Changing dietary habits and emerging trends of offering chocolates on auspicious occasions are major factors driving the global confectionery market.
According to TechSci Research report, “Global Confectionery Market, By Type (Chocolate, Sugar Candy & Gum Candy), By Distribution Channels (Supermarkets/Hypermarket, Independent Grocery Stores, Convenience Stores/Forecourt Retailers, Departmental Store, Non-Store Retailing (Online Store)), By Region, Competition Forecast & Opportunities, 2016-2026F”, the global confectionery market is projected to grow at a CAGR of over 4.85% to reach around USD244.25 billion by 2026F and is expected to reach healthy growth during the forecast period. The global confectionery market is growing due to the increase in disposable income of the consumers.
Due to the COVID-19 pandemic, strict rules and lockdown imposed by the governments across various countries have caused a shortage of demand and supply of raw materials such as food ingredients, agricultural produce, and intermediate food products. It affected the supply chain and created uncertainty in consumer demand. Due to the COVID-19 lockdown, sales of confectionery products have been declined in the market across the world because of reduced gifting as customers were told to stay at home strictly and supermarkets/hypermarkets, etc. were also closed at the same time.
Browse 82 market Figures spread through 110 Pages and an in-depth TOC on ” Global Confectionery market “
Health issues faced by the consumers is a major challenge for the confectionery industry. Diseases like diabetes, dental problem, etc. are increasing the health issues among consumers because of which the growth of the global confectionery market is restricted. Finally, to manage this problem, manufacturers have come up with low-calorie, sugar-free candies and chocolates. Apart from health issues, the manufacturing companies are also facing problems while purchasing raw materials as the prices for imported raw material like cocoa, butter, sugar, almonds, and vanilla have surged because of high inflation. To overcome these challenges, the chocolate and confectionery manufacturers, are more focused on ‘’Shrinkflation” to offset the rising cost challenges. In other words, the product remains the same, but the size or quantity offered will be reduced.
The global confectionery market is segmented into type, distribution channel, company and region. In terms of product type, the global confectionery market is divided into chocolate, sugar candy & gum candy. Out of which, the chocolate segment captured a maximum market share of around 72% in 2020. The is due to a boost in the manufacturing of chocolate companies which are conducting several promotional activities and surveys to determine the taste and preferences of the target audience. Also, the attractive packaging and innovative branding activities are the reason for an increase in demand for chocolates among the consumers.
In terms of distribution channel, the global confectionery market is divided into supermarkets/hypermarket, independent grocery stores, convenience stores/forecourt retailers, departmental store, non-store retailing (online store). The consumption of confectionery products is increasing the sales in terms of volume through different distribution channels. The majority confectionery products are sold through supermarkets and hypermarkets which held around 26% of the market share in 2020.
In terms of regional analysis, the global confectionery market is divided into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Out of which, Europe is the dominating region in the global confectionery market with a market share of around 31%. Countries like Germany, Belgium, and France are the key markets for confectionery in Europe. The top market players in confectionery industries are from Europe and hold maximum share in the global market. The consumers are moving towards high-quality confectionery products such as single-origin chocolates, organic chocolates, handmade chocolates and candies, craft, and other chocolate products, which is a major driver for the region’s confectionery industry. As these products have less sugar and more cocoa flavor, there is a huge market for dark chocolates, and they are viewed as authentic and low in sugar. However, South America and Middle East & Africa are expected to grow at a rapid CAGR of over 5% and 6%, respectively, during 2021E-2026F and will be the fastest-growing regions in the coming years.
Countries such as the United States, Canada, Mexico, China, India, Saudi Arabia, UAE, Germany, Italy, Brazil, and Argentina, etc. have a high per capita consumption of chocolates, candies, and gum along with the rising demand for confectionery industry.
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“In the global scenario, the confectionery market has been evolving with new innovating products that are healthier for their consumers, therefore, companies are producing organic chocolates and sugar-free candies and gums. New and attractive products, marketing strategies such as promotion, packaging, and healthy product categories are influencing various multinational companies to invest in the confectionery market at a global level”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Confectionery Market, By Type (Chocolate, Sugar Candy & Gum Candy), By Distribution Channels (Supermarkets/Hypermarket, Independent Grocery Stores, Convenience Stores/Forecourt Retailers, Departmental Store, Non-Store Retailing (Online Store)), By Region Competition Forecast & Opportunities, 2016-2026F”, has evaluated the future growth potential of the confectionery market globally and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take a sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global confectionery market.
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