Pune, India, June 15, 2021 (GLOBE NEWSWIRE) -- The global confectionery market size is slated for considerable expansion from USD 190.77 billion in 2018 to USD 245.28 billion in 2026 owing to the improving lifestyle of consumers across the world, finds Fortune Business Insights in its report, titled “ Confectionery Market, 2019-2026 ”, the confectionery market stood at USD 198.65 billion in 2020. It is set to exhibit a CAGR of 3.23% during the forecast period.
There has been a considerable growth in the confectionery market on account of the growing inclination of consumers towards a wide variety of chocolates and snacks such as candies, dark chocolates, and others. The increasing health concerns among consumers across the world has resulted in the rising preference towards sugar-free food items such as chocolate cookies, sugar-free toffees, and others, which has led to the growth of this market.
Further, the growing modernization and improving lifestyle of consumers have led to a rising demand for confectionery food items across several regions, which are expected to fuel this market’s growth. For instance, there is a huge demand for dark premium chocolates in the developed countries such as England, Germany, Italy, and others due to its potential health benefits such as control of blood pressure, reduction in the risk of heart disease, improvement in the brain function, and many others, which has led to a surge in the demand for these chocolates, thus, propelling the growth of this market.
However, the change in the prices of raw materials such as sugar and cocoa is projected to hinder this market’s growth.
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List of Top Players Covered in the Confectionery Market Report are:
- Barry Callebaut
- Ferrero SpA
- Nestle S.A.
- Mondelez International
- Meiji Holdings Co. Ltd.
- The Hershey Company
- Ezaki Glico Co. Ltd.
- HARIBO GmbH & Co. KG
- Super Confectionery
COVID-19 Impact:
The COVID-19 pandemic and the lockdown restrictions across the world have massively affected the confectionery industry. The production and distribution of the food items such as chocolates, gums, and others has incurred huge losses during this pandemic, resulting in the decreasing demand for these products, which may prove harmful for this market’s growth.
Market Segmentation:
On the basis of type, this market is classified into chocolate, sugar, and gums. By distribution channel, the market is divided into hypermarket/supermarket, convenience stores, departmental stores, and online retail. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Highlights/Summary:
The report attempts to put forth a comprehensive understanding of the overall industry trends and outlook. It also provides a microscopic assessment of the market drivers, segments, and restraints, along with a holistic analysis of the regional developments in the market. Topping these factors is an exhaustive examination of the competitive landscape of the market, powered by industry-leading market research.
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Drivers/Restraints:
Increasing Popularity of Organic Snacks and Confectionery to Boost the Market
There has been a high demand for organic snacks and confectionery food items due to the development of taste of the consumers and the easy availability of a wide variety of confectionery products such as chocolates, candies, gums, and others. This is an important factor driving the growth of this market. Further, the sales channels such as supermarkets and departmental stores are offering attractive discounts on a wide range of confectionery products to attract maximum number of customers. Thus, these food products have gained popularity among the majority of world population, resulting in the growth of this market.
Regional Insights:
Rising Production of Confectionery Items to Fuel the North America Market Growth
North America region is projected to expand speedily in the confectionery market share owing to the rising taste preference of consumers and their lenient eating habits. Further, the majority of consumers in this region are demanding for high quality and customized confectionery products due to the growing individual needs and the work-life balance, which has led to the growth of this market in this region.
Asia Pacific region is anticipated to grow at a decent pace in this market due to the surge in the income of people, speedy urbanization, and others. Further, the consumption of confectionery products by majority of young population in this region and the easy availability of packed food items has resulted in this market’s growth.
Competitive Landscape:
Launch of Customized Confectioneries by Key Players to Boost Competition
Leading confectionery manufacturers are focusing on the development and introduction of customized confectionery food products with novel flavors and tastes. The adoption of this strategy is enabling key players to attract customers with differentiated tastes, and widen their market presence.
Key Industry Development:
December 2018: CPC has launched three new variants of chocolates in the market. The products include goldentree premium chocolate, goldentree heritage artisanal chocolate, and golden tree nutty choc to meet the growing demand for premium chocolates in the market.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on Related/Parent Market
- Global Chocolate Consumption Trend
- Global Cocoa Production Trend
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Mergers & Acquisitions, Expansions, Partnerships, and
- Global Confectionery Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- By Distribution Channel
- Hypermarket/Supermarket
- Convenience Stores
- Departmental Stores
- Online Retail
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
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Have a Look at Related Research Insights:
Confectionery Ingredients Market Size , Share & Industry Analysis, By Type (Dairy Ingredients, Cocoa & Chocolate, Emulsifiers, others), By Source (Natural, Synthetic), By Application (Chocolate Confectionery, Sugar Confectionery, Bakery Confectionery) and Regional Forecast, 2021-2028
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