USD 196.65 billion
Report ID: SQSG30I2017 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 118 | Figures: 77
Global Confectionery Market size was valued at USD 196.65 billion in 2021 and is poised to grow from USD 203.49 billion in 2022 to USD 250 billion by 2030, growing at a CAGR of 3.5% in the forecast period (2023-2030).
Candy and sweets are referred to as confectionery, as is a place where these things are sold. The consumer trend for more opulent and expensive chocolates and gums is a primary driver of the worldwide industry. Consumers are becoming more and more able to engage in excessive purchasing habits in order to fulfill their needs. In industrialized nations, there is an increasing demand for dark premium chocolate, which is expected to have a beneficial effect on the market for confectionery goods as a whole. For example, Hershey’s is the manufacturer with the highest sales. The IRI figures show that Hershey has increased its dollar share across various categories, with: 49.51 percent of the less than 3.5 oz. chocolate candy box, bag, or bar category, an increase of 1.18 percent. 39.18% of chocolate candy boxes, bags, and bars weighed more than 3.5 oz., an increase of 0.27 %. 58.29 percent, or 2.26 percent more, of the chocolate candy snack size market.
Mars comes in second among manufacturers, although the business also saw a decline in dollar share from the previous year. 32.84 percent of chocolate candy boxes, bags, and bars weighing less than 3.5 oz. were sold, a 2.5% decrease. In the above 3.5 oz. chocolate candy box, bag, or bar category, 28.75 percent fell, a 1.43 percent decrease. The category of chocolate candies in snack size fell by 4.31 percent to 31.5 percent.
Governments implemented stringent lockdowns and limited public movement as a result of the global COVID-19 pandemic, which had a devastating effect on the economy and food business. The early months of commodities production were heavily impacted by the shutdown of factories producing sugar and chocolate goods. For instance, The Hershey Company temporarily shut down all of its production facilities in the United States from March 16 until March 29, 2020, in response to the COVID-19 epidemic.
US Confectionery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 196.65 billion
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Global Confectionery Market is segmented based on the type, distribution channel, age group, price point, and region. Based on the type, the global confectionery market is segmented as chocolates, sugar, and gums. By age group, the Confectionery Market is segmented into children, adult, geriatric. By price point, the Confectionery Market is segmented into economy, mid-range, and luxury. Based on distribution channels, the global confectionery market is segmented as supermarkets/hypermarkets, convenience stores, departmental stores, and online retail. Based on region, Confectionery Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Confectionery Market Analysis by Type
In 2021, the chocolate segment held the largest share in the global confectionery market. The chocolate confectionery market is the largest internationally and is booming in emerging markets. Increasing disposable income and the constant expansion of developing economies are two key elements driving the demand for a variety of chocolates in the global market. Globally, there are many chances for producers of chocolate goods due to the increased adoption of westernized foods and customers' daily routines.
7.2 million metric tonnes of chocolate are consumed worldwide. Since there are 7.7 billion people on the globe, each of us consumes 2.2 pounds of chocolate annually on average. With the exception of Snickers, which drew more than 48 million buyers, Reese's Peanut Butter Cups, Hershey's Kisses, and KitKat by Hershey were all purchased by over 40 million customers a piece.
Confectioneries made of sugar and gum are also doing well overall. Manufacturers have been pushed to expand their manufacturing and distribution capabilities in foreign markets as a result of the growing demand from children, young people, and the working population for novel sweets, snack bars, and other goods. Sugar confectioneries are now more widely available in stores thanks to the launch of new goods with improved tastes and textures. For example, reduced Sugar by HI-CHEW is now available in the flavors of Mango and Strawberry and contains 30% less sugar than the original candy. In order to lower the sugar level while preserving the same fruity flavor and chewy texture, HI-CHEW Reduced Sugar has a second layer of fruit flavor created with dietary fiber (inulin). Natural and artificial tastes, concentrated fruit juices and puree, and no artificial colors are used in its production.
Confectionery Market Analysis by Distribution Channel
In 2021, the supermarkets/hypermarkets segment held the largest share in the global confectionery market. Customers all across the world are responding incredibly favorably to supermarkets and hypermarkets. Increased foot traffic on the floor is a result of consumers' growing reliance on these amenities, their freedom of choice, the mass merchandisers' more extensive product lines, and their bundling programs. Due to their busy and demanding schedules, consumers prefer to buy goods in bulk for a specific period of time. According to Statista's Global Consumer Survey, 87% of UK customers usually shopped at supermarkets for food and other necessities in 2021. Additionally, the average modern supermarket currently stocks 47,000 items, the bulk of which are made by a few groups of food businesses.
