Confectionery Market Report by Product Type, Age Group, Price Point, Distribution Channel, and Region 2024-2032

The global confectionery market size reached US$ 192.2 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 256.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.24% during 2023-2032. Changing consumer preferences, rising disposable incomes, innovative product offerings, the trend of gifting confectionery items, growing urbanization, and heightened focus on health and wellness, expansion of distribution channels, strategic collaborations, and investments in research and development (R&D) activities are factors contributing to market growth.

Confectionery Market Analysis:

• Major Market Drivers: Global confectionery market share driven by the fluctuations in flavor and format innovation, which has compelled the manufacturers to cater to the different tastes of diverse customers worldwide, is of the major drivers favoring the market growth. Moreover, the demand for luxury and enjoyable confectionery products, also known as premium products, also overwhelmingly contributes to the confectionery market growth. Based on the current health trends, individuals across the globe demand sugar-free and low-calorie products, which further boosts the rate of innovation in product formulation, which is driving the confectionery market demand. Apart from this, increasing number of distribution channels, especially online platforms, also boosts the market by enhancing consumer choice and access, which is supporting the confectionery market analysis.
• Key Market Trends: The confectionery market trends expected to experience an increase in ethical consumerism. This inclination involves leaning towards products sourced sustainably and ethically manufactured. Vegan and plant-based confectionery is also on the rise, matching the general shift to plant-based eating plans, which is further driving the confectionery market value. Confectionary is receiving additional personalization and customization due to the development of advanced manufacturing equipment, which is supporting the confectionery market price trends and analysis. The trend further reflects the growing popularity of one-of-a-kind client experiences, which is further boosting the confectionery market worth. As per the confectionery market future forecast, when it comes to new confectionery, there is a distinct trend toward nostalgia. Retro candies are making a revival, with labels reintroducing old top performers to consumers attempting to evoke the right time, which is another confectionery market drivers.
• Geographical Trends: As per the confectionery industry forecast, Europe is leading the international confectionary industry, mainly due to strong consumer purchasing power and a long-standing culture of confectionary consumption. The development of chocolate and confectionery industries in countries such as Germany, the UK, and Switzerland nurture customer loyalty to those products, thus, enhancing confectionery industry trends. Furthermore, the highest number of key global players and well-established distribution networks contribute to the dominance of the region in the confectionery market by segment. Furthermore, as per the confectionery industry competitors analysis, Asia-Pacific is dynamically developing due to the increasing processes of urbanization, rising purchasing power, and the influence of western food.
• Competitive Landscape: As per the confectionery market research, some of the key players in the global confectionery industry research report include Chocoladefabriken Lindt & Sprüngli AG, Crown Confectionery, Ezaki Glico Co. Ltd., Ferrero International S.A., HARIBO GmbH & Co. KG, Mars Incorporated, Meiji Holdings Co. Ltd, Mondelez International Inc., Nestle S.A., Parle Products Pvt. Ltd, The Hershey Company, The Kraft Heinz Company, etc.
• Challenges and Opportunities: As per the confectionery market forecast, the market is challenged by volatile material prices and complicated regulatory regimes regarding health claims and food labels. Health concerns linked to sugar intake represent the most evident obstacle, as manufacturers and brands have to respond to consumer expectations by developing healthier options. Despite that, these challenges offer various confectionery market growth opportunities in terms of product development and innovation. The growing demand for organic, allergen-free, and naturally sweetened products epitomizes new sources of development, which is further driving the global confectionery industry revenue. Furthermore, the growth in emerging market opportunities can offset the slow volume growth in mature western markets, further influencing the confectionery market report.

Confectionery Market Trends:

Shifting consumer preferences

Shift in consumer preference toward indulgent and convenient snacks has played a crucial role in shaping the confectionery market globally. Consumers are increasingly looking for products that can meet their taste satisfaction and convenience, which is fueling the industry demand for various types of confectionery like chocolates, candies, and gums. More specifically, the pattern is apparent among urban dwellers with busy lifestyles who prefer snacking on-the-go.

Additionally, the variety of products continues to increase as changing consumption patterns influenced by cultural diversity and global cuisines drive manufacturers to explore new flavors and product varieties to suit different palates. This is leading key market players to invest in research and development (R&D) to understand and predict consumer behavior to ensure their products remain competitive and attractive.

