The global confectionery market revenue was valued at USD 206.97 billion in 2023 and is expected to increase from USD 213.74 billion in 2024 to USD 278.36 billion by 2032, growing at a CAGR of 3.36% during the 2024-2032 period. Europe led the market with a share of 38.38% in 2023. Additionally, the U.S. confectionery market is anticipated to experience substantial growth, reaching an estimated USD 36.09 billion by 2032, driven by consumer demand for artisanal products and the expansion of production facilities in the region.
The premium product segment has experienced significant growth in recent years, contributing to the expansion of the global market. While demand for premium products has steadily increased in developed regions, developing areas have seen rapid growth due to factors such as rising Western influence, increased disposable income, booming international trade, and the geographical expansion of major players through new product launches and innovations. Consequently, the global market's growth can be largely attributed to the rising consumption of premium confectionery products. For example, in July 2021, Harbinger Foods introduced Kokoma! Artisanal Chocolate, a premium chocolate line featuring five signature product varieties, including milk, dark, and white chocolate in various flavors and ingredients. This launch was driven by the growing demand for premium products in the country.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/confectionery-market-100542
According to the confectionery market report, the value of this market stood at USD 190.77 billion in 2018. 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?
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
Market Driver
Hectic Lifestyles to Foster Sales Opportunities
Global economic growth and development have led to an explosion of job and business opportunities. Greater access to education and skill development have expanded the number of employable people around the world, resulting in more working people and more office spaces, especially in large urban conglomerations. As a result, modern lifestyles have become more hectic and stressful, with unfortunate consequence being on health and fitness of people. Therefore, many consumers are now demanding on-the-go confectionery snacks, preferably having low sugar and fat. Chocolate, owing to its numerous health benefits, is the most consumed confectionery product in the world, and many companies are now developing sugar-free and organic chocolate items to cater to the health-conscious urban populace. Furthermore, chocolate consumption has positive physiological effects. The Loma Linda University Adventist Health Sciences Center in California found, through a research study, suggested that chocolate consumption positively impacts brain health and reduces stress and inflammation.
Regional Analysis
Europe to Lead the Pack; Asia-Pacific to Showcase Excellent Growth Trajectory
With a market share of 39% in 2018, Europe is slated to dominate the confectionery market share in the coming years, primarily on account of high consumption chocolate items. Consumers are increasingly demanding premium and customized confectionery products and are willing to pay for such items, prompting companies to manufacture and deliver superior offerings in the region.
Asia-Pacific holds tremendous growth opportunities for this market owing to rising disposable income, increasing young and working-age population, and rapid urbanization. As a result, many players are implementing different strategies to establish themselves in the Asia-Pacific region, especially China and India.
Competitive Landscape
Launch of Natural Extracts-derived Products to Spur Competition
The confectionery market forecast envisages a period of cutthroat competition in this market as companies deploy various strategies to meet the escalating demand for organic confectionery items. Besides this, many players are also attempting to broaden their business horizons by introducing novel offerings in foreign markets.
Industry Developments:
- July 2019: Nestle, the Swiss multinational, created a new chocolate product with no added sugar, enabling its loyal customers to enjoy the company’s 70% dark chocolate wholesale. Called the Cacao Fruit Chocolate, the product will be infused with natural cacao pulp which will function as the sweetener for the chocolate.
- May 2018: The Swiss chocolate manufacturer Barry Callebaut opened the first chocolate center in Africa called the CHOCOLATE ACADEMY™. Located in Johannesburg, South Africa, the academy will focus on teaching training budding chocolate-makers, professionals, and enthusiasts with the latest trends and technologies of the confectionery world.
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