The Global Confectionery Market size is expected to reach $338.2 billion by 2030, rising at a market growth of 4.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 40,066.7 Kilo Tonnes experiencing a growth of 5.1% (2019-2022).
Traditional retail channels like grocery stores, gas stations, and specialty shops are vital for getting goods, but the scene has changed a lot since e-commerce became popular. Websites have made consumers' lives easier by letting them buy sweets from the comfort of their homes and have also changed how companies interact with their customers. Consequently, the online segment would account for nearly 29% of the total market share by 2030. Online platforms let companies make their marketing more specific and personalized. These include rich online experiences, social media initiatives, and influencer partnerships. These strategies help brands engage with their audience and build brand loyalty. This has made people prefer these channels over traditional channels.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in August, 2023, Meiji Holdings Co., Ltd. introduced cacao brand, a miscellaneous goods made with cacao husks. This launch aimed to create a system that would enrich both customers and workers in the cacao industry. Moreover, in August, 2023, Lotte India introduced coffy Bite, the coffe-toffe brand. The launched product aimed integration of nostalgia by innovatively fusing rich coffee and creamy vanilla.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mars, Inc., Nestle S.A, Mondelez International, Inc., Ferrero Group, Lindt & Sprungli AG, The Hershey Company (Hershey Trust Company), Meiji Holdings Co., Ltd., Lotte Corporation, Delfi Limited and Ezaki Glico Co., Ltd
Traditional retail channels like grocery stores, gas stations, and specialty shops are vital for getting goods, but the scene has changed a lot since e-commerce became popular. Websites have made consumers' lives easier by letting them buy sweets from the comfort of their homes and have also changed how companies interact with their customers. Consequently, the online segment would account for nearly 29% of the total market share by 2030. Online platforms let companies make their marketing more specific and personalized. These include rich online experiences, social media initiatives, and influencer partnerships. These strategies help brands engage with their audience and build brand loyalty. This has made people prefer these channels over traditional channels.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in August, 2023, Meiji Holdings Co., Ltd. introduced cacao brand, a miscellaneous goods made with cacao husks. This launch aimed to create a system that would enrich both customers and workers in the cacao industry. Moreover, in August, 2023, Lotte India introduced coffy Bite, the coffe-toffe brand. The launched product aimed integration of nostalgia by innovatively fusing rich coffee and creamy vanilla.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; Nestle S.A is the major forerunner in the Market. In January, 2022, Nestle released Aero Melts buttons and Kit Kat Bites, a line of new products for the spring. With this launch, the company aimed to pull out the stops for the Easter season, which is one of the most lucrative prospects for the market players operating in the confectionery sector. Companies such as Mondelez International, Inc., The Hershey Company (Hershey Trust Company) and Lindt & Sprungli AG are some of the key innovators in the Market.Market Growth Factors
Increasing demand for sugar-free chocolates
The surge in demand for sugar-free confections has sparked a significant shift within the market. This trend has prompted manufacturers to innovate and diversify their product lines, introducing a broader array of sugar-free options. Furthermore, the escalation in demand for sugar-free confections has bolstered research and development efforts within the industry. Manufacturers invest in innovative technologies and explore alternative sweetening agents to enhance taste profiles while maintaining sugar-free or reduced-sugar formulations. Thus, the burgeoning demand for sugar-free confections has transformed consumer choices and spurred innovation and progress within the market.Expanding retail and e-commerce channels
The market is helped by how different retail platforms work together to meet the needs and shopping habits of a wide range of customers. Traditional retail channels like grocery stores, gas stations, and specialty shops are still vital for getting goods, but the scene has changed a lot since e-commerce became popular. Since more people are shopping online, companies can get more information about their customers. This lets them make their marketing more specific and personalized. Therefore, the expansion of retail channels positively affects the market's growth.Market Restraining Factors
Fluctuations in the price of raw materials
