The global confectionery market size was worth around USD 206.53 Billion in 2022 and is estimated to grow to about USD 261.7 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 3.9 percent over the forecast period.
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➤ The market is experiencing development due to the increase in demand for organic chocolate.
Buyers are increasingly favoring healthier snacking, which is accompanied by a preference for simplicity and flavor. In response, companies are devising a comprehensive strategy to meet the growing demand for healthier munchies. Consequently, confectionery companies are creating packaging that enables consumers to consume small quantities and save the remaining portion for a later date. Snack bars are also widely regarded as a healthful alternative to chocolate or confectionery, and they have a strong image as a treat due to the variety of nutrients, such as proteins.
➤ Market growth can be influenced by fluctuations in raw material prices.
Confectioneries are manufactured worldwide using two essential basic materials: sugar and cocoa. In recent years, the prices of cocoa and sugar have fluctuated as a result of the swift changes in production and demand in the global marketplace. Cocoa and sugar yields are affected by a variety of factors, including unfavorable weather conditions, labor availability, stock ratios, crop maladies, and other economic issues, all of which disrupt the smooth operation of demand and supply in the confectionery industry.
➤ The market development is being driven by the increasing popularity of sugar-free confectionery in developed economies.
The modest increase in the global confectionery market during the forecast period is anticipated to be driven by low-calorie items, such as sugar-free confectionaries. A variety of health issues have been associated with high sugar consumption, which is also a matter of concern worldwide. Many individuals choose sugar-free products to prevent consuming an excessive amount of sugar when it comes to treats. The most frequently employed sweeteners in the production of sugar-free chocolate and gums are artificial sweeteners and sugar alcohols.
➤ The market expansion is challenged by the need for flexibility in the supply chain and traceability.
The ability to trace any food item through all stages of the food chain is a critical element of both administration and information. The ability to track the movement of products back and forth is a requirement for all stakeholders in the supply chain, including the farmer, breeder, manufacturer, distributor, and retailer. Each instance should make one step forward and one step back. This should encompass the capacity to identify the source of all dietary inputs in order to take remedial actions in a safe and appropriate manner. Furthermore, product lifecycles are shorter than they were in the past.
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The Global Confectionery Market is segmented based on product, application and region
Global Confectionery Market: Product Segment Analysis
● Hard-boiled Sweets
● Mints
● Gums & Jellies
● Chocolate
● Caramels and Toffees
● Medicated Confectionery
● Fine Bakery Wares
● Others
Global Confectionery Market: Application Segment Analysis
● Supermarket/Hypermarket
● Convenience Stores
● Pharmaceutical & Drug Stores
● Food Services
● Duty-free Outlets
● E-commerce
● Others
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The global Confectionery market profiles key players such as:
● Nestlé S.A.
● Mars Inc.
● Ferrero Group
● Mondelez International Inc.
● Grupo Arcor
● Perfetti Van Melle
● Cadbury
● Petra Foods
● United Confectionery Manufacturers
● Meiji Co. Ltd.
● Chocoladefabriken Lindt & Sprüngli AG
● The Hershey Company
● Ezaki Glico Co. Ltd.
● Pladis
● Haribo GmbH & Co. K.G.
???? Recent Developments
• In March 2022, Chewters Chocolates, a Canadian confectionery company, made a substantial investment in state-of-the-art product inspection technology to enhance its packaging line competency to “world-class standards.”
• Pharmactive Biotech Products, a Madrid-based company, introduced Aged Black Garlic+ (ABG+) to the gummies flavor market in March 2022. The company describes ABG+ as a sweet, “social” flavor that is odor-free, making it an ideal choice for functional gummies.
➤ During the forecast period, Europe is expected to hold the largest market share.
The global confectionery market was dominated by Europe in 2021, with a share of over 35%. People are increasingly pursuing quality and premium chocolates over sugar confectionery goods as a result of their permissive eating habits and expanded taste preferences. The combination of work-life, health concerns, and individual desires among consumers is one of the primary factors that are becoming significant motivators for them to consume confectioneries in their daily routine.
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