Global Confectionery Market Report and Forecast 2024-2032

Global Confectionery Market Outlook

The global confectionery market reached a value of about USD 229.48 billion in 2023. The industry is further expected to grow at a CAGR of about 3.8% in the forecast period of 2024-2032 to reach a value of around USD 322.66 billion by 2032.

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Increasing Demand for Chocolates to Aid the Confectionery Industry Growth

Based on product type, the chocolate segment is currently leading the global market for confectionery. This can be attributed to the growing popularity of pure chocolates and the increasing expenditure of consumers to satisfy their palates as all age groups consume chocolates or gums. Meanwhile, the ever-increasing demand for dark premium chocolates is anticipated to grow significantly in the forecast period, thus, aiding the market growth.

Europe to Significantly Boost the Confectionery Industry

Geographically, Europe accounts for a major share in the confectionery industry owing to the predominance of the chocolate industry in the region and the emerging trend of gifting confectionery products. Meanwhile, the Asia Pacific region is predicted to witness a robust growth over the forecast period owing to the increasing penetration of confectionery products and the rising demand for packaged food products in the region. Many emerging economies like China and India are predicted to grow considerably in the coming years due to the increasing consumer disposable incomes and the rapidly growing population across the regions.

Confectionery: Market Segmentation

Confectionery products refer to products that are rich in sugar or similar sweeteners. These include chocolates and non-chocolate candy such as gum, ice cream, and frozen desserts, sweet baked goods such as cookies, cakes, and pastries, and other sweet products such as jams, jellies, and preserves. There is an enormous collection of confectionery products globally and are majorly categorised as chocolate confectionery and sugar confectionery.

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By type, the market is bifurcated into:

• Organic
• Conventional

Based on product type, the industry can be segmented into:

• Chocolate
  • White
  • Dark
  • Milk
• Sugar
  • Hard-Boiled Sweets
  • Caramels and Toffees
  • Mint and Gums
• Snack Bars
• Others

Based on distribution channel, the market is divided into:

• Supermarkets and Hypermarkets
• Convenience Stores
• Pharmaceuticals and Drug Stores
• Speciality Stores
• Online
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Popularity of Sugar-Free Confections to Aid the Market Growth of the Confectionery Industry

The rising popularity of sugar-free chocolates and confectioneries is driving the growth of the confectionery industry. This can be attributed to the increasing consumer inclination for products with low calories due to the rise in several lifestyle diseases. Moreover, the growing perception of confectionery products as accessible luxury and the increase in consumers' purchasing power has also triggered the industry's growth. The growing trend of gifting confectionery products like bakery items, cookies, chocolates, and others has also propelled the market growth. Other factors like the rapid urbanisation and growing retail industry are also aiding the market growth. However, the low nutritional content and the fluctuating prices of raw materials like sugar and cocoa may pose a significant threat to the confectionery market's development. Over the forecast period, changing dietary habits and the launch of new products with superior qualities, such as low sugar, fat, and cholesterol content, with innovative packaging are slated to further aid the market growth.

The COVID-19 pandemic has severely impacted the confectionery market. The stringent rules and disruption in supply chains have caused a direct effect on the production and demand of confectionery  products, which led to major repercussions in the confectionery business. The reduced gifting during the pandemic led to a sales decline that affected the industry growth. Many key players that were operating in the confectionery market were forced to shut down their production lines during the first half of the pandemic. However, with ease in government regulations and vaccine optimism in place, the industry is expected to recover till 2021 and witness a steady growth in the forecast period.

Key Industry Players in the Global Confectionery Market

The report gives a detailed analysis of the following key players in the global confectionery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• The Hershey Company
• Ferrero SpA
• Mars, Incorporated
• Nestlé SA
• Chocoladefabriken Lindt & Sprüngli AG
• Mondelez International, Inc.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report