Confectionery Market, Dominated by North America Region, Forecasts by 3.8% CAGR | MarketResearch.biz

New york, July 11, 2023 (GLOBE NEWSWIRE) — Global Confectionery Market size accounted for USD 248.7 Bn in 2022. It is projected to surpass around USD 357.7 Bn by 2032, and it is poised to reach a CAGR of 3.8% from 2023 to 2032.

Confectionaries are a type of food product that is rich in carbohydrates and sugar. Confectionaries are classified into many types, like candies, chocolates, chewing gum, cakes, and many other food products. With the increasing young population across the world, the demand for various confectionery food products is also rising significantly. Confectionery food items are consumed daily in many parts of the world. This rising popularity of confectionery food products is expected to propel the growth of the global confectionery market in the upcoming period.

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Key Takeaway

• By Product, chocolate leads the product segment by holding a revenue share of 46% in the global confectionery market.
• By Distribution Channel, the offline distribution channel dominates the segment by accounting for a major revenue share of 76%.
• North America held a major revenue share of approximately 37.8% in 2022
• The Europe market is anticipated to grow at the fastest CAGR of 5.0%

Confectionery food items also have cultural roles in many parts of the world. Especially in Europe, many countries with various cultures have confectionery food as a high-rated food item. Therefore, confectionery food items have high cultural importance in many parts of the world. Moreover, many companies in the confectionery market are offering various premium confectionery products that attract customers to try premium confectionery food products.

Factors Affecting the Growth of the Confectionery Market

Several factors can affect the growth of the confectionery market. Some of these factors include:

• Changing Consumer Preferences: With the changing lifestyles of individuals worldwide, the demand for confectionery food items like chocolates and cakes is growing significantly worldwide. Many individuals consume confectionery food products daily. This is positively affecting the growth of the global confectionery market.
• Rising Advertising and Marketing Strategies: The major companies in the confectionery market are adopting various strategies in advertising and marketing to attract a wide range of customers to consume confectionery food products. This is boosting the sales of confectionery food items in the market.
• Product Innovation: many companies in the confectionery market are offering various products with innovative touches. This attracts many customers to new confectionery products with new flavors and tastes.

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Top Trends in Global Confectionery Market

An increasing trend towards healthier confectionery products made with natural ingredients and less sugar Confectionery is fueling the growth of the global confectionery market. It has led to products like sugar-free, vegan, and healthy confectionery food products that are popular for their health benefits. Also, chocolate manufacturers constantly innovate to create new flavors, formats, and packaging that consumers will enjoy. It includes new textures such as crunchy and crispy, as well as the addition of unique ingredients like chili and matcha.

Market Growth

The expanding global food and beverage industries and the increasing per capita consumption of confectionery products will support market growth. Market growth is also driven by the desire of consumers to gift these products and the rapid urbanization around the world. Aside from this, confectionery products in emerging markets are more popular due to their attractive packaging and continuous development.

Regional Analysis

In 2022, North America led the global confectionery market by holding a major revenue share of 37.8%. The growing popularity and demand for chocolate confectionery items drive the market’s growth, as well as consumers’ growing preference for organic and natural products with added value. The constant changes in consumers’ eating habits and lifestyles are also boosting the growth of the North America region.

After North America, The Asia Pacific is the fastest-growing region and will see a 5.0% annual growth rate between 2023-2032. Japan, India, China, and China are all big confectionery consumers. This will increase regional demand. The region will also experience an accelerated growth due to growing disposable incomes and a rising population.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Mars Incorporated, Mondelez International Inc., Nestle S.A., The Hershey Company, Meiji Co. Ltd., Perfetti Van Melle, Ferrero Group, Ezaki Glico Co. Ltd., etc.

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Scope of Report

Market Drivers

Market growth is driven by changing consumer behavior and dietary pattern. Recent years have seen a rise in demand for confectionery products made from natural ingredients. Around half of all confectionery product buyers want healthier options made with at least 60% natural components. Market demand is expected to rise due to increased demand for sugar-free confectionery in developed economies.

