Market Overview
The global confectionery market size was USD 206.97 billion in 2023 and is projected to grow from USD 213.74 billion in 2024 to USD 278.36 billion by 2032 at a CAGR of 3.36% over the 2024-2032 period.
Rising health consciousness among consumers will play a key role in augmenting the growth of this market, shares Fortune Business Insights™ in its recent report, titled “Confectionery Market Size, Share & Industry Analysis, By Type (Chocolate, Sugar, and Gums), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Departmental Stores, and Online Retails), and Regional Forecast, 2024 – 2032”.
Manufactured chocolate bars and candies are known to contain large amounts of artificial sweeteners. With increasing prevalence of lifestyle-related disorders, even the most ardent chocolate-lovers are getting increasingly inclined towards organic and natural ingredients-based products. For example, the Swiss chocolate-maker Barry Callebaut’s research found that the market value for organic chocolates currently stands at €30 million in Western Europe alone. This figure shows that the shifting consumer preference for chocolate and other confectionery items made from naturally-derived extracts will lead the confectionery market trends in the foreseeable future.
According to the confectionery market report, the value of this market stood at USD 190.77 billion in 2018. The report further contains answers to the following questions:
What are the major factors driving the market?
What are the main hurdles that the market is facing and will face in the future?
What are the key market segments?
Which region or regions hold the largest potential for the market to grow?
How are the competitive dynamics shaping the market?
Who are the prominent players in this market and what are their key strategies?
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Market Driver
Hectic Lifestyles to Foster Sales Opportunities
Global economic growth and development have led to an explosion of job and business opportunities. Greater access to education and skill development have expanded the number of employable people around the world, resulting in more working people and more office spaces, especially in large urban conglomerations. As a result, modern lifestyles have become more hectic and stressful, with unfortunate consequence being on health and fitness of people. Therefore, many consumers are now demanding on-the-go confectionery snacks, preferably having low sugar and fat. Chocolate, owing to its numerous health benefits, is the most consumed confectionery product in the world, and many companies are now developing sugar-free and organic chocolate items to cater to the health-conscious urban populace. Furthermore, chocolate consumption has positive physiological effects. The Loma Linda University Adventist Health Sciences Center in California found, through a research study, suggested that chocolate consumption positively impacts brain health and reduces stress and inflammation.
The Sweet Spot: Understanding the Confectionery Market
The confectionery market encompasses a wide range of products, including chocolates, candies, gums, and more. It's a multi-billion dollar industry that continues to grow year after year. With the rise of indulgence culture and consumers seeking comfort in familiar treats, the demand for confectionery products is at an all-time high.
Trends Driving the Market
1. Health-Conscious Choices
While indulgence is a key driver of the confectionery market, there is also a growing trend towards healthier options. Consumers are seeking products that are low in sugar, organic, or made with natural ingredients. This has led to an increase in the availability of healthier confectionery choices on the market.
2. Premium and Artisanal Offerings
Consumers are increasingly willing to splurge on premium and artisanal confectionery products. Whether it's a handcrafted chocolate bar or a gourmet marshmallow, people are willing to pay more for high-quality, unique treats that offer a sensory experience.
3. Novel Flavors and Experiences
Innovation is key in the confectionery market, with manufacturers constantly introducing new flavors, textures, and formats to captivate consumers. From exotic fruit-infused chocolates to spicy-sweet candies, there is no shortage of creative offerings to tantalize taste buds.
Source: https://www.fortunebusinessinsights.com/industry-reports/confectionery-market-100542
Regional Analysis
Europe to Lead the Pack; Asia-Pacific to Showcase Excellent Growth Trajectory
With a market share of 39% in 2018, Europe is slated to dominate the confectionery market share in the coming years, primarily on account of high consumption chocolate items. Consumers are increasingly demanding premium and customized confectionery products and are willing to pay for such items, prompting companies to manufacture and deliver superior offerings in the region.
Asia-Pacific holds tremendous growth opportunities for this market owing to rising disposable income, increasing young and working-age population, and rapid urbanization. As a result, many players are implementing different strategies to establish themselves in the Asia-Pacific region, especially China and India.
Competitive Landscape
Launch of Natural Extracts-derived Products to Spur Competition
The confectionery market forecast envisages a period of cutthroat competition in this market as companies deploy various strategies to meet the escalating demand for organic confectionery items. Besides this, many players are also attempting to broaden their business horizons by introducing novel offerings in foreign markets.
Industry Developments:
July 2019: Nestle, the Swiss multinational, created a new chocolate product with no added sugar, enabling its loyal customers to enjoy the company’s 70% dark chocolate wholesale. Called the Cacao Fruit Chocolate, the product will be infused with natural cacao pulp which will function as the sweetener for the chocolate.
May 2018: The Swiss chocolate manufacturer Barry Callebaut opened the first chocolate center in Africa called the CHOCOLATE ACADEMY™. Located in Johannesburg, South Africa, the academy will focus on teaching training budding chocolate-makers, professionals, and enthusiasts with the latest trends and technologies of the confectionery world.
List of Key Players Covered in the Report:
Super Confectionery
Ezaki Glico Co., Ltd.
The Hershey Company
Mondelez International
Ferrero SpA
HARIBO GmbH & Co. KG
Chocoladefabriken Lindt & Sprungli AG
Meiji Holdings Co., Ltd.
Nestle S.A.
Barry Callebaut