Confectionery Market Age Group (Children, Adult, and Geriatric), By Product Type (Hard-Boiled Sweets, Mints, Gums & Jellies, Chocolate, Caramels & Toffees, Medicated Confectionery, Fine Bakery Wares, and Others), Price Point (Economy, Mid-Range, and Luxury), and Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, Food Services, Duty-Free Outlets, E-Commerce, and Others): Opportunity Analysis and Industry Forecast 2027
|ID: VPR/F&B/1171||Publishing Year: January 2022||Pages: 113||Format:|
Confectionery Market Overview:
The Confectionery Industry is one of the fastest expanding in the world. Confections are typically low in nutrition and heavy in calories. Sugar-free confections have become increasingly popular in recent years as a result of factors such as rising obesity rates, an increase in diabetic patients, rising nutritional and health concerns, and changing lifestyles. Sugar candy and bakers' Confectionery are the two primary categories in which the confectionery market is split. Sweets, candies, chocolates, and chewing gum are all examples of sugar confectionery. Pastries, cakes, doughnuts, and cookies are examples of sweets made by bakers.
Chocolate Confectionery, sugar Confectionery, gum, cereal bars, and others are the five categories that make up the global confectionery market. Cocoa and sugar are two of the most common raw ingredients used in chocolate, and latex is one of the most common raw materials used in gum. Confectionery items are consumed by people of all ages.
The key players operating in the Global Confectionery Market include Mars, Incorporated, Mondelez International, Inc., Nestlé S.A., Ferrero Group, Meiji Co., Ltd., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Ezaki Glico Co., Ltd., Haribo GmbH & Co. K.G., and Pladis.
Over the forecast period, the Global Confectionary Market is expected to increase. The global market is predicted to be driven by rapid urbanisation and changing eating preferences. The market is expected to benefit from rising disposable income, rising population, and innovative products. Over the next six years, innovative products with superior attributes such as minimal sugar, fat, and cholesterol content are expected to boost market expansion. The rise in general health concerns among the younger population, such as obesity, dyspnea, and stomach illnesses, might be ascribed to irregular eating patterns and improper food consumption.
The market's expansion is projected to be slowed by rising health awareness and consciousness about the use of high-calorie foods. Over the next six years, market growth is expected to be hampered by rising raw material prices and shifting consumer purchasing habits. Varied geographies have different market features for different confectionery goods. In recent years, chocolate confectionery has dominated the Confectionery Product Industry, followed by gum and sugar confectionery. The chocolate market is segmented by regional preferences, but the sugar confectionery industry is fractured by the presence of various local makers.
The market is split by product type, age group, price point, distribution channel, and region, according to the Confectionary Market Analysis. The market is divided into hard-boiled sweets, mints, gums and jellies, chocolate, caramels and toffees, medicated Confectionery, premium bakery wares, and others based on product category. The market is divided into three age groups: children, adults, and geriatrics. The market is divided into three categories based on price: economy, mid-range, and luxury. The market is segmented into supermarket/hypermarkets, convenience stores, pharmaceutical & drug stores, food services, duty-free outlets, e-commerce, and others based on distribution channel. The market is examined in four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.
Europe has the largest share of the Confectionery Market by region, with a stronghold in the chocolate confectionery area. However, due to rising disposable income, rising population, and new brand launches from established players, the Asia-Pacific region is predicted to rise at a substantial CAGR throughout the Confectionery Market forecast period.
The COVID-19 outbreak had a significant impact on the Confectionery Industry. The strict rules and the blockade, which will last until 2020, had repercussions in the Confectionery Industry, affecting the supply of raw materials (agricultural products, food ingredients, and medium foods), trade and logistics, supply and demand volatility, consumer demand, and the workforce at the industrial level. One of the most significant effects of the embargo on the Confectionery Business was a drop in sales as a result of lower donations and spontaneous purchases by consumers all around the world.
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