Market Restraints

The negative health effects of many confectionery products are restricting many individuals from consuming these food products. Excessive consumption of confectionery items is leading to major causes like diabetes and obesity, which are discouraging health-conscious consumers from consuming them.

Market Opportunities

Many confectionery product manufacturers offer various products like chocolate or chewing gum and sweets. The market is experiencing a surge in investment from key market players in marketing campaigns, promotional activities, and social media marketing. The quality of these products is expected to be maintained by governments in the U.S.A, U.K, China, India, and the U.K. The federal guidelines and rules are published to ensure that products meet the highest hygiene standards for consumption. All these factors are expected to create many opportunities in the global confectionery market over the forecast period.

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Report Segmentation of the Confectionery Market

Product Type Insight

The market share for chocolate was more than 46% in 2022. This segment is expected to expand at a CAGR of 4.2% between 2023-2032. This is due to the growing demand for chocolate products and their increased consumption by all ages to satisfy their taste buds. Compared to all other confectionery products, chocolate is the most consumed per capita. The market is set to grow due to increased demand for organic and premium chocolate products during the forecast period.

After chocolate, sugar confectionery is projected to grow at a CAGR of 4.9% between 2023 and 2032. Market growth is expected to accelerate due to consumers changing lifestyles and eating habits. The increasing middle-class population and growing disposable income will also drive market growth. The rising trend in e-commerce is expected to propel this segment over time.

Distribution Channel Insight

The offline distribution channel dominates the segment by covering a major revenue share of 76%. Consumers prefer to shop offline for consumer goods, groceries, and confectionery products like chocolate. Easy access to and the ability to search for confectionery products via stores will likely drive segment growth. In the coming years, the offline segment will see a rise in demand for chocolate, cookies, ice cream, and other confectionery products.

However, the online market is expected to experience the fastest growth, with a CAGR of 5.2% between 2023-2032. Recent years have seen significant growth in internet penetration, which has led the world to e-commerce. Many manufacturers offer these products on their websites and through e-commerce platforms. This will, in turn, drive market growth for the online distribution channel during the next few years.

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Market Segmentation

Based on Product Type

• Chocolate
• Fine Bakery Wares
• Sugar
  • Caramel and Toffee
  • Jelly and Gum
  • Mint
  • Hard-Boiled Sweets

Based on Distribution Channel

Key Regions

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Key Players

• Mars Incorporated
• Mondelez International Inc.
• Nestle S.A.
• The Hershey Company
• Meiji Co. Ltd.
• Perfetti Van Melle
• Ferrero Group
• Ezaki Glico Co. Ltd.
• Ferrero Group
• Cadbury
• Grupo Arcor
• Other Key Players

Recent Development of the Confectionery Market

• In March 2022, a Canadian confectionery company Chewters Chocolates invested in cutting-edge product inspection technology to improve their packaging line quality to world-class standards.
• In March 2022, Madrid-based company Pharmactive Biotech Products entered the gummies flavor market by introducing their Aged Black Garlic+.

Browse More Related Reports

• Sugar Confectionery market size is expected to be worth around USD 75,923.40 million by 2031 from USD 43,614.00 million in 2021, growing at a CAGR of 5.69% during the forecast period 2021 to 2031.
• Confectionery Processing Equipment market is expected to index a valuation of USD 8,153.1 million from a value of USD 4,773.1 registered in 2021. Over the course of this forecast timeline, the global confectionery processing equipment market is slated to index a CAGR of 5.5%.
• Confectionery Ingredient market size is expected to be worth around USD 141.3Bn by 2031 from USD 93.7Bn in 2021, growing at a CAGR of 4.19% during the forecast period 2021 to 2031.
• Caramel Market size is expected to be worth around USD 4.0 Bn by 2032 from USD 2.8 Bn in 2022, growing at a CAGR of 3.8% during the forecast period from 2023 to 2032.

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