Confectionery Market
Market Overview
The global confectionery market size was USD 206.97 billion in 2023 and is projected to grow from USD 213.74 billion in 2024 to USD 278.36 billion by 2032 at a CAGR of 3.36% over the 2024-2032 period. Europe dominated the confectionery market with a market share of 38.38% in 2023. Moreover, the confectionery market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 36.09 billion by 2032, driven by consumers' willingness to spend on artisanal confectionery products and emerging production facilities in the region.
List of Key Players Covered in the Report:
- Super Confectionery
- Ezaki Glico Co., Ltd.
- The Hershey Company
- Mondelez International
- Ferrero SpA
- HARIBO GmbH & Co. KG
- Chocoladefabriken Lindt & Sprungli AG
- Meiji Holdings Co., Ltd.
- Nestle S.A.
- Barry Callebaut
Source: https://www.fortunebusinessinsights.com/industry-reports/confectionery-market-100542
According to the confectionery market report, the value of this market stood at USD 206.97 billion in 2023. The report further contains answers to the following questions:
- What are the major factors driving the market?
- What are the main hurdles that the market is facing and will face in the future?
- What are the key market segments?
- Which region or regions hold the largest potential for the market to grow?
- How are the competitive dynamics shaping the market?
- Who are the prominent players in this market, and what are their key strategies?
Market Driver
Hectic Lifestyles to Foster Sales Opportunities
As the global economy continues to grow, it is generating more employment opportunities and encouraging business development. This economic expansion enables greater access to education and skill-building, resulting in a larger workforce and increased demand for office space, particularly in major urban centers. However, the fast-paced lifestyle that accompanies this growth is contributing to rising levels of stress and poor health. In response, consumers are increasingly seeking convenient, healthier snack options that are low in sugar and fat. Chocolate has emerged as a top choice, not only for its taste but also for its potential health benefits. To meet this demand, companies are introducing sugar-free and organic chocolate products that cater to health-conscious consumers. Research from Loma Linda University supports these trends, showing that chocolate may enhance brain function, reduce stress, and decrease inflammation.
The Sweet Spot: Understanding the Confectionery Market
The confectionery market covers many types of sweets like chocolates and candies, worth billions, and growing every year. People are buying more sweets because they enjoy them and find comfort in them.
Trends Driving the Market
1. Healthier Options
People want candy that's not just tasty but also good for them. They look for sweets with less sugar, that are organic, or that use natural ingredients. This has made it easier to find healthier candy choices.
2. Expensive and Unique
People are ready to spend more on candy that's special and made by hand. They enjoy buying high-quality, unique candies that give them a special experience.
3. Creative Flavors
Candy companies are always coming up with new flavors and ways to make candy. From candies with exotic fruits to spicy-sweet ones, there's a lot of creative candy out there to try.
Regional Analysis
Europe to Lead the Pack; Asia-Pacific to Showcase Excellent Growth Trajectory
Europe is expected to lead the confectionery market with 39% market share in 2018, mainly due to high demand for premium chocolate products. People want unique and high-quality sweets and are ready to pay for them, leading companies to improve their products in Europe. Asia-Pacific also has great potential for growth because of more money available, a growing number of young and working people, and fast city growth. This has led many companies to try to enter the Asian market, especially China and India, by using various strategies.
Competitive Landscape
Launch of Natural Extracts-derived Products to Spur Competition
The candy market is expected to be very competitive as companies try to keep up with the increasing demand for organic candies. They are also looking to sell their products in more countries by launching new items.
Industry Developments:
- May 2023: Ferrero North America, one of the leading chocolate manufacturers in the U.S., announced new products and seasonal product lines, including products, such as Kinder Chocolate, at the annual expo of sweets & snacks in Chicago.
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