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The global confectionery market size was valued at USD 190.77 billion in 2018 and is projected to reach USD 245.28 billion by 2026, exhibiting a CAGR of 3.23% during the forecast period (2019-2026).
The is majorly propelled by the increasing shift of consumers toward luxurious and premium sized chocolates and gums. The increasing affordability of consumers is resulting in their indulgent buying behaviour to pay for their desires. The demand for dark premium chocolates is growing across the developed countries and is projected to impact the overall confectionery market growth, positively.
Increasing Consumers’ Shift Towards Organic Chocolates & Candies
The demand for healthier snacking along with the taste and sensorial benefits is increasing among the consumers, which has led to the popularity of organic snacks and confectionery throughout the world. Consumers have a mounting interest in organic products which opens up many opportunities in the confectionery sector. The organic chocolate segment is witnessing decent growth in the global market place and is gaining huge popularity among consumers. The reinforced efforts from manufacturers to meet the demand for organic chocolate in the market is assuring the growth of the global market over the coming future.
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”Rising Emergence of On-the-go Snacks Assures the Growth of Global Confectionery Market”
Increasing modernization and a hectic combination of professional & personal obligations are some of the major factors triggering the demand for convenience snacks as part of the daily diet. The busy life of consumers disallows them to spend time on cooking and dine-out during their working hours, which leads consumers to look for easy and quick to eat food products. The number of consumers in the workplace is increasing nowadays and it is becoming even harder to maintain a healthy work-life balance for them. Thus, manufacturers and marketers are intensively capitalizing to introduce and promote a range of chocolate snacks such as on-the-go snacks, chocolate bar, and others to offer healthy diet to consumers. They are also focussing on offerings of convenient and small packs that allow consumers to carry candies and bars in their bags. Chocolate is one of the most consumed products across the world and is associated with numerous health benefits. For example, it is a rich source of antioxidants that improves insulin sensitivity and reduces blood pressure. Hence, a rising association of chocolates with youngsters and other working population across the world is expected to propel the market growth during the forecast period.
“Growing Demand for Sugar-free Chocolates among the Consumers to Proliferate the Retail Sales of Confectionery Products”
Improving lifestyles of consumers across the globe is also undergoing a sea change, especially their daily diet and health. Due to these changes, several lifestyle diseases have spurred such as diabetes, blood pressure, and others. Obesity, overweight, and their related diseases are becoming a serious concern among the consumers that are posing major challenges for the sustainability of healthcare systems across the world. Consumers are increasingly shifting their preferences towards the low-calorie and sugar-free food products to eliminate such diseases. The growing concerns over health have led to reduced sugar intake among consumers. Thus, the demand for sugar-free chocolates is growing and anticipated to grow further in the upcoming years.
“Fluctuations in the Price of Raw Materials to Disrupt Demand-Supply Balance in the Market”
Cocoa and sugar are important raw materials that are majorly utilized for the production of confectioneries across the globe. The price of sugar and cocoa has witnessed fluctuations in the past few years as their production and demand varies swiftly in the global marketplace. The cocoa and sugar yields get affected due to unfavourable weather conditions, crop diseases, labour availability, stock ratios, and other economic factors that hamper the smooth flow of their demand and supply in the market. As a result, the average annual price of the raw materials fluctuate from low to high and results in the surplus or understock to produce confectionery products in the market. Hence, price fluctuations of raw materials are expected to dampen the overall market in the upcoming years.
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“Sugar & Gums Confectioneries are Gaining Huge Traction among the Candy and Snack Bar Manufacturers”
The confectionery industry is growing at a decent pace owing to the emerging acceptance and indulgence of chocolates and chocolate snacks among consumers in developed regions such as North America & Europe. However, the chocolate confectionery segment is the leading segment across the world and showing immense potential to grow in developing economies. Rising disposable income and steady growth of the developing economies are some of the major factors eliciting demand for varied chocolates in the global marketplace. Higher acceptance of westernized culture in food and the daily routine of the consumers has created vast opportunities for chocolate confectionery items manufacturers throughout the world.
On the other hand, sugar and gums confectioneries are also performing well in the overall market. Rising demand for innovative candies, snack bars, and other inventive stuff among children, youngsters, and the working population has encouraged manufacturers to broaden their production and distribution capacity in overseas markets. The introduction of new products with advancements in flavours and textures has resulted in the increased retail penetration of sugar confectioneries in the market.
