Latin America Confectionery Market Report and Forecast 2024-2032

Latin America Confectionery Market Outlook

The Latin America confectionery market is being aided by the growing Brazil retail confectionery market, which stood at a value of USD 8.16 billion in 2023. The market is expected to grow at a CAGR of 1.5% in the forecast period of 2024-2032.

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Chocolate Confectionery Segment to Bolster the Growth of the Latin America Confectionery Industry

On the basis of product type, the chocolate segment accounts for a significant share in the Latin America confectionery industry. The market is aided by the increased popularity of chocolate flavoured confectionery among children as well adults, rising disposable incomes, and increasing middle class population in the region. Meanwhile, the growing popularity of non-chocolate confectioneries and gum and mints is expected to further bolster the market growth in the forecast period.

Brazil to Provide Significant growth Opportunities to the Confectionery Industry in Latin America

Among the major Latin American countries, Brazil accounts for a significant share in the region’s confectionery market and is likely to remain dominant in the forecast period as well. This can be attributed to the rising food and beverage industry and increasing middle-class population in the region.  Further, the export market for confectionery in Brazil has seen a significant increase in recent years.

Confectionery: Market Segmentation

The products which are rich in sugar are defined as confectionery products. These are usually utilised as sweeteners. Chocolate candies, gum, ice-cream, frozen desserts, and sweet baked goods, among others are some of the examples of confectioneries. Confectioneries are often categorised as chocolate confectionery and sugar confectionery.

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Based on product type, the market is divided into:

• Chocolate
• Non-Chocolate
• Gums and mints
• Others

Among these, the chocolate segment based on type is sub-divided into white, milk, and dark.

Based on distribution channel, the industry can be segmented into:

• Supermarkets and hypermarkets
• Convenience stores
• Special stores
• Online
• Others

The regional markets for the product include Brazil, Argentina, and Mexico.

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Increasing Middle-Class Population to Boost the Growth of the Latin America Confectionery Industry

The Latin America confectionery industry is being driven by the rising demand from the growing middle-class population. The growing chocolate industry, which attracts both children and adults, is significantly contributing to the growth of the confectionery market in the region. The rising demand from the food industry, increasing consumer demand for packaged food products, and expanding retail industry in the region are  expected to further aid the market growth in the coming years.

Key Industry Players in the Latin America Confectionery Market

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

• The Hershey Company
• Mars, Incorporate
• Mondelez International 
• Arcor Group 
• Nestlé S.A
• Canels Group
• Others

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