Inflating per capita income

The rise in disposable incomes, especially in developing markets, is a significant initiative behind the growth in the global confectionery market. With improved purchasing power, consumers are more likely to spend a share of their anorexic incomes on a range of treat and snack items, which includes products in the confectionery category. The culture of affordable luxuries and the perception of affordable indulgences also drive the market growth. Additionally, economic growth allows consumers to spend more on food and beverages (F&B), including confectionery products, which stimulates the demand for the goods being discussed above. In response, the market has strategically expanded its role in developing markets with increased disposable income, desirable target markets, and growing demand.

Development of innovative product offerings

Innovation in product formulations and incorporation of effective marketing initiatives play an integral role in enhancing growth within the global confectionery market. Manufacturers are innovating their products to launch new flavors, formulations, and packaging designs that attract consumer attention and differentiate their products from those of competitors. Such efforts are informed by the need to change with the changing consumer trends that favor healthy products, premium ingredients, and exotic flavors.

In addition to products, marketing strategies, including advertising, social media campaigns, and effective product placements, are essential for enhancing brand awareness and consumer attraction. Based on the two aspects, key players can develop new methodologies to enhance their market presence, attract new consumers and grow sustainably in the competitive market.

Confectionery Market Segmentation:

The publisher provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type, age group, price point, and distribution channel.

Breakup by Product Type:

• Hard-boiled Sweets
• Mints
• Gums and Jellies
• Chocolate
• Caramels and Toffees
• Medicated Confectionery
• Fine Bakery Wares
• Others

Chocolate represents the leading market segment

The chocolate segment is driven by the increasing consumer awareness of its health benefits, particularly its high cocoa content which is associated with antioxidants and potential cardiovascular benefits. Moreover, the rising popularity of artisanal and premium dark chocolates among discerning consumers seeking indulgence and sophistication further propels market growth. Additionally, the milk chocolate segment is driven by the increasing demand for nostalgic and comforting flavors, catering to consumers' desire for familiar and accessible treats. The versatility of milk chocolate in various applications, including confectionery, bakery, and beverage industries, also contributes to its market expansion.

Furthermore, the white chocolate segment is driven by the growing trend of exotic and innovative flavors, as well as the perception of white chocolate as a luxurious and indulgent option. The creamy texture and sweet taste of white chocolate appeal to a wide range of consumers, including those with a preference for milder flavors and those seeking novel taste experiences.

Breakup by Age Group:

• Children
• Adult
• Geriatric

Adult represents the leading market segment

The adult confectionery segment is driven by the increasing demand for sophisticated and indulgent flavor profiles, catering to mature palates seeking unique taste experiences. Consumers in this segment are often drawn to rich and complex flavors, such as dark chocolate with hints of spices or exotic fruits, as well as premium ingredients like single-origin cocoa beans or artisanal nuts.

Moreover, there is a growing emphasis on the health benefits of dark chocolate, with its antioxidant properties and lower sugar content appealing to health-conscious adults. Additionally, the adult segment is influenced by the rising popularity of experiential consumption, with consumers seeking confectionery products that offer not only exceptional taste but also memorable sensory experiences, such as chocolate tasting events or guided pairing sessions with wine or spirits.

Breakup by Price Point:

• Economy
• Mid-range
• Luxury

Economy represents the leading market segment

The economy segment of the confectionery market is primarily driven by a variety of key factors that influence both production and consumer behavior. Firstly, price sensitivity among consumers, especially in emerging markets and among cost-conscious demographics, plays a crucial role. In these segments, affordability is often a deciding factor in purchasing decisions, leading manufacturers to focus on cost-effective production and bulk offerings. Secondly, the availability and cost of raw materials directly impact the production costs for confectionery items. Fluctuations in the prices of sugar, cocoa, and dairy products can compel producers to adjust their strategies to maintain profit margins while keeping products affordable.

Another significant driver is the increasing competition from both local and international brands, which often leads to aggressive pricing strategies and promotional activities to capture a larger market share. Additionally, economic downturns and periods of inflation can increase the demand for economy confectionery products as consumers look for cheaper alternatives to premium brands.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Pharmaceutical and Drug Stores
• Online Stores
• Others

Supermarkets and hypermarkets represents the leading market segment

The supermarkets and hypermarkets segment is driven by the increasing demand for convenience and variety among consumers. These retail formats offer a wide range of confectionery products under one roof, catering to diverse consumer preferences and providing convenience in shopping. Additionally, supermarkets and hypermarkets often leverage strategic location strategies, placing stores in high-traffic areas to attract footfall and capitalize on impulse purchases of confectionery items. Furthermore, the competitive pricing and promotional offers available in these stores attract budget-conscious consumers, driving sales volume in the confectionery market.

