(MENAFN- EIN Presswire) Confectionery
The rise in demand for confectionery products made with organic, exotic, and functional ingredients is one of the crucial factors propelling the market growth.
PORTLAND, OR, UNITES STATES, March 1, 2023 /einpresswire.com / -- According to the confectionery market analysis, the market is segmented on the basis of product type, age group, price point, distribution channel, and region. Based on product type, the market is categorized into hard-boiled sweets, mints, gums & jellies, chocolate, caramels & toffees, medicated confectionery, fine bakery wares, and others. By age group, the market is classified into children, adults, and geriatric. Based on price point, the market is distributed into economy, mid-range, and luxury. By distribution channel, the market is divided into supermarket/hypermarket, convenience stores, pharmaceutical & drug stores, food services, duty-free outlets, e-commerce and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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The global confectionery market was valued at $210.3 billion in 2019, and is projected to reach $270.5 billion by 2027, registering a CAGR of 3.6%. In 2019, the chocolate segment accounted for the highest confectionery market share. Confections refer to food items that are rich in sugar and carbohydrates. It includes a wide range of products such as chocolates, cookies, bars, gummies, mints, and others.
Consumer habits, tastes, and preferences are constantly evolving. This has led to innovation in the field of confectionery market trends that drives the market growth. Manufacturers are increasing their product range by including functional ingredients, organic herbal fillings, tropical fruit, and nut-based & exotic flavors in product formulations to meet changing consumer demands. Furthermore, the trend of gifting confectionery products, such as cookies, chocolates, bakery items, and others, has enabled to propel the confectionery market growth in the recent years. Brands are constantly establishing unique engaging techniques to seek consumer attention as confectionery products are significantly purchased as a result of impulse buying. These factors have cumulatively enabled to drive the market for confectionery products. However, the volatile nature of raw material prices of sugar and cocoa can hamper the growth of the confectionery market share.
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The rise in demand for confectionery products made with organic, exotic, and functional ingredients is one of the crucial factors propelling the market growth. Furthermore, the introduction of bite-size snack formats and on-the-go options has led to convenience for consumers, which positively impacted the market growth. These are some crucial factors that drive the global confectionery market.
Covid-19 scenario:
The strict rules and lockdown across various countries have caused a shortage of raw materials such as food ingredients, agricultural produce, and intermediate food products.
The prolonged lockdown has affected the supply chain and created uncertainty in consumer demand.
Due to fear of infection, there is scarcity of workers at the industrial level, which resulted in demand-supply volatility.
During the lockdown, the sales of confectionery declined due to reduced gifting and impulse buying behavior of customers.
The chocolate segment dominated the market.
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The key players operating in the global confectionery market include Mars, Incorporated, Mondelez International, Inc., Nestlé S.A., Ferrero Group, Meiji Co., Ltd., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Ezaki Glico Co., Ltd., Haribo GmbH & Co. K.G., and Pladis.
Key findings of the study
By product type, the chocolate segment was the highest contributor with $74,050 million in 2019, and is estimated to reach $98,149 million by 2027, at a CAGR of 4% during the confectionery market forecast period.
By age group, the adult segment was the highest contributor to the market with $122,150.80 million in 2019. However, the geriatric segment is anticipated to grow at a higher CAGR during the forecast period.
By price point, the economy segment was the highest contributor to the market in 2019, and is estimated to reach $119,684.20 million by 2027, at a CAGR of 3.5% during the confectionery market forecast period.
By distribution channel, the supermarket/hypermarket segment was the highest contributor to the market in 2019, and is estimated to reach $99,850.10 million by 2027, at a CAGR of 3.3% during the forecast period.
In 2019, the Europe region was the most prominent market accounting for $82,231.20 million in 2019. However, the Asia-Pacific region is expected to grow at a significant CAGR during the confectionery market forecast period.
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