Confectionery Market

Confectionery Market size reached USD 261.0 billion in 2021 and is estimated to reach USD 360.0 billion in 2029 and the market is estimated to grow at a CAGR of 4.1% from 2022-2029

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Key Drivers

Expansion of retail market, accelerating demand for low sugar products, and continuous product innovation are some of the major factors responsible for the growth of the global confectionery market. In the landscape of evolving technologies, enhanced customer service is an essential need of the business. Consumers’ expectations are increasing rapidly, whereas old retail methodologies are becoming outdated. The retail industry is a mature industry with intense competition, where every player is introducing multiple innovative products such as the combination of liquid and solid flavors, odor sensations, and energy boosts products. Therefore, the retail players sell their products through multiple channels such as supermarkets/hypermarkets, online retail stores, convenience stores, and others. Among them, internet retailing is gaining more traction due to ease of ordering products within less time. Thus, increasing retail platforms are directly boosting the sales of confectionery products.

Increasing urbanization, rising working population, and growing purchasing power of individuals have augmented the demand for ready-to-eat (RTE) products like confectionery items, driving the market growth. Also, the increasing cases of lifestyle diseases, such as obesity and diabetes, has bolstered the demand for functional confectionery, which is estimated to boost the market growth. Moreover, with the growing drift of consumers towards healthy, clean-labelled, and sustainable confectionery, various leading manufacturers have introduced gluten-free and organic product variants with no additives and preservatives and reduced allergens, which will offer enormous opportunities to the market. The easy availability of these products through e-commerce channels, in confluence with the increasing penetration of the internet and boosting sales of smartphones, is creating a favorable outlook for the market.

In addition to this, with the increasing health awareness among the population, customers are becoming more inclined toward low sugar products, which helps them in consuming fewer calories and does not affect the taste. Rising health concerns have shifted the focus of customers from one product to another, which will further drive the overall revenue of the market. On the other hand, the increasing health issues related to obesity and diabetes might hamper the Confectionery Market growth.

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Product Type Segment Analysis

On the basis of product type, the market is segmented into chocolate confectionery, sugar confectionery, and snack bar. Among these, snack bar segment is expected to witness a higher CAGR during the forecast period. Rising health concerns and shift toward nutritious food, is increasing the demand for cereal bars, snack bars, and other nutritious bars among the customers. Moreover, these snack bars are low in sugar and gives enhanced munching experience to customers, which will further attract a large number of consumers to opt for these products over the coming years.

Chocolate confectionary is predicted to lead the market over the forecast period, due to the growing demand for pure chocolates and growing expenditure of customers to satisfy their desire as all age teams consume chocolates or gums. In addition, the growing demand for dark premium chocolates has strengthened the segment’s growth.

Distribution Channel Segment Analysis

Based on the distribution channel, the market is segmented into supermarket/hypermarket, specialists’ retailers, online retail stores, convenience stores, and other distribution channels. Among these, the supermarket/hypermarkets segment is predicted to lead the market during the forecast period owing to the unforgettable shopping experience offered by these stores. These stores have a large variety of products under one single roof, which saves time of customers and provides multiple options for easy comparison. Thus, the increasing dependence of consumers over these facilities, as they offer a freedom of selection with a more comprehensive product ranges, and bundling schemes will boost the market growth.

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Regional Analysis

On the basis of region, the Asia-Pacific is projected to witness a higher CAGR during the forecast period. This is due to the increasing demand for products and the rising population in developing countries such as China, India, and others. Also, the regional growth is backed by the increasing urban population, easy availability of functional confectionery food and beverages, and growing demand for low-calorie products, which include sugar-free confectionaries, due to increasing incidences of obesity. For instance, Hershey, one of the leading US-based chocolate players offers sugar-free variants for leading brands, like Hershey and Reese’s, which use maltitol and polyglucitol, instead of sugar. Increasing technological advancements for confectionary products will offer enormous opportunities to the market.

Top Market Players

The major players operating in the market include Mars, Incorporated, Ferrero International, Nestle S.A., Mondelez International, Inc, Meiji Holdings Co., Ltd., The Hershey Company, Chocoladefabriken Lindt & Sprungli AG, Ezaki Glico Co., Ltd., Haribo GmbH & Co. KG, and Lotte Confectionery Co. Ltd.

 Key Developments:

• • In 2019, Mars Wrigley International Travel Retail (MITR), a subsidiary of Mars Incorporated, partnered with Kind LLC, a provider of snacks. Through the partnership, both the companies aimed to expand each other’s growth in terms of products and business globally.
  • In 2018, Ferrero International acquired Nestle S.A.’s U.S confectionary business which includes, 20 brands including Crunch, BabyRuth, SweetTarts, Butterfinger, and others. This acquisition helped Ferrero International to expand business in U.S. through premium products.

Segments covered in the Report:

The global confectionery market has been segmented on the basis of type, distribution channel, and region. Based on type, the market is segmented into chocolate confectionery, sugar confectionary, snack bar. Based on distribution channel, the market is segmented supermarket/hypermarket, specialists retailers, online retail stores, convenience stores, and other distribution channels. Based on region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

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Key questions answered in this research report:

• • At what pace is global confectionery market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global confectionery market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global confectionery market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various distribution channels of global confectionery market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Confectionery Market by Type

• • Chocolate Confectionary
    • Dark Chocolate
    • White and Milk Chocolate
  • Sugar Confectionery
    • Boiled Sweets
    • Toffees, Caramels and Nougat
    • Pastilles, Gums, Jellies and Chews
    • Mints
    • Others
  • Snack Bar
    • Cereal Bars
    • Energy Bars
    • Others

Global Confectionery Market by Distribution Channel

• • Supermarket/Hypermarket
  • Specialist Retailers
  • Online Retail Stores
  • Convenience Stores
  • Other Distribution Channels

Global Confectionery Market by Region

• • North America Confectionery Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Confectionery Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Confectionery Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Distribution Channel
    • India Market All-Up
    • China Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Confectionery Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Confectionery Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Mars, Incorporated
  • Ferrero International
  • Nestle S.A.
  • Mondelez International, Inc
  • Meiji Holdings Co., Ltd.
  • The Hershey Company
  • Chocoladefabriken Lindt & Sprungli AG
  • Ezaki Glico Co., Ltd.
  • Haribo GmbH & Co. KG
  • Lotte Confectionery Co. Ltd.