Confectionery Market To Hit Value 1.54 Billion By 2028 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on March 14th, 2023

The global confectionery market size is expected to reach USD 401.54 billion by 2028, registering a CAGR of 4.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing confectionery industry and the rising per capita consumption of these products are expected to promote market growth. Moreover, the increasing popularity and demand for sugar-free confectionery products across the developed economies have led to significant factors for market growth over the forecast period.

Moreover, a lockdown situation has been observed during the COVID 19 pandemic, and it showed an impact on the market due to the suspended or delayed supply of raw material products. However, it significantly impacts the supply chain of the market. Moreover, the increasing demand for organic chocolate and products after the COVID pandemic will create opportunities for the market players.

The sugar confectionery segment is expected to grow with the fastest growth rate of 4.9% from 2022 to 2028. The continuously changing lifestyle and eating habits among consumers are accelerating market growth over the forecast period. Additionally, the growing middle-class population coupled with increasing disposable income and urbanization across the globe are anticipating market growth. Moreover, the rising trend of e-commerce has expected to accelerate this segment over the next couple of years.

The online segment of the market is anticipated to register the fastest growth with a CAGR of 5.2% from 2022 to 2028. The internet penetration rate has witnessed lucrative growth in recent years which has led to the significant growth of the e-commerce sector across the globe. Several manufacturers of these products are offering products on their websites as well as on the e-commerce platforms which in turn will drive the market growth over the forecast period.

Europe made the largest contribution to the global market share with over 35% in 2021. The increasing popularity and demand for chocolate confectionery products is propelling the growth of the market. Moreover, the rising consumer's preference for organic, and value-added natural ingredients products are the major factor driving the market growth. Additionally, continuously changing consumers’ lifestyles and eating habits are accelerating market growth.

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Continuous changing consumer behavior and dietary habit are propelling the growth of the market. The growing trends toward consumers buying confectionery products made with natural ingredients are gathering popularity in recent years. According to Döhler, approximately 50% of confectionery products consumers want, asks for healthier options with at least 60% natural ingredients. Moreover, the increasing popularity and demand for sugar-free confectionery products across the developed economies have led to significant market demand over the forecast period.

Confectionery Market Report Highlights

  • Europe is expected to register the largest market share of more than 35% in 2021, owing to the increasing popularity and demand for chocolate products.
  • Sugar confectionery segment is expected to foresee the fastest growth, with a CAGR of 4.9% from 2022 to 2028 due to changing lifestyles and eating habits of the consumers.
  • Offline channel held the largest market share in 2021 and contributed more than 75% of the total revenue due to easy access to various confectionery products.

The manufacturers of confectionery products are offering a wide range of products such as chocolate, chewing gum and sweets, toffee, marshmallow, cookies, ice cream, and other products. Moreover, the rising investment by the key market players in advertising campaigns, promotional activity, and social media marketing is accelerating market growth. However, government guidelines in countries such as the U.S., Germany, U.K., China, and India are expected to maintain the quality of these products. The published federal guidelines and rules ensure the quality of products up to the hygienic standards for consumption.

The lockdown announced during the COVID-19 pandemic had disturbed transportation and suspended the supply of raw material for a short duration. The increasing demand for organic chocolate and products with natural ingredients after the pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the upcoming years.

Various manufacturers and suppliers are expected to focus on the logistic development and strengthening of the distribution channel to grow their business. The rising investment by the key market players in advertising campaigns, promotional activity, and social media marketing to expand their geographical presence across the globe. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. Some of the key players operating in the global confectionery market include:

  • Mondelez International, Inc.
  • Mars, Incorporated
  • The Hershey Company
  • Nestlé S.A.
  • Meiji Co., Ltd.
  • Ferrero Group
  • Chocoladefabriken Lindt & Sprüngli AG
  • Perfetti Van Melle
  • Ezaki Glico Co., Ltd.
  • Haribo GmbH & Co. K.G.
  • Grupo Arcor
  • Pladis

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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