Cocoa and sugar are two essential ingredients used to make confectioneries worldwide. In the past few years, sugar and cocoa prices have increased because of how quickly their manufacturing and consumer demand changes on the market. The natural ingredients used to make sugar candies come from several different places. R&D costs are high, and the prices of raw materials change all the time. This will slow the growth rate of the market. These regular fluctuations in the prices and demand of raw materials subsequently affect the products' production and sales in the market.Product Type Outlook
Based on product type, the market is fragmented into chocolate, mints, hard-boiled sweets, caramels & toffees, gums & jellies, medicated confectionery, fine bakery wares, and others. The hard-boiled sweets segment attained a significant revenue share in the market in 2022. Some sugar-based syrups, such as Mylose and Glucomalt, are cooked in a range of temperatures from 302 to 356 °F to make hard-boiled sweets. Hard-boiled sugary treats include aniseed twists, Bêtises de Cambrai, stick candies, and lollipops. Across the world, kids love hard boiled sweets in massive amounts.Distribution Channel Outlook
By distribution channel, the market is bifurcated into offline and online. The online segment garnered a considerable growth rate in the market in 2022. The advantage of online platforms is the ability to shop from any location and at any time. Consumers have the ability to peruse an extensive assortment of these items, place orders, and have the items conveniently transported to their residences, thereby obviating the necessity to visit brick-and-mortar establishments. Some online platforms offer subscription services or easy reordering options, allowing customers to set up regular deliveries of their favorite items without the hassle of repeatedly making purchases.Regional Outlook
Based on region, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, Europe region acquired the largest revenue share in the market. Europe has a significant demand for chocolate candies because more and more chocolates are being made there. The countries that produce and eat the most chocolate in Europe are Switzerland, Germany, Belgium, Austria, and the UK. Upcycling is a growing trend in the European candy industry, where treats are made of various items. Producers see this in the market as an opportunity to add value to waste materials or leftovers that would otherwise go to waste.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mars, Inc., Nestle S.A, Mondelez International, Inc., Ferrero Group, Lindt & Sprungli AG, The Hershey Company (Hershey Trust Company), Meiji Holdings Co., Ltd., Lotte Corporation, Delfi Limited and Ezaki Glico Co., Ltd
Strategies deployed in the Market
Partnerships, Collaborations & Agreements:
- Jun-2022: Mars teamed up with Perfect Day, a food technology startup company. Under this collaboration, Mars would launch CO2COA, the company's first animal-free chocolate innovation in the United States. The latest CO2COA chocolate offers customers silky smooth, lactose-free chocolate which is also environment-friendly.
- Sep-2021: Hershey came into an agreement with Barry Callebaut, a Belgian-Swiss cocoa processor, and chocolate manufacturer. This agreement aimed to allow both companies to continue to drive strategic and long-term growth across North America. Moreover, Barry Callebaut would continue to deliver liquid chocolate as well as finished products to Hershey across the region.
- May-2020: Lotte partnered with DKSH, a market expansion services vendor. Following this partnership, the company aimed to entrust a complete range of distribution and marketing activities for its products across Singapore to DKSH.
Product Launches and Product Expansions:
- Aug-2023: Meiji Holdings Co., Ltd. introduced cacao brand, a miscellaneous goods made with cacao husks. This launch aimed to create a system that would enrich both customers and workers in the cacao industry.
- Aug-2023: Lotte India introduced coffy Bite, the coffe-toffe brand. The launched product aimed integration of nostalgia by innovatively fusing rich coffee and creamy vanilla.
- Mar-2023: The Hershey Company announced the launch of the Plant-based Extra Creamy Oat Chocolate Bar and Reese’s Plant-Based Peanut Butter Cups, two new vegan chocolates in the US to serve a growing number of consumers seeking dairy-free chocolates.
- Nov-2022: Mondelez International, Inc. rolled out the Cadbury Plant Bar, a new chocolatey confection for those looking for a vegan alternative to the classic. The launched product would be available in two flavours which include Chocolatey Smooth and Salted Caramel which provides Canadians even more choice when searching for a moment of indulgence.
- May-2022: Lindt & Sprungli rolled out Lindt Classic Recipe OatMilk bars. the new product is made up of oat milk and would offer the same creamy and smooth experience as the company's vegan Lindt Classic Recipe milk chocolate.
- Feb-2022: Hershey's brand unveiled SHE. With this launch, the company aimed to highlight the significance of women by creating a simple and robust change to its iconic milk chocolate.
