Confectionery Market to Hit $242.53 Billion by 2028; Growing Popularity of Convenience Foods to Aid Market Expansion, Says Fortune Business Insights™

Pune, India, July 07, 2021 (GLOBE NEWSWIRE) — The global confectionery market size is projected to reach USD 242.53 billion by 2028, registering a CAGR of 3.8% during the forecast period. Rising health consciousness among consumers will play a key role in augmenting the growth of this market, shares Fortune Business Insights™ in its recent report, titled “Confectionery Market, 2021-2028”. The market size stood at USD 188.52 billion in 2020.

Manufactured chocolate bars and candies are known to contain large amounts of artificial sweeteners. With increasing prevalence of lifestyle-related disorders, even the most ardent chocolate-lovers are getting increasingly inclined towards organic and natural ingredients-based products. For example, the Swiss chocolate-maker Barry Callebaut’s research found that the market value for organic chocolates currently stands at €30 million in Western Europe alone. This figure shows that the shifting consumer preference for chocolate and other confectionery items made from naturally-derived extracts will lead the confectionery market trends in the foreseeable future.

List of Top 10 Players Covered in Confectionery Market are:

  • 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.)

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COVID-19 Impact:

In the early months of the pandemic, the halt on sugar and chocolate processing plants had a huge impact on food demand. For example, in reaction to the COVID-19 outbreak in the United States, The Hershey Company voluntarily shut down all of its manufacturing facilities from March 16 to March 29, 2020.

During the lockdown, supply chain disruptions, labour shortages, trade sanctions, and shipping and logistics fluctuations were all experienced. According to the CEO of the National Confectioners’ Association (NCA), consumers ate more meals at home during the quarantine period, reduced their supermarket visits, and increased their satisfaction levels with online shopping.

The report further contains answers to the following questions:

  • What are the major factors driving the market?
  • What are the main hurdles that the market is facing and will face in the future?
  • What are the key market segments?
  • Which region or regions hold the largest potential for the market to grow?
  • How are the competitive dynamics shaping the market?
  • Who are the prominent players in this market and what are their key strategies?

Driving Factor:

Hectic Lifestyles to Foster Sales Opportunities

Global economic growth and development have led to an explosion of job and business opportunities. Greater access to education and skill development have expanded the number of employable people around the world, resulting in more working people and more office spaces, especially in large urban conglomerations.  As a result, modern lifestyles have become more hectic and stressful, with the unfortunate consequences being on the health and fitness of people.

Therefore, many consumers are now demanding on-the-go confectionery snacks, preferably having low sugar and fat. Chocolate, owing to its numerous health benefits, is the most consumed product in the world, and many companies are now developing sugar-free and organic chocolate items to cater to the health-conscious urban populace. Furthermore, chocolate consumption has positive physiological effects. The Loma Linda University Adventist Health Sciences Center in California found, through a research study, suggested that chocolate consumption positively impacts brain health and reduces stress and inflammation.

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Regional Insights:

Europe to Lead the Pack; Asia-Pacific to Showcase Excellent Growth Trajectory

With a market revenue of USD 73.41 billion in 2020, Europe is slated to dominate the confectionery market share in the coming years, primarily on account of high consumption chocolate items. Consumers are increasingly demanding premium and customized confectionery products and are willing to pay for such items, prompting companies to manufacture and deliver superior offerings in the region.

Asia-Pacific holds tremendous growth opportunities for this market owing to rising disposable income, increasing young and working-age population, and rapid urbanization. As a result, many players are implementing different strategies to establish themselves in the Asia-Pacific region, especially China and India.

Competitive Landscape

Launch of Natural Extracts-derived Products to Spur Competition

The market forecast envisages a period of cutthroat competition in this market as companies deploy various strategies to meet the escalating demand for organic confectionery items. Besides this, many players are also attempting to broaden their business horizons by introducing novel offerings in foreign markets.

Industry Developments:

March 2021: Barry Callebaut released a new chocolate and compound manufacturing facility in Baramati, India to strengthen its position in this industry.

July 2019: Nestle, the Swiss multinational, created a new chocolate product with no added sugar, enabling its loyal customers to enjoy the company’s 70% dark chocolate wholesale. Called the Cacao Fruit Chocolate, the product will be infused with natural cacao pulp which will function as the sweetener for the chocolate.

Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Emerging Trends
  • Key Insights
    • Overview on the Global Parent/Related Market
    • Global Chocolate Consumption Trends
    • Global Cocoa Production Trend
    • Supply Chain & Regulatory Analysis
    • Industry SWOT Analysis
    • Recent Industry Developments – Policies, Mergers & Acquisitions, and
    •         New Product Launches
    • Market Analysis and Insights (in Relation with COVID-19)
      •  Impact of COVID-19 on the Market
      •  Supply Chain Challenges due to the Pandemic
      •  Potential Opportunities to Support the during the Calamity
  • Global Confectionery Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Size Estimates and Forecast 
      • By Type (Value)
        • Chocolate
        • Sugar
        • Gums
      • By Distribution Channel (Value)
        • Supermarkets/ Hypermarkets
        • Convenience Stores
        • Departmental Stores
        • Online Retail
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East & Africa

TOC Continued…!

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Have a Look at Related Research Insights:

Chocolate Confectionery Market Size, Share & COVID-19 Impact Analysis, By Type (Dark, Milk, and White), Category (Premium, Seasonal, and Every day), and Regional Forecast, 2020-2027

Confectionery Ingredients Market Size, Share & Industry Analysis, By Type (Dairy Ingredients, Cocoa & Chocolate, Emulsifiers, others), By Source (Natural, Synthetic), By Application (Chocolate Confectionery, Sugar Confectionery, Bakery Confectionery) and Regional Forecast, 2021-2028

Cocoa and Chocolate Market Size, Share & COVID-19 Impact Analysis, By Type (Cocoa Butter, Cocoa Liquor, Cocoa Powder, Dark Chocolate, Milk Chocolate, White Chocolate, and Filled Chocolate), By Application (Food & Beverages, Cosmetics, Pharmaceuticals, and Others), and Regional Forecast, 2020-2027

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