Global Confectionery Market Report 2023: Market to Reach $229.3 Billion by 2028 from $185.5 Billion in 2022 Fueled by Shifting Consumer Preferences, Innovative Offerings, and Expanding Retail Channels - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Confectionery Market Report by Product Type, Age Group, Price Point, Distribution Channel, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global confectionery market size reached US$ 185.5 Billion in 2022. Looking forward, the market is expected to reach US$ 229.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2022-2028.

The shifting consumer preferences, innovative product offerings, expanding retail channels, and the incorporation of health-conscious and premium options are some of the major factors propelling the market.

Europe's strong cultural heritage of indulgence and appreciation for fine foods has fostered a robust demand for confectionery products. Besides this, the rise of health consciousness has prompted manufacturers to innovate by introducing options with reduced sugar content, natural ingredients, and portion-controlled packaging, catering to evolving consumer expectations.

Moreover, Europe's diverse consumer base has also driven the demand for premium and artisanal confectionery, appealing to those seeking unique and high-quality treats. In addition to this, the expansion of online retail platforms has facilitated greater accessibility and convenience for consumers, enabling them to explore and purchase a wide variety of confectionery products. Through a combination of tradition, innovation, and accessibility, the Europe confectionery market is well-positioned for sustained growth.

The shifting consumer preferences towards indulgent and convenient snacks, coupled with increasing disposable incomes, represents the key factor influencing the global confectionery market growth. Furthermore, the rise in disposable income levels across regions has led to increased spending on convenience foods, including confectionery products, contributing to the market's growth.

Concurrent with this, innovative product launches encompassing diverse flavors, premium ingredients, and functional benefits are attracting consumer attention, creating a positive outlook for market expansion. Moreover, the increasing prevalence of gifting confectionery items on various occasions also contributes to sustained demand. Besides this, the introduction of healthy product variants with reduced sugar content and natural ingredients in response to emerging health-conscious trends is strengthening the market growth.

The surging demand for chocolate, mainly propelled by its versatility as an ingredient in various confectionery and culinary applications, is contributing to the growth of the global confectionery market. Besides this, the increasing demand for chocolate products such as bars and candies and its growing integration into baked goods, beverages, and desserts is expanding its consumption horizons, creating a positive outlook for market expansion.

Moreover, its ability to evoke indulgence, coupled with the perception of chocolate as a mood-enhancing treat, adds to its allure. In addition to this, the emergence of premium and artisanal chocolate offerings has captivated discerning consumers, further bolstering the demand for chocolate products.

Additionally, the expansion of retail channels, including online platforms, enhancing product accessibility is acting as another significant growth-inducing factor.

Confectionery Market Trends/Drivers

Shifting consumer preferences

The global confectionery market is significantly influenced by changing consumer preferences, which are not only driven by convenience and indulgence but also by an expanding range of dietary and cultural considerations. Consumers are seeking convenient and indulgent snacks that provide instant gratification, a trend amplified by the demands of busy lifestyles, urbanization, and the desire for on-the-go treats.

Confectionery products align perfectly with these evolving needs, offering an extensive array of flavors, textures, and portion sizes to cater to diverse palates. Moreover, the confectionery industry has responded to the growing demand for dietary inclusivity, introducing options that cater to various dietary limitation, such as gluten-free, vegan, and allergen-free alternatives. This is presenting remunerative opportunities for market expansion.

Innovative product offerings

Manufacturers are focused on creating enticing flavors and increasingly conscious of health and sustainability concerns. They are consistently introducing novel products that resonate with consumers' evolving tastes and preferences. This innovation involves experimenting with diverse ingredients and flavor combinations and placing emphasis on clean labels, transparency, and ethical sourcing. The incorporation of functional benefits, such as added vitamins, minerals, and natural ingredients that promote wellness, is propelling the market forward.

Moreover, the introduction of premium and artisanal options has revolutionized the confectionery landscape, catering to a growing segment of consumers seeking unique and indulgent experiences. These offerings often come with intricate packaging, showcasing the craftsmanship involved and tapping into the consumer's desire for visual and gustatory delight.

Expanding retail channels

The global confectionery market benefits from a dynamic interplay of various retail channels that cater to diverse consumer preferences and shopping behaviors. While traditional retail avenues such as supermarkets, convenience stores, and specialty shops maintain their importance in product distribution, the landscape has evolved significantly with the rapid rise of e-commerce.

Online platforms have not only introduced convenience into consumers' lives by enabling them to purchase confectionery items from the comfort of their homes but have also transformed how manufacturers engage with their audiences. The shift to e-commerce has granted manufacturers access to a wealth of consumer data, allowing for more personalized and targeted marketing efforts.

Additionally, the virtual space provides a platform for innovative and interactive marketing strategies, such as immersive website experiences, social media campaigns, and influencer collaborations, enabling brands to connect directly with their audience and cultivate brand loyalty.

Competitive Landscape

The competitive landscape of the global confectionery market is characterized by intense rivalry among established multinational corporations and a growing number of regional players. Leading companies dominate the market, leveraging their extensive distribution networks, brand recognition, and product diversification. The industry giants engage in continuous product innovation, investing in research and development to introduce new flavors, healthier alternatives, and premium offerings that resonate with evolving consumer preferences.

Moreover, the market's competitive dynamics are influenced by smaller players focusing on niche segments such as organic, artisanal, or ethically-sourced confectionery, appealing to consumers seeking unique and socially responsible options. E-commerce has also disrupted the landscape, enabling direct-to-consumer sales and fostering competition from digitally native brands. Price competition, promotional activities, and strategic partnerships with retailers further shape the industry's competitive environment.

Key Questions Answered in This Report

• What was the size of the global confectionery market in 2022?
• What is the expected growth rate of the global confectionery market during 2023-2028?
• What are the key factors driving the global confectionery market?
• What has been the impact of COVID-19 on the global confectionery market?
• What is the breakup of the global confectionery market based on the product type?
• What is the breakup of the global confectionery market based on the age group?
• What is the breakup of the global confectionery market based on the price point?
• What is the breakup of the global confectionery market based on the distribution channel?
• What are the key regions in the global confectionery market?
• Who are the key players/companies in the global confectionery market?

Key Attributes:

Report Attribute	Details
No. of Pages	145
Forecast Period	2022 - 2028
Estimated Market Value (USD) in 2022	$185.5 Billion
Forecasted Market Value (USD) by 2028	$229.3 Billion
Compound Annual Growth Rate	3.6%
Regions Covered	Global

Some of the key players in the market include:

• Chocoladefabriken Lindt & Sprungli AG
• Crown Confectionery
• Ezaki Glico Co. Ltd.
• Ferrero International S.A.
• HARIBO GmbH & Co. KG
• Mars Incorporated
• Meiji Holdings Co. Ltd
• Mondelez International Inc.
• Nestle S.A.
• Parle Products Pvt. Ltd
• The Hershey Company
• The Kraft Heinz Company

Confectionery Industry Segmentation

Breakup by Product Type:

• Hard-boiled Sweets
• Mints
• Gums and Jellies
• Chocolate
• Caramels and Toffees
• Medicated Confectionery
• Fine Bakery Wares
• Chocolate dominates the market

Breakup by Age Group:

• Children
• Adult
• Geriatric
• Adult holds the largest share in the market

Breakup by Price Point:

• Economy
• Mid-range
• Luxury
• Economy dominates the market

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Pharmaceutical and Drug Stores
• Online Stores
• Supermarkets and hypermarkets hold the largest share in the market

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Latin America
• Brazil
• Mexico
• Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/cy5l03

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