD 454.30 Billion, expanding at CAGR of 4.3% during 2023 – 2031. Many confectionery products contain sweeteners, such as sugar. The texture, appearance, and elasticity are improved by using a variety of ingredients. These ingredients act as thickening and gelling agents.
Currently, confectionery products such as cookies, chocolates, and bakery items are part of the trend that can provide lucrative growth opportunities to market players. The result is that manufacturers are working to increase their product portfolio by incorporating exotic flavors of confectionery, nut-based flavors, and tropical flavors to support consumer tastes.
Confectionery Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for low-calorie confectioneries is rapidly driving the market.
- Rapid urbanization and changing dietary habits are expected to drive the global market.
- Developing automation technology coupled with a combination of various flavors creating innovative new confectionery products is anticipated to spur the growth of the global market.
- Consumption of confectionery food items can improve mental health and lowers the risk of cardiovascular diseases, which in turn, increases the consumption of confectionery food items.
- Fluctuating prices of the raw materials can restrain the market growth.
- Increasing consumption of confectionery products can lead to obesity, cavities and acne and may hamper the growth of the confectionery market in the long run.
- The trend of gifting confectionery products, such as cookies and chocolates have enabled the rapid growth of the market.
Scope of Confectionery Market Report
The report on confectionery market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Confectionery Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023 – 2031
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| Segementation |
Types (Chocolate Confectionary [Dark Chocolate and White & Milk Chocolate], Sugar Confectionery [Boiled Sweets, Toffees, Caramels, and Nougat, Pastilles, Gums, Jellies, and Chews, Mints, and Others], Snack Bars [Cereal Bars, Energy Bars, and Others]), Distribution Channels (Supermarkets/Hypermarkets, Specialist Retailers, Online Retail Stores, Convenience Stores, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Nestle S.A., Mondelez International, Inc., The Hershey Company, Mars Incorporated, HariboGmbh& Co. K.G., Barry Callebaut, Meiji Holdings, Pladis Global, Ferrero Group, Chocoladefabriken Lindt &Sprungli AG, and Ezaki Glico Co. Ltd
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Confectionery Market Segment Insights
Sugar confectionery segment is projected to hold significant market share
In the terms of product types, the market can be divided into chocolate confectionary, sugar confectionery, and snack bars. The chocolate confectionary segment can be further divided into dark chocolate and white & milk chocolate. The sugar confectionery segment can be further divided into boiled sweets, toffees, caramels, and nougat, pastilles, gums, jellies, and chews, mints, and others. The snack bars segment can be further divided into cereal bars, energy bars, and others.
The sugar confectionery segment is projected to hold a significant market share. Based on the increasing preference for sugar-based products among people of all ages during the forecast period is driving the growth of the market segment. Sweets have been eaten for centuries to celebrate any occasion. It is common for sugar-based food products to be given as gifts in many countries, reflecting the preference for confectionery products.
Supermarkets/Hypermarkets segment is anticipated to account for a substantial share
Based on distribution channels, the confectionery market can be bifurcated into supermarkets/hypermarkets, specialist retailers, online retail stores, convenience stores and others. The supermarkets/hypermarkets segment is anticipated to account for a substantial share. The one stop solution makes it a favored option for shopping. On the other hand, the specialist retailers segment is estimated to grow at a rapid pace in the coming years.
Asia Pacific is expected to dominate the market
In terms of regions, the confectionery market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to growing youth population, rising demand for the confectioneries owing to its delicious taste, rising penetration of supermarkets in the urban areas, growing infrastructure for the distribution of products, presence of online food delivery platforms and online groceries, and increasing demand for the savory food items.
Segments
By Product Types
- Chocolate Confectionary
- Dark Chocolate
- White & Milk Chocolate
- Sugar Confectionery
- Boiled Sweets
- Toffees, Caramels, and Nougat
- Pastilles, Gums, Jellies, and Chews
- Mints
- Others
- Snack Bars
- Cereal Bars
- Energy Bars
- Others
By Distribution Channels
- Supermarkets/Hypermarkets
- Specialist Retailers
- Online Retail Stores
- Convenience Stores
- Others
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
- Nestle S.A.
- Mondelez International, Inc.
- The Hershey Company
- Mars Incorporated
- HariboGmbh& Co. K.G.
- Barry Callebaut
- Meiji Holdings
- Pladis Global
- Ferrero Group
- Chocoladefabriken Lindt &Sprungli AG
- Ezaki Glico Co. Ltd
Competitive Landscape
Key players in the confectionery market are Nestle S.A., Mondelez International, Inc., The Hershey Company, Mars Incorporated, HariboGmbh& Co. K.G., Barry Callebaut, Meiji Holdings, Pladis Global, Ferrero Group, Chocoladefabriken Lindt &Sprungli AG, and Ezaki Glico Co. Ltd. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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