Moreover, supermarkets and hypermarkets invest in extensive marketing campaigns and attractive display arrangements to enhance the visibility of confectionery products and stimulate consumer interest. This segment also benefits from the increasing trend of bulk purchases, as consumers stock up on confectionery items for special occasions and events, contributing to higher sales revenue.

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

North America leads the market, accounting for the largest confectionery market share

The North American region is driven by the increasing consumer demand for premium and indulgent confectionery products, fueled by a culture of celebration and gifting, as well as a strong tradition of snacking. Consumers in North America are increasingly seeking high-quality and innovative confectionery items, including chocolates, candies, and gourmet treats, reflecting a growing preference for indulgent experiences. Moreover, the rise in disposable incomes and a robust economy contribute to higher spending on confectionery products, as consumers perceive them as affordable luxuries and convenient snacks for everyday consumption and special occasions.

Additionally, the influence of popular culture and media further propels the demand for confectionery products, as they are often associated with entertainment and social gatherings. Furthermore, the North American market benefits from extensive distribution networks and effective marketing strategies employed by key players, ensuring widespread availability and visibility of confectionery items across various retail channels, including supermarkets, convenience stores, and e-commerce platforms. Moreover, the region's diverse demographic landscape, including a sizable population of millennials and Generation Z, drives demand for innovative and trendy confectionery products, such as organic, gluten-free, and vegan options, catering to evolving consumer preferences for healthier and more sustainable choices.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the confectionery industry include Chocoladefabriken Lindt & Sprüngli AG, Crown Confectionery, Ezaki Glico Co. Ltd., Ferrero International S.A., HARIBO GmbH & Co. KG, Mars Incorporated, Meiji Holdings Co. Ltd, Mondelez International Inc., Nestle S.A., Parle Products Pvt. Ltd, The Hershey Company, The Kraft Heinz Company, etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

• Key players in the confectionery market are actively engaged in various strategic initiatives to maintain and enhance their market positions. These initiatives include product innovation, with a focus on introducing new flavors, formulations, and packaging designs to meet evolving consumer preferences and differentiate their offerings from competitors. Moreover, companies are investing heavily in marketing and advertising campaigns to build brand awareness and strengthen consumer engagement. Additionally, strategic partnerships and collaborations are pursued to expand distribution channels and reach new markets, enabling companies to tap into previously untapped consumer segments. Furthermore, investments in research and development are prioritized to develop healthier and more sustainable confectionery products, aligning with the growing trend towards health and wellness. Moreover, mergers and acquisitions are prevalent in the industry as companies seek to consolidate their market positions, expand their product portfolios, and leverage synergies to achieve operational efficiencies. Furthermore, sustainability initiatives, such as sourcing ethically produced ingredients and reducing carbon footprint, are gaining traction among key players as they align with corporate social responsibility goals and resonate with environmentally conscious consumers.

Confectionery Market News:

• In August 2022: Nestle's announcement of KitKat V marks a significant step in meeting the evolving consumer preferences for plant-based alternatives in the confectionery market. By introducing a vegan version of its iconic KitKat chocolate bar, Nestle is catering to the growing segment of consumers who seek dairy-free and animal-free options without compromising on taste or texture. The use of a rice-based formula ensures that the product is not only free from animal-derived ingredients but also aligns with dietary preferences such as vegetarianism and veganism. This move reflects Nestle's commitment to innovation and responding to changing consumer demands, as well as its dedication to sustainability and ethical sourcing practices.
• In June 2021: Ferrero announced its acquisition of Burton's Biscuit Company's manufacturing facilities in the United Kingdom, enhancing its production capabilities and expanding its presence in the biscuit segment.

Key Questions Answered in This Report

1. What was the size of the global confectionery market in 2023?
2. What is the expected growth rate of the global confectionery market during 2024-2032?
3. What are the key factors driving the global confectionery market?
4. What has been the impact of COVID-19 on the global confectionery market?
5. What is the breakup of the global confectionery market based on the product type?
6. What is the breakup of the global confectionery market based on the age group?
7. What is the breakup of the global confectionery market based on the price point?
8. What is the breakup of the global confectionery market based on the distribution channel?
9. What are the key regions in the global confectionery market?
10. Who are the key players/companies in the global confectionery market?