Additionally, the producers are emphasizing modest and consumer packs for the middle class. Promotion of confectionery sales through convenience, online shopping, and shopping centers. Online sales of chocolate increased from around 817 million dollars in 2019 to about 1.4 billion dollars in 2020. E-commerce sales of candies other than chocolate climbed from 655 million dollars in 2019 to about 1.2 million dollars in 2020. This is expected to boost the growth of the global confectionery market during the forecast period.
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Europe accounted for the largest portion of the global confectionery market. Due to their increasingly tolerant eating habits and heightened taste preferences, customers are actively seeking out high-quality and premium chocolates over sugar confectionery goods. One of the key elements that are increasingly motivating consumers to include confectioneries in their daily routine is the triad of work-life, health concerns, and personal preferences.
Sales of organic chocolate, sugar-free chocolate, and vegan chocolate are driven by the growth in health consciousness among European customers and the ensuing increase in knowledge about the risks of ingesting sugar-enriched confectionery. For instance, the upscale chocolate company Love Cocoa debuted the region's first vegan chocolate bar with avocado. It is prepared from avocado powder that has been completely naturally freeze-dried. Additionally, businesses are developing novel packaging strategies to lengthen product shelf lives and rekindle customer interest in their chocolate brands. One of the biggest markets for bulk and specialty cocoa and chocolate, Germany offers the producing nation several chances as an export destination. The specialized cocoa and chocolate business has been expanding, meanwhile, as the bulk sector has already reached its saturation point. The enormous organic and sustainable cocoa industry, as well as the rising demand for darker chocolate, encourage this. The number of cocoa beans sold for export in 2021 was 567 tonnes, and 655 tonnes are anticipated to be sold this year. 273 thousand tonnes of cocoa beans, ten million two hundred thirty-two thousand tonnes of derivatives, and tonnes of chocolate.
Asia Pacific accounted for the second-largest proportion of the global confectionery market and has enormous potential for chocolate product consumption. The main drivers of the regional market's expansion include rapid urbanization, rising disposable income, a youthful, vibrant population, and the simple accessibility of confectioneries in consumer packs. The firms are taking advantage of these changes by actively pursuing facility expansions and mergers & acquisitions with local rivals. For example, Cargill is collaborating with a regional producer in western India to open its first chocolate manufacturing facility in Asia, helping the food sector fulfill this rising demand. The factory is anticipated to start producing 10,000 tonnes of chocolate compounds in mid-2021.
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Confectionery Market Driver
Confectionery Market Restraint
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Global confectionery market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. For example, With the new KIT KAT Blueberry Muffin, the KIT KAT brand is bringing a novel twist on one of the most recognizable baked delicacies. With undertones of both fresh and cooked blueberries, a muffin flavor like cake batter, and graham cookie bits included throughout the bar, this unique, limited-edition KIT KAT bar embodies all the greatest aspects of the beloved baked delicacy. The wonderful blueberry muffin-flavored cream in this new bar is encased in the trademark KIT KAT crispy wafers, perfectly simulating the taste of a warm, fresh blueberry muffin.
Top Players in the Global Confectionery Market
Confectionery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global confectionery market analysis, in terms of type, the chocolate segment held the largest share in the global confectionery market in 2021. Increasing disposable income and the constant expansion of developing economies are two key elements driving the demand for a variety of chocolates in the worldwide market. By distribution channel, the supermarket/hypermarkets segment held the largest share in the market due to the busy and demanding schedules of the consumers, they prefer to buy goods in bulk for a specific period of time. According to Statista's Global Consumer Survey, 87% of UK customers usually shopped at supermarkets for food and other necessities in 2021. And by region, the Europe segment held the largest share in the global confectionery market due to the increasingly tolerant eating habits and heightened taste preferences the customers have, they are actively seeking out high-quality and premium chocolates over sugar confectionery goods.
|Market size value in 2021||USD 196.65 billion|
|Market size value in 2030||USD 203.49 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Confectionery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Confectionery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30I2017