According to a new report published by Allied Market Research, titled, “Confectionery Market by Product Type, Age Group, Price Point, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”
The global confectionery market size was valued at $210.3 billion in 2019, and is projected to reach $270.5 billion by 2027, registering a CAGR of 3.6% from 2021 to 2027. The market is expected to exhibit an incremental revenue opportunity of $60.1 billion from 2020 to 2027. The market growth is propelled by several factors such as product innovations, rise in trend of gifting confectionery, economic growth, rise in disposable income, and others.
Consumer habits, tastes, and preferences are constantly evolving. This has led to innovation in the field of confectionery market trends that drives the market growth. Manufacturers are increasing their product range by including functional ingredients, organic herbal fillings, tropical fruit, and nut-based & exotic flavors in product formulations to meet changing consumer demands. Furthermore, the trend of gifting confectionery products, such as cookies, chocolates, bakery items, and others, has enabled to propel the confectionery market growth in the recent years. Brands are constantly establishing unique engaging techniques to seek consumer attention as confectionery products are significantly purchased as a result of impulse buying. These factors have cumulatively enabled to drive the market for confectionery products. However, the volatile nature of raw material prices of sugar and cocoa can hamper the growth of the confectionery market share.
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The outbreak of COVID-19 has caused a severe impact on the confectionery market. The stringent rules and lockdown during the course of 2020 have led to repercussions in the confectionery business, which caused differential impact on raw material supply (agricultural produce, food ingredients, and intermediate food products), trade & logistics, demand-supply volatility, uncertain consumer demand, and affected the workforce at industrial level. One of the major factors that affected the confectionery market size during the lockdown was sales decline as a result of reduced gifting and impulse buying among consumers across the globe.
On the basis of product type, the chocolate category was the dominant segment in 2019 with 35.2% market share. Consumers of all age groups consume chocolate confectionery to satisfy their taste buds. The growth in economic prosperity, especially in emerging countries has driven the market for the chocolate segment. Furthermore, chocolate is the highest per capita (kg) consumed confectionery product across several countries. However, the medicated confectionery segment is anticipated to grow at a faster rate during the forecast period. The increase in prevalence of minor ailments and over-the-counter medications or dietary supplements requires active ingredients such as antacids, vitamins, and herbal extracts. These products majorly propel the growth of the medicated confectionery segment. Furthermore, the rapid growth in geriatric population in the next 10 years is anticipated to boost the market growth for the medicated confectionery segment.
On the basis of age group, the adult category was the dominant segment in 2019 with 58.1% market share. Majority of the population consuming confectionery products globally falls in the adult age range, constituting (16 to 60 years). It is especially driven by the millennials as they are the highest consumers of chocolate products. Furthermore, brands are targeting their products specifically to this demographic group by adopting trends such as unusual colors, popping candy, hot & spicy options, cooling effects, and more interactive & personalized packaging. However, the geriatric segment is expected to grow at a higher CAGR during the forecast period. By the next decade, majority of the population, especially in developed economies, will be aged 60 years and above. Furthermore, the demand for confectionery products is expected to differ from the existing pattern.
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On the basis of price point, the economy category was the dominant segment in 2019 with 44.6% market share. Confectionery products in the economy category are targeted for mass consumption. It comprises the least priced items, and is generally affordable by consumers across all economies. Consumers look for good value, especially when choosing chocolates. However, the mid-range segment is expected to grow at a higher CAGR during the forecast period. The rise in disposable income and factors, such as product innovation, changing consumer tastes/lifestyles and marketing/promotion activities, are expected to propel the market growth for the mid-range confectionery products segment.
On the basis of distribution channel, the supermarket/hypermarket category was the dominant segment in 2019 with 37.9% market share. The growth of the supermarket/hypermarket segment in the confectionery market is attributed to increase in adoption of supermarket/hypermarket in the mature and emerging markets. The one-stop solution provided by these retail formats makes it a very popular option for shopping among consumers. However, the e-commerce segment is expected to grow at a higher CAGR during the forecast period. The establishment of online portals for confectionery products especially in developing countries with large population using the internet boosts the market growth. This platform offers a number of discounts on online purchase of confectionery to attract more customers. Emergence of advanced technology fosters the growth of online business across the globe.
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Based on confectionery market analysis, Europe region accounts for a major confectionery market share with predominance in the chocolate confectionery segment. However, the Asia-Pacific region is expected to witness significant CAGR during the forecast period as a result of growing disposable income, increasing population, and new brand launches from established players.
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.
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