The new report by Expert Market Research titled, ‘Global Confectionery Market Size, Share, Price, Trends, Analysis, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global confectionery market, assessing the market based on its segments like type, product type, distribution channel, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 204 billion
• Forecast CAGR (2021-2026): 4%
• Forecast Market Size (2026): USD 255 billion
The market for confectionery has seen substantial growth due to factors such as rising popularity of sugar-free chocolates and confectioneries. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the confectionery market. This can be attributed to the rising customer preference for goods with low calories due to the increase in many lifestyle diseases. However, the low nutritional content and the fluctuating prices of raw materials such as sugar and cocoa can, pose a significant threat to the growth of the confectionery industry. Whereas the rising perception of confectionery items as affordable luxury and the rise in the buying power of consumers has also triggered the growth of the industry. The growing trend of gifting confectionery items such as bakery products, cookies, chocolates, and others has also boosted the growth of the industry. The demand growth is also supported by other factors, such as rapid urbanization and the increasing retail industry. Over the forecast period, evolving dietary patterns and the launch of new products with superior qualities, such as low sugar, fat, and cholesterol content, with creative packaging are slated to further help the market growth. The COVID-19 pandemic has seriously affected the demand for confectionery. Strict legislation and disruption of supply chains have had a direct impact on the production and demand of confectionery goods, which has had a huge impact on the confectionery industry. The reduced gifting during the pandemic contributed to a sales decline that affected the industry growth. During the first half of the pandemic, several main players who worked in the confectionery industry were forced to shut down their production lines. However, the industry is expected to rebound until 2021 and see a steady growth in the forecast period, with ease in government regulations and vaccine optimism in place.
Industry Definition and Major Segments
The products of confectionery refer to products rich in sugar or related sweeteners. These include gum, ice cream, and frozen treats, delicious baked goods such as cookies, cakes, and pastries, and other sweet items such as jams, jellies, and preserves. These include chocolates and non-chocolate candy. A large range of confectionery products are available worldwide and are primarily known as chocolate confectionery and sugar confectionery.
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Based on the type, the industry is divided into:
• Organic
• Conventional
Based on the product type, the industry is divided into:
• Chocolate
• Sugar
• Snack Bars
Based on the distribution channel, the industry is divided into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Pharmaceuticals and Drug Stores
• Specialty Stores
• Online
The regional markets for confectionery include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Geographically, due to the predominance of the chocolate industry in the region and the emerging trend of gifting confectionery products, Europe accounts for a major share of the confectionery industry. The Asia-Pacific region, meanwhile, is projected to see robust growth over the forecast period due to the growing penetration of confectionery products and the increasing demand in the region for packaged food products. Because of rising consumer disposable incomes and the increasingly growing population around the regions, many emerging economies such as China and India are expected to expand significantly in the coming years. The chocolate segment is currently leading the global market for confectionery based on product type. This can be due to the rising popularity of pure chocolates and increasing customer spending on satisfying their palates as chocolates or gums are eaten by all age groups. In the meantime, the ever-increasing demand for dark premium chocolates is expected to increase significantly in the forecast period, thus helping the growth of the industry.
Key Market Players
The major players in the market are The Hershey Company, Ferrero SpA, Mars, Incorporated, Nestlé SA, Chocoladefabriken Lindt & Sprüngli AG, Mondelez International, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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