- Jan-2022: Nestle released Aero Melts buttons and Kit Kat Bites, a line of new confectionery products for the spring. With this launch, the company aimed to pull out the stops for the Easter season, which is one of the most lucrative prospects for the market players operating in the confectionery sector.
- Nov-2021: Lindt & Sprungli AG unveiled a duo of upmarket vegan chocolate bars namely Lindt Classic Recipe Vegan Smooth and Lindt Classic Recipe Vegan Hazelnut. The launched products are created from an integration of high-quality cocoa blended with gluten-free oat drinks and smooth almond paste.
- Oct-2021: Mondelez International launched two new flavors of its plant bar. The new smooth chocolate and smooth chocolate with salted caramel pieces flavor of the plant bar would come in completely plant-based packaging made up of natural resources.
- Jun-2021: Mondelez introduced Cadbury Caramilk, a caramelized white chocolate. With this launch, the company aimed to help retailers in recruiting new shoppers to the range, especially millennials who are seeking sweeter tastes.
- Feb-2021: Nestle introduced KitKat V, a vegan version of its KitKat bar. This launch aimed to fulfill the demand for a vegan substitute for KitKat candy. In addition, the new product is made up of a rice-based formula as a milk substitute, crispy wafers, and 100% sustainable cocoa sourced.
- Oct-2020: Ferrero India rolled out Ferrero Rocher Moments, an affordable premium gifting brand. With this launch, the company aimed to expand the prevailing portfolio of Ferrero Rocher with the introduction of an enjoyable, unique, and lighthearted experience for consumers.
- Jan-2020: Hershey India introduced Hershey’s Kisses under its flagship Hershey’s brand. The new product would come in three variants including Almonds and cookies, creme flavor, and creamy milk chocolate.
Mergers & Acquisition:
- Apr-2022: Mondelez acquired Ricolino, a confectionery business of Grupo Bimbo. Following this acquisition, the company aimed to expand its Mexico business to offer an attractive entry point into the chocolate category and strengthen its position in the snacking sector.
- Sep-2021: Lindt & Sprüngli S.p.A merged Lindt & Sprüngli S.p.A and Caffarel S.p.A., subsidiaries of the company. With this merger, the company aimed to strengthen the synergies between the two organizations in order to improve them under a unified industrial and business strategy.
- May-2021: The Hershey Company took over Lily's, a confectionery brand. With this acquisition, the company aimed to add Lily's better-for-you confection brand into its portfolio of candy favorites and iconic chocolate in order to offer a range of choices to fulfill the evolving demands of its consumers.
- Jan-2021: Mondelez International acquired Hu Master Holdings, the parent company of Hu Products. This acquisition of Hu would complement Mondelez International's snacking portfolio in North America.
- Nov-2020: Mars, Incorporated acquired Kind North America, an American snack food company. Through this acquisition, both companies would aim to help advance in buliding a health and wellness platform.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel (Volume, Kilo Tonnes, Revenue, USD Billion/Million, 2019-30)- Offline
- Online
- Chocolate
- Milk
- Dark
- White
- Mints
- Medicated Confectionery
- Hard-boiled Sweets
- Gums & Jellies
- Caramels & Toffees
- Fine Bakery Wares
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Mars, Inc.
- Nestle S.A
- Mondelez International, Inc.
- Ferrero Group
- Lindt & Sprungli AG
- The Hershey Company (Hershey Trust Company)
- Meiji Holdings Co., Ltd.
- Lotte Corporation
- Delfi Limited
- Ezaki Glico Co., Ltd
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Confectionery Market, by Distribution Channel
Chapter 6. Global Confectionery Market, by Product Type
Chapter 7. Global Confectionery Market, by Region
Chapter 8. Company Profiles
Companies Mentioned
- Mars, Inc.
- Nestle S.A
- Mondelez International, Inc.
- Ferrero Group
- Lindt & Sprungli AG
- The Hershey Company (Hershey Trust Company)
- Meiji Holdings Co., Ltd.
- Lotte Corporation
- Delfi Limited
- Ezaki Glico Co., Ltd
Methodology
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