The Global Market for Confectioneries is Projected to Reach US$269.8 Billion by 2024

Rising Consumer Preference for Healthy and Functional Confectionery to Support Growth in the Global Confectioneries Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Confectioneries market. The global market for Confectioneries is projected to reach US$269.8 billion by 2024, driven by product premiumization and roll-out of innovative products including healthy, low-calorie and functional confectionery variants, coupled with growing penetration in developing markets with low-per capita consumption levels.  

Encompassing products from sugar candies, gums, and lozenges, to appealing compositions of premium dark chocolates, confectionery represents an important part of the packaged foods sector. New formats, product innovations, brand-extensions, co-branding, larger umbrella brands with multi domestic branding strategies and stringent food safety regulations continue to characterize the confectionery industry. Consolidation of distribution channels, ongoing competition amongst retail formats, changing consumer attitudes, product innovation and premiumization play an instrumental role in determining the growth of the market. Confectionaries with desirable qualities including low fat, cholesterol, sugar and calorie content, and exotic flavors are poised to register robust growth and support market expansion in future. Rising health consciousness along with craving for candies and chocolates is anticipated to result in dynamic demand for sugar-free and low-calorie confectionary products.  

Chocolate confectioneries continue to dominate the confectionery market, followed by sugar confectionery and gum. While the sugar confectionery market is characterized by high degree of fragmentation due to the presence of large number of local manufacturers, the gum and chocolate confectionary segments are relatively more consolidated, with leading manufacturers accounting for a major stake in the market. Diversifying tastes, plus growing preference for snack-sized, healthy foods among kids and adults is projected to largely influence the product, price, promotion, and sales mixes of confectionery companies. Value-addition portrays vibrant opportunities across all the major confectionery segments, while premiumization is emerging as the best revenue earning strategy, especially in boosting seasonal and special event sales.  

Dark and premium chocolates including organic variants represent the fastest growing subcategory amid growing demand for handmade or artisanal segments and increasing consumer interest in origin of the cocoa bean used in the chocolate. The industry is also embracing clean labelling and quality certification as ethical and environmental issues continue to mire consumer concerns. Future growth in the gums market will be supported by rising popularity of functional gums, energy gums, and nutraceutical gums that are touted to boost energy, enhance immunity, increase cognitive ability, provide antioxidants, promote stamina, lower stress, and provide dietary supplements, among others. 

As stated by the new market research report on Confectioneries, Europe represents the largest market worldwide. Asia-Pacific is poised to register the fastest CAGR of 6.9% over the analysis period, given the low per-capita consumption levels in most markets and increasing availability of wider variety of confectionery products at various price levels, entry of international brands, along with improving sales and distribution channels.

Major players in the market include Cloetta Fazer, Ferrero S.P.A., Lindt & Sprüngli, Lotte Confectionery, Perfetti Van Melle SpA, Mars Inc., Mondelēz International, Inc., Nestlé SA, Mars Wrigley, and The Hershey Company, among others.

The research report titled “Confectioneries: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in US$ Million for all major geographic markets such as US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, Hong Kong, India, and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America). Product Group/Segment analyzed include Sugar Confectionery (Sweetmeats, Boiled Sweets, Caramel & Toffees, Mint Sweets, Lozenges, Other Sugar Confectionery), Chocolate Confectionery (Bars/Blocks/Slabs, Boxed/Assorted, Other Chocolate Confectionery), and Gums.

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