Confectionery Market to be Valued Over USD244.25 Billion by 2026
Changing dietary habits and
emerging trends of offering chocolates on auspicious occasions are major
factors driving the global confectionery market.
According to TechSci
Research report, “Global Confectionery
Market, By Type (Chocolate, Sugar Candy & Gum Candy), By Distribution
Channels (Supermarkets/Hypermarket, Independent Grocery Stores, Convenience
Stores/Forecourt Retailers, Departmental Store, Non-Store Retailing (Online
Store)), By Region, Competition Forecast & Opportunities, 2016-2026F”, the global confectionery
market is projected to grow at a CAGR of over 4.85% to reach around USD244.25
billion by 2026F and is expected to reach healthy growth during the forecast
period. The global confectionery market is growing due to the increase in disposable
income of the consumers.
Due to the COVID-19 pandemic,
strict rules and lockdown imposed by the governments across various countries
have caused a shortage of demand and supply of raw materials such as food
ingredients, agricultural produce, and intermediate food products. It affected
the supply chain and created uncertainty in consumer demand. Due to the COVID-19 lockdown, sales of
confectionery products have been declined in the market across the world because
of reduced gifting as customers were told to stay at home strictly and supermarkets/hypermarkets,
etc. were also closed at the same time.
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Health issues faced by the consumers is a
major challenge for the confectionery industry. Diseases like diabetes, dental
problem, etc. are increasing the health issues among consumers because of which
the growth of the global confectionery market is restricted. Finally, to manage
this problem, manufacturers have come up with
low-calorie, sugar-free candies and chocolates. Apart from health issues, the
manufacturing companies are also facing problems while purchasing raw materials
as the prices for imported raw material like cocoa, butter, sugar, almonds, and
vanilla have surged because of high inflation. To overcome these challenges,
the chocolate and confectionery manufacturers, are more focused on
‘’Shrinkflation” to offset the rising cost challenges. In other words, the product
remains the same, but the size or quantity offered will be reduced.
The global confectionery
market is segmented into type, distribution channel, company and region. In
terms of product type, the global confectionery market is divided into chocolate,
sugar candy & gum candy. Out of which, the chocolate segment captured a
maximum market share of around 72% in 2020. The is due to a boost in the
manufacturing of chocolate companies which are conducting several promotional
activities and surveys to determine the taste and preferences of the target
audience. Also, the attractive packaging and innovative branding activities are
the reason for an increase in demand for chocolates among the consumers.
In terms of distribution
channel, the global confectionery market is divided into supermarkets/hypermarket,
independent grocery stores, convenience stores/forecourt retailers,
departmental store, non-store retailing (online store). The consumption of
confectionery products is increasing the sales in terms of volume through
different distribution channels. The majority confectionery products are sold
through supermarkets and hypermarkets which held around 26% of the market share
in 2020.
In terms of regional
analysis, the global confectionery market is divided into North America,
Asia-Pacific, Europe, South America, and Middle East & Africa. Out of
which, Europe is the dominating region in the global confectionery market with
a market share of around 31%. Countries like Germany, Belgium, and France are
the key markets for confectionery in Europe. The top market players in
confectionery industries are from Europe and hold maximum share in the global
market. The consumers are moving towards high-quality confectionery products
such as single-origin chocolates, organic chocolates, handmade chocolates and
candies, craft, and other chocolate products, which is a major driver for the
region's confectionery industry. As these products have less sugar and more
cocoa flavor, there is a huge market for dark chocolates, and they are viewed
as authentic and low in sugar. However, South America and Middle East &
Africa are expected to grow at a rapid CAGR of over 5% and 6%, respectively,
during 2021E-2026F and will be the fastest-growing regions in the coming years.
Countries such as the United
States, Canada, Mexico, China, India, Saudi Arabia, UAE, Germany, Italy,
Brazil, and Argentina, etc. have a high per capita consumption of chocolates,
candies, and gum along with the rising demand for confectionery industry.
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“In the global scenario, the confectionery
market has been evolving with new innovating products that are healthier for
their consumers, therefore, companies are producing organic chocolates and
sugar-free candies and gums. New and attractive products, marketing strategies such as promotion, packaging, and healthy
product categories are influencing various multinational companies to invest in
the confectionery market at a global level”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Global
Confectionery Market, By Type (Chocolate, Sugar Candy & Gum Candy), By
Distribution Channels (Supermarkets/Hypermarket, Independent Grocery Stores, Convenience
Stores/Forecourt Retailers, Departmental Store, Non-Store Retailing (Online
Store)), By Region Competition Forecast & Opportunities,
2016-2026F”, has evaluated the future growth potential
of the confectionery market globally and provides statistics and information on
market structure, size, share, and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take a sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the global confectionery market.
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