Global Confectionery Market to Grow at 3.1% During 2024-2032, Impelled by Rising Demand for Ready-to-Eat Products

September 24, 2021 | Food & Beverages

According to the latest report by IMARC Group, titled “Confectionery Market Report by Product Type (Hard-boiled Sweets, Mints, Gums and Jellies, Chocolate, Caramels and Toffees, Medicated Confectionery, Fine Bakery Wares, and Others), Age Group (Children, Adult, Geriatric), Price Point (Economy, Mid-range, Luxury), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Pharmaceutical and Drug Stores, Online Stores, and Others), and Region 2024-2032,” the global confectionery market reached a value of US$ 192.2 Billion in 2023. Confectionery products refer to a wide range of foods that are rich in sugar and other artificial sweeteners. They are formulated using glucose syrups, aspartame, saccharin, corn syrup, milk products, and sucrose derivatives that act as thickeners, stabilizers, foaming, and gelling agents. These compounds are similar to sugar in terms of texture, taste, and interaction with ingredients. Confectionery products are usually low in micronutrients and high in calories. Some of the common products include cookies, chocolates, and bakery items.

Global Confectionery Market Trends:

Rapid urbanization and evolving consumer preferences, tastes, and eating habits are creating an escalating demand for ready-to-eat (RTE) products, which, in turn, is driving the global confectionery market growth. Manufacturers are focusing on expanding their product portfolios by including functional ingredients, organic fillings and exotic flavors, which is further contributing to the market growth. Additionally, sugar-free confectioneries are gaining popularity due to a rise in health concerns and the increasing prevalence of diabetes, obesity, and other lifestyle diseases. These contain natural sweeteners or sugar alcohols, which contain a low fat and cholesterol content. The introduction of clean-label products in gluten-free variants with no added preservatives and additives is also catalyzing the market growth. Other factors, such as advancements in ambient storage conditions and the advent of anti-microbial packaging solutions, along with increasing consumer expenditure capacities, especially in developing regions, are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 3.1% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been divided into hard-boiled sweets, mints, gums and jellies, chocolate, caramels and toffees, medicated confectionery, fine bakery wares, and others.
  • On the basis of the age group, the market has been segmented into children, adult, and geriatric.
  • Based on the price point, the market has been segregated into economy, mid-range, and luxury.
  • On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, pharmaceutical and drug stores, online stores, and others.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Chocoladefabriken Lindt & Sprüngli 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 and The Kraft Heinz Company.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Age Group, Price Point, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Chocoladefabriken Lindt & Sprüngli 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 and The Kraft Heinz Company
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Global Confectionery Market to Grow at 3.1% During 2024-2032, Impelled by Rising Demand for Ready-to-Eat Products
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