Confectionery Market Size to grow by USD 64.69 billion between 2024-2028
According to a research report “ Confectionery Market” by Distribution Channel (Offline, Online) Product (Chocolate, Sugar confectionery, Gums) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 64.69 billion, at a CAGR of 4.94% during the forecast period. In the confectionery market, the extensive availability of packaged sugar confectionery products in a multitude of sizes and ranges significantly influences consumer preferences. The wider the product assortment, the greater the likelihood of consumers selecting these offerings. The confectionery industry's diverse shapes, flavors, and packaging attract not only adults but also children, contributing to market expansion. Consumers appreciate the freedom to switch preferences and choose from a vast array of options..
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By Distribution Channel, the Offline segment is projected to dominate the market size in 2024
In the confectionery market, organized retailing, specifically hypermarkets and supermarkets, serves as crucial offline distribution channels. These channels streamline the purchasing process for consumers by providing a diverse selection of confectionery brands. Notable players in this sector include Tesco Plc (Tesco) and Carrefour Group, who have expanded their presence through the opening of hypermarkets and supermarkets globally. For instance, Tesco opened approximately 650-750 convenience stores in Thailand in 2022. The growth of organized retailing is a significant factor driving the expansion of the confectionery market.
By Product, Chocolate segment is expected to hold the largest market size for the year 2024
The confectionery market's largest segment in 2023 was dominated by chocolate, representing a mature market. To cater to evolving consumer tastes, vendors have launched innovative chocolate offerings with unique flavors such as hibiscus, lavender, ginger, and alcohol. Premium organic chocolates have also gained traction. Additionally, reduced sugar chocolate variants, like dark chocolate, have experienced a surge in demand due to heightened health consciousness. However, the rising cost of cocoa has resulted in inconsistent pricing, limiting sales and causing a decline in chocolate consumption in various global markets.
Europe is forecasted to hold the largest market size by region in 2024
The European confectionery market held the largest market share in the global confectionery industry in 2023, and this trend is projected to continue throughout the forecast period. Key European countries, including the UK, Germany, France, Italy, Switzerland, and the Netherlands, are significant contributors to this market's growth. The presence of major confectionery manufacturers in Europe, such as Ferrero International S.A., Nestle SA, and others, is a significant factor driving the market's expansion. These companies have pursued strategic collaborations to innovate technologically and strengthen their market position, as evidenced by Ferrero's acquisition of Nestle's US confectionery business in 2018, which included over 20 renowned confectionery brands.
The Confectionery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The confectionery market in emerging economies is experiencing continuous development due to rapid urbanization, rising disposable income, and consumers' inclination towards attractive packaging. According to international institutions and national statistical offices, per capita consumption of confectionery products in these economies is on the rise. B2C enterprises are leveraging in-house market research and the Statista platform for top-down approach analysis. The market is witnessing a shift towards out-of-home consumption, with consumers increasingly opting for indulgent buying behavior. However, strict lockdowns and negative demand shock due to the pandemic have led to a decline in sales. The market is expected to recover with the easing of restrictions. Dark premium chocolates and gums are popular categories in the confectionery market, with affordability being a key factor in consumer decision-making. Governments are also playing a role in regulating the market, with some imposing taxes on sugary products. Overall, the confectionery market in emerging economies is a dynamic and evolving landscape, with continuous development and innovation.
Market Research Overview
The confectionery market is witnessing significant growth in the e-commerce sector due to the increasing internet penetration rate and the middle-class population's lifestyle preferences. The sugar confectionery segment, including ice cream, cookies, marshmallow, toffee, sweets, chewing gum, and chocolate, caters to various age groups and their test buds. The organic chocolate segment, made from natural ingredients, is gaining popularity due to consumers' increasing health consciousness and dietary habits. Major driving factors for the confectionery market include rapid urbanization, rising disposable income, consumers' inclination towards convenient buying experience, and continuous development. The chocolate confectionery segment, including sugar-free chocolates and reduced sugar intake options, is a significant contributor to the market's growth. The market situation is influenced by various factors such as government guidelines, social media marketing, promotional activities, investment, and consumer behavior in emerging economies. The key giants in the industry focus on attractive packaging, innovative candies, and chocolate items manufacturers to cater to the consumers' lifestyles and preferences. However, challenges such as price fluctuations, surplus or understock, trade restrictions, workforce shortages, and supply chain disruptions can impact the market situation. The market players are adapting to the changing market dynamics by focusing on healthier snacking options, such as organic snacks and dark premium chocolates, to cater to consumers' health concerns and indulgent buying behavior. The retail confectionery sector is also evolving, with a shift towards online sales, out-of-home consumption, and B2C enterprises. The market players are investing in manufacturing facilities and adapting to the changing market situation to meet the growing demand for confectioneries. The market research platforms like Statista, trade press, trade associations, international institutions, national statistical offices, and in-house market research provide valuable insights into the confectionery market's trends, consumer behavior, and market size. The top-down approach and foot-counts from mass merchandisers, supermarkets/hypermarkets, and overseas markets offer valuable data on consumer preferences and buying patterns. The confectionery market is a dynamic and evolving industry that caters to various age groups, dietary habits, and consumer preferences. The market players are continuously innovating to meet the changing market dynamics and consumer demands, offering a wide range of products, from classic sweets to modern snack bars and sugar-free confectionery products. The market's future growth is expected to be driven by the working population, children, and youngsters' inventive stuff and indulgent buying behavior. However, challenges such as lifestyle diseases, such as overweight, obesity, blood pressure, diabetes, and strict lockdowns, may impact the market's growth. The market players are focusing on health benefits, such as dark chocolate, chocolate bars, on-the-go snacks, and healthy work-life balance, to cater to consumers' evolving needs and preferences. The market's future growth is expected to be influenced by the global marketplace's raw materials, such as sugar, cocoa, and sugar-free chocolates, and their availability and price fluctuations. The market players are adapting to the changing market dynamics by focusing on sustainable sourcing, reducing their carbon footprint, and offering affordable options to cater to consumers' affordability concerns. The market situation is also influenced by various external factors, such as government guidelines, trade restrictions, workforce shortages, and supply chain disruptions, which can impact the market's growth and stability. The market players are focusing on continuous development, innovation, and collaboration to meet the changing market dynamics and consumer demands. The market's future growth is expected to be driven by the consumers' evolving preferences, lifestyle, and health concerns, and the market players' ability to adapt to these changes and offer innovative and sustainable solutions.
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