Global confectionery
market demand is anticipated to be valued at US$
214,285.4 Million in 2022, forecast to grow at a CAGR of 7.4% to
be valued at US$ 438,781.6 Million from 2022 to 2032. Growth
is attributed to increasing advancement in the food and beverage industry. From
2016-2021 a CAGR of 6.0% was registered for the confectionery
market.
Confectionery market are into the production of a wide
variety of food items like chocolates, candies, caramels, toffees, cookies,
lollies, and many others, which are rich in sugar and sweet content. Most
confectionery market items consist of food products like cocoa, honey, nuts,
fruits, milk, sugar and many more that are consumed globally in developed and
developing countries. Hence it’s consumed in all the geographical regions.
The confectionery market is projected to witness significant
growth in the Asia Pacific, especially the South East Asia countries, where
there has been a consistency in growth in the past few years.
Confectionery Market Driven by Consumer Spending on Sugar
– free Food Products
Food items, such as sugar-free candies or chocolates, are
expected to significantly stimulate the growth of the confectionery market over
the forecast period owing to the rise in awareness regarding the health
benefits associated with the consumption of low-calorie content. And consumers
have made a shift towards the consumption of sugar-free items. In order to
produce sugar-free chocolates, candies or gums, sweeteners can be used.
Global manufacturers will have to switch from using sugars
to applying sweeteners to their new products.This health trend has not only
caused the global confectionery market to make a shift in ingredients but has
also fostered the industry to new pack sizing strategies
The rise in consumers’ changing lifestyles has led to the
rise in demand for confectionery products. Consumers with hectic schedules tend
to demand confectionery product since the product is convenient and can be
consumed within a short period. Presently, the rise in the number of women
working is a factor in boosting the market since there is little or no time to
prepare food after a hectic day at work.
Expansion of Retail Market
Wide range of confectionery item are readily available at
various retail markets such as grocery stores, convenience stores,
supermarkets, hypermarkets and forecourt retailers. These stores help in
increasing the brand exposure of several confectionery items.
The rise in demand for gift items among consumers is another
factor fueling the global confectionery market’s growth. Consumers are often
confused about what item to use as gifts for their outings, so they end up
buying confectionery items because of its portability.
Confectionery Market Restraints
The global confectionery market will witness a decline in growth
due to the increasing awareness of the detrimental effect of consuming food
items with high sugar content. Also, diversity in consumer spending habits will
hamper the growth of the industry over the forecast period. The fluctuation in
the prices of raw materials needed for producing confectionery items is another
factor to consider as it might force the market to decline tremendously over
the forecast period.
Confectionery Market: Region-wise Analysis
Europe has the most substantial dominance in the global
confectionery market, followed by the Asia Pacific and North America regions.
Countries like the US, UK, and China have the largest confectionery market
globally. The Asia Pacific region is the fastest-growing confectionery market
globally, with India acting as the driver in the region due to the rise in
disposable income
Other regions like Africa and the Middle East are expected
to record a moderate growth over the forecast period.
Global Confectionery Market: Competitive Landscape
- Ferraro
- Hershey’s
- Lindt,
Wrigley’s
Perfetti Van Melle and ChupaChupa have their success built
on consistency and product innovation. Other key players include
- Mars
- Incorporated
- Mondelēz
International
- Nestlé
S.A.
- Parle
Products Pvt. Ltd.
- Kraft
Foods
- Cadbury
- HARIBO
Dunhills (Pontefract) PLC
- United
Confectionery Manufacturers
- Perfetti
Van Melle
- Kegg’s
Candies
- Petra
Foods
- Yildiz
Holding
- Crown
Confectionery
- Brookside
Foods.
Report Highlights
The research report presents a comprehensive assessment of
market and contains thoughtful insights, facts, historical data, and
statistically supported and industry validated market data and projections with
suitable set of assumptions and methodology. Research report provides analysis
and information by categories such as market segments, geographies, types,
technology and applications.
The report is a compilation of first-hand information,
qualitative and quantitative assessment by industry analysts, inputs from
industry experts, and industry participants across the value chain. The report
provides an in-depth analysis of parent market trends, macro-economic
indicators, and governing factors along with market attractiveness as per
segments. The report also maps the qualitative impact of various market factors
on market segments and geographies.
Read More: https://www.futuremarketinsights.com/reports/asean-confectionery-market