Global Confectionery Market

Global Confectionery Market Size, Share, Growth Analysis, By Type(Chocolates, Sugar), By Distribution Channel(Supermarkets/Hypermarkets, Convenience Stores), By Age Group(Children, adult), By Price Point(Economy, Mid-range) - Industry Forecast 2024-2031

Report ID: SQMIG30I2313 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 118 | Figures: 77

Global Confectionery Market News

  • In June 2022, Prova and Barry Callebaut have teamed up with the Sustainable Trade Initiative (IDH) to support vanilla farmers in introducing cocoa trees on their farm, provide training to improve the productivity and quality of both vanilla and cocoa, and fund and support local communities through social, health, and educational programs. This collaboration aims to help vanilla farmers diversify and stabilize their income streams.
  • In April 2022, Barry Callebaut, the world's top producer of premium chocolate and cocoa products, and Mexican Grupo Bimbo, the largest baker in the world and a company celebrating its 75th anniversary, announced the extension of their long-term partnership. The outsourcing contract includes chocolate goods for Mexico, the country where Bimbo does business.
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FAQs

Confectionery Market size was valued at USD 196.65 billion in 2019 and is poised to grow from USD 203.49 billion in 2023 to USD 250 billion by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031).

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. 'Pladis Global', 'Mars, Inc.', 'Nestle S.A.', 'Mondelez International, Inc.', 'The Hershey Company', 'Ferrero Group', 'Lindt & Sprüngli AG', 'Cadbury Schweppes plc', 'Ferrara Candy Company, Inc.', 'Haribo GmbH & Co. KG', 'Perfetti Van Melle S.p.A.', 'Lotte Confectionery Co., Ltd.', 'Meiji Co., Ltd.', 'Orion Corporation', 'The Kraft Heinz Company', 'Ritter Sport', 'Tootsie Roll Industries, LLC', 'Arcor Group', 'Bazooka Candy Brands', 'Wrigley Company.'

Nowadays, since there are more consumers in the workplace, it is more difficult for them to maintain a healthy work-life balance. In order to provide customers with a balanced diet, producers and marketers are actively profiting on the introduction and promotion of a variety of chocolate snacks, including on-the-go snacks, chocolate bars, and others. They also concentrate on providing consumers with tiny, handy packaging that makes it possible for them to carry bars and sweets in their luggage. A spike in interest in dark chocolate is being attributed to its positive health effects.

The popularity of organic snacks and sugar and chocolate products has been fueled by customer demand for healthy snacking options as well as the advantages to taste and sensory perception. Growing consumer interest in organic goods creates a variety of business options. The market for organic chocolate is expanding moderately on a worldwide scale and is becoming quite popular with consumers.

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.

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