“Supermarkets/Hypermarkets to Hold Major Market Share Owing to its Convenient Offerings and Wider facilities”
Supermarkets/hypermarkets are gaining a huge response from consumers across the world. The increasing dependence of consumers over these facilities, freedom of selection, wider product ranges, and bundling schemes offered by the mass merchandisers have led to the increased feet-counts on the floor. Consumers are preferring mass purchasing groceries for a particular period of time due to their busy and hectic schedules. Thus, supermarkets/hypermarkets offer a convenient buying experience to the consumers under a single roof. The separate sections in the supermarkets/hypermarkets offer an easy way to buy chocolates and other confectioneries to the consumers. The rapid emergence of such sales counters across the world is expected to majorly contribute to the revenue generation of confectionery products in the global marketplace. However, the manufacturers are also focussing on small and consumer packs for the middle-class population across the world, which promotes the sales of confectioneries from convenience, online, and departmental stores.
North America Confectionery Market Size, 2015-2026 (USD Billion)
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”North America to Exhibit Exponential Growth owing to Increased Consumption of Premium Chocolates”
The confectionery market is majorly propelled due to the robust consumption of chocolates and candies in North America. The consumers are intensively looking for quality and premium chocolates over the standard confectionery products, owing to their increased taste preferences and permissive eating habits. The combination of work-life, health concerns and individual desires among the consumers are some of the major factors that are becoming influential motivators to consume confectioneries in their daily routine. The consumers are demanding for some specific and customized chocolates in the market such as ‘melt-in-the-mouth feel chocolate, ‘quality-for-chocolate’, and others which have consequently led to greater sales of confectioneries in the region. The U.S. is one of the major markets where the consumers are ready to spend on artisanal confectionery products that enhances the appearance of the products and increases their palatability. Increased efforts from manufacturers, implementation of new technologies, and emerging production facilities in the region have impacted the overall growth of the demand positively.
The market in the Europe region is marginally saturated, however, it has the highest value sales among the other regions. Confectionery is the most popular snack-type in certain countries in Europe which includes the U.K., Germany, and Austria. These countries are expected to consume 5 times the global average.
Asia-Pacific is one of the fastest-growing regions and emerging with immense potential for chocolate products across the globe. Rapid urbanization, increasing disposable income, a young and dynamic population, and the easy availability of confectioneries in consumer packs are the major reasons for the growth of the regional market. The manufacturers are utilizing such opportunities by intensively capitalizing on facility expansions and mergers & acquisitions with regional players. Increasing popularity, acceptance, and technological advancements for such products among consumers are anticipated to be the significant factors fostering the growth of the overall market during the forecast period.
On the other hand, there is a slow growth observed throughout the forecast period in South America which is owing to factors such as low economic condition, consumer health concern, and certain legislative challenges. However, the region is expected to show high preference for chocolate confectionery over sugar as it is perceived to be premium.
“Consolidated Industry Structure to Define the Confectionery Market Competition”
The confectionery market structure is highly consolidated due to the dominance of some key giants and their presence in the market. The manufacturers are intensively capitalizing on reinforcing their distribution networks, implementation of cost reduction techniques, and placement of varied products in the global marketplace. Barry Callebaut, Ferrero SpA, & Nestle S.A. are some of the major companies which hold the major market share in this market.
The sugar and chocolate segments have witnessed significant growth in the overall confectionery market globally. The growing world population is stepping towards an increased awareness of varied chocolates and their benefits with high efficacy, which is anticipated to the growth of the global market in the future years.
An Infographic Representation of Confectionery Market
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The report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of its utility, applications, availability of raw materials, types of confectionery, their market size and growth rate for all possible segments in the market.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
By Distribution Channel
Fortune Business Insights says that the value of the market was valued at USD 190.77 Billion in 2018 and is projected to reach USD 245.28 Billion by 2026.
Growing at a CAGR of 3.23%, the market will exhibit steady growth in the forecast period (2019-2026).
Chocolate segment is expected to be the leading segment based on type in the global market during the forecast period.
Increasing shift of the consumers towards confectionery snacks is driving the growth of the market.
Barry Callebaut, Ferrero SpA, and Nestle S.A. are few of the key players in the market.
Europe is expected to hold the highest market share in 2018.
Supermarkets/Hypermarkets are expected to grow at the fastest pace during the forecast period.
Growing demand for sugar-free chocolates among consumers is one of the major growth in the global market place.
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