The confectionery market size is forecast to increase by USD 64.69 billion at a CAGR of 4.94% between 2023 and 2028. One of the key factors driving the market is the rising purchasing power of individuals. Purchasing power, an indicator of the current market condition, is increasing notably in developing countries like India, China, Brazil, Indonesia, Russia, and South Africa, leading to expanded consumer expenditure. This shift is shaping consumer spending on food, particularly favoring at-home consumption. The confectionery market is sizable and is expected to grow steadily, fueled by factors such as changing consumer living standards and evolving snacking preferences. Market size and forecasts are influenced by per capita expenditures, market trends, and seasonal demand for gifting confectionery products.
The confectionery market is made up of many different types of food products, including chocolates, non-chocolate candies, gum, ice cream, and sweet baked goods. These products are purchased for indulgence, gifting, and social occasions, making them a significant segment within the food industry. Distribution channels for confectioneries include retailers such as supermarkets, convenience stores, and online channels. The market caters to consumer preferences for products like low-sugar, low-calorie, and healthy variants. Packaging and labeling play a crucial role in product differentiation and marketing strategies.
Key trends in the confectionery market include the introduction of limited-edition products, the rise of sugar-free and low-calorie variants, and the demand for clean-label, cruelty-free, vegan, and organic products. Consumer concerns about health, sustainability, and ingredient transparency are driving these trends. Festivals, birthdays, anniversaries, and social meetings are among the occasions that drive demand for gifting confectionery products. Imported chocolates, nuts, grains, and cereals are gaining popularity, offering consumers a variety of flavors and textures.
One challenge facing the confectionery market is the health concerns related to sugar consumption, cardiovascular diseases, obesity, and diabetes. Manufacturers address these concerns by offering sugar-free and healthier alternatives while ensuring product safety and quality.
Opportunities in the confectionery market can be found in the development of innovative products that cater to changing consumer preferences for healthier, sustainably sourced, and indulgent treats. Clean-label products, anti-microbial packaging solutions, and online platforms present avenues for market expansion and differentiation.
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our confectionery market segmentation covers topics such as:
Europe is projected to account for 30% of the global market’s growth by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The UK, Germany, France, Italy, Switzerland, the Netherlands, and Spain are some of the prominent markets in the region. In addition, major confectionery manufacturers in Europe have undertaken strategic collaborations to achieve novel technological innovations and acquire a prominent position in the marketplace. In addition, the increased penetration of small family-run bakeries and restaurants has significantly contributed to the increased consumption of confectionery items in the region.
Technavio's confectionery industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our confectionery market reports include:
Learn more about the confectionery industry: Explore Reports
In order to provide you with a comprehensive view of the confectionery industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
1.How do I identify key trends in the confectionery market?
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
2.How do I decide which segments of the confectionery market to focus on?
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
3.Who are the major players in the confectionery market?
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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