Confectionery Market to Touch $242.53 Billion by 2028; Increasing Demand for Sugar and Gum Confectionery Items to Favor Market Growth

The global confectionery market size is anticipated to reach USD 242.53 billion by 2028 owing to easy availability of premium chocolate products in supermarkets worldwide. According to the new Fortune Business Insights™ report, titled “Confectionery Market Size, Share & COVID-19 Impact Analysis, By Type (Chocolate, Sugar, and Gums), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Departmental Stores, and Online Retails), and Regional Forecast, 2021 – 2028”, the market value stood at USD 188.52 billion in 2020. Further, the market is expected to display a CAGR of 3.8% from 2021 to 2028.

Nestle Introduces Premium KitKat Bars in the UK

One of the top confectionery market trends is creation and launch of high-quality and high-priced chocolate confectionery items by major companies to cater to the rising demand for such products. In September 2019, the Swiss confectionery behemoth Nestle introduced the premium version of its much-loved KitKat bar in the UK. The new variant will be made-to-order and will feature personalized packaging and eight fingers. Moreover, it will be an amalgam of nearly 1500 flavors, coming with a price-tag of $17 apiece. Such innovations and concoctions have considerably elevated the potential of this market as competitors have consistently adapted to the changing consumer preferences and are designing their strategies accordingly.

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https://www.fortunebusinessinsights.com/industry-reports/confectionery-market-100542

Price Volatility of Raw Materials to Hinder Market Growth

While chocolate and other confectionery foodstuffs are widely popular around the globe and are experiencing surging sales, raw materials used in their production, mainly cocoa and sugar, suffer from wild price fluctuations. One important reason for the volatility in their prices is their uneven distribution around the world. Limited supply and high demand distorts prices, impeding the market growth. Furthermore, climate change and global warming have created weather anomalies and given rise to harmful crop diseases, both of which have disturbed production of cocoa worldwide. Compounding this is the lack of labor which is expected to have a crippling effect on the growth of this market, the market report observes. Overcoming these odds is expected to be a major challenge for companies in the forthcoming years.

Dominance of Global Players to Characterize Market Competition

As a result of the consolidated structure of this industry, this market is presently dominated by the presence of a few core players. These players are global bigwigs owing to their long-established presence in the regional market and their eventual rise internationally. This has enabled these companies to develop a strong and wide product portfolio, which, in turn, is aiding them crystallize their position in this market.

Industry Development:

• January 2021: Mondelez International, Inc, an American multinational confectionery, launched Cadbury Dairy Milk Silk Mousse under its premium chocolate division in India.

List of Prominent Players Covered in the Report:

• Barry Callebaut (Zürich, Switzerland)


• Ferrero SpA (Alba, Italy)


•  Nestle S.A. (Vevey, Switzerland)


• Mondelez International, Inc. (Illinois, U.S.)


• Meiji Holdings Co., Ltd. (Tokyo, Japan)


• The Hershey Company (Pennsylvania, U.S.)


• Chocoladefabriken Lindt & Sprungli AG (Zürich, Switzerland)


• Ezaki Glico Co., Ltd. (Osaka, Japan)


• HARIBO GmbH & Co. KG (Bonn, Germany)


• Pladis Global (London, U.K.)

Further Report Findings:

• The market size in North America held a significant confectionery market share in 2020. The primary growth propeller in this region is the high willingness of consumers to spend on premium and artisanal confectionery items such as ‘melt-in-the-mouth’ chocolate products.


• Asia-Pacific is poised to be one of the fastest-growing regions in this market mainly due to increasing disposable income, particularly in China and India, coupled with advancements in chocolate-making technologies in the region.


• Among segments by type, the chocolate segment is expected to lead the market as the segment held a share of 51.09% in 2020. This is attributable to the fact that chocolate is the world’s most-consumed item and the product is now gathering momentum in developing countries as well.   

Table of Segmentation: