Fort Collins, Colorado, Sept. 12, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Confectionery Market Size, Growth, Share, Statistics Report, By Type (Hard-boiled Sweets, Mints, Gums & Jellies, Chocolate, Caramels And Toffees, Medicated Confectionery And Others), By Age Group, By Price Point, By Distribution Channel, By Region And Segment Forecast, 2023-2032"
According to DataHorizzon Research, the confectionery market size was valued at USD 302.1 Billion in 2022 and is expected to have USD 438.8 Billion by 2032 with a CAGR of 3.9%. The demand for chocolates and cakes remains high in the population owing to workplace socialization and celebrations. Besides, the rising demand trend of gifting sweets and chocolates is driving the growth of this market.
The confectionery industry is projected to reach new heights during the forecast period due to growing trend of gifting confectionery items as gifts on various occasions and festivals to the loved ones. Also, the introduction of medicated and less or sugar-free confectionery products is contributing to the growth of this market.
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Confectionery Market Report Highlights:
- The confectionery market is projected to rise at a CAGR of 3.9% by 2032.
- Chocolates lead the confectionery type segment as these are increasingly being adopted as gifting items and also as a stress-busting food that makes people feel good and lighter.
- Supermarket and hypermarket dominate the distribution channel segment as people get to compare and buy products by comparing similar products and also get personalized services from the seller.
- Based on region, Europe dominates the confectionery market due to option of various vegan and healthy options in the confectionery items that cater to the taste preferences of various people.
- Some of the prominent players in the confectionery market report include Mondelez International, Inc., Mars, Incorporated, The Hershey Company, Nestlé S.A., Pladis, Barry Callebaut, Meiji Co., Ltd., Ezaki Glico Co., Ltd., Ferrero Group, Chocoladefabriken Lindt & Sprüngli AG, Perfetti Van Melle and others.
Report Snapshot:
| Report Title | Confectionery Market |
| Market Size in 2022 | USD 302.1 Billion |
| Market Size by 2032 | USD 438.8 Billion |
| CAGR from 2023 to 2032 | 3.9% |
| Largest Market | Europe |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Type | Hard-boiled Sweets, Mints, Gums & Jellies, Chocolate, Caramels and Toffees, Medicated Confectionery and Others |
| By Age Group | Children, Adult and Geriatric |
| By Price Point | Economy, Mid-Range and Luxury |
| By Distribution Channel | Supermarket/Hypermarket, Convenience Stores, Pharmaceutical and Drug Stores, Food Services, Duty-free Outlets, E-commerce and Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, U.K.., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia and South Africa |
| Major Market Players | Mondelez International, Inc., Mars, Incorporated, The Hershey Company, Nestlé S.A., Pladis, Barry Callebaut, Meiji Co., Ltd., Ezaki Glico Co., Ltd., Ferrero Group, Chocoladefabriken Lindt & Sprüngli AG, and Perfetti Van Melle |
Segmentation Overview:
The global confectionery market has been segmented based on type, age group, price point, distribution channel, and region. Chocolates hold a major market share in the type segment. Chocolates are increasingly used for gifting purposes worldwide, and also because the availability of its variants like dark, regular, and milk chocolate also caters to various taste choices of people. Supermarkets and hypermarkets dominate the distribution channel segment as people can get various brands easily, and the shopkeepers also offer personalized services and gifting offers, adding to their advantage.
Europe holds a significant market share as it holds a major share due to the availability of healthy and plant-based chocolates in this region. Also, all the major companies of chocolates are based in this region and European countries like Switzerland and Belgium, which are also considered the best in the world for their high-quality products. Asia Pacific is expected to observe significant growth due to the high young population, which contributes to the ongoing demand for these products.
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Key Developments in the Industry:
- In August 2023 Eggo collaborated with Sugarlabs Distilling Co. to launch a new product called Eggo brunch in a jar that is an adults only cream liqueur named Eggo Nog. The companies have tried to provide the flavor of butter and toasted waffles, maple syrup, and bacon slices.
- In September 2023 National Lecithin, a New Jersey-based lecithin company acquired Soya International LLC, New York-based food ingredients supplier. With this acquisition, the company plans to expand its base in the bakery, dairy, and confectionery sector, thus expanding its consumer base in the country.
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Confectionery Market Segmentation:
Confectionery Market, By Type (2023-2032)
- Hard-boiled sweets
- Mint
- Gums and Jellies
- Chocolate
- Caramels and Toffees
- Medicated Confectionery
- Others
Confectionery Market, By Age Group (2023-2032)
- Children
- Adult
- Geriatric
Confectionery Market, By Price Point (2023-2032)
- Economy
- Mid-Range
- Luxury
Confectionery Market, By Distribution Channel (2023-2032)
- Supermarket/Hypermarket
- Convenience stores
- Pharmaceuticals and Drug stores
- Food services
- Duty-free Outlets
- E-Commerce
- Others
Confectionery Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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