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.
Buy Now: https://www.alliedmarketresearch.com/checkout-final/cea83477cfc6c7cc7b82defdd5bbb3e8
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.
The rise in demand for confectionery products made with organic, exotic, and functional ingredients is one of the crucial factors propelling the market growth. Furthermore, the introduction of bite-size snack formats and on-the-go options has led to convenience for consumers, which positively impacted the market growth. These are some crucial factors that drive the global confectionery market.
Request The Free Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/1865
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.
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.
Need a Discount? Getting Exclusive Discount And Free Consultation: https://www.alliedmarketresearch.com/purchase-enquiry/1865
Key findings of the study
By product type, the chocolate segment was the highest contributor with $74,050 million in 2019, and is estimated to reach $98,149 million by 2027, at a CAGR of 4% during the confectionery market forecast period.
By age group, the adult segment was the highest contributor to the market with $122,150.80 million in 2019. However, the geriatric segment is anticipated to grow at a higher CAGR during the forecast period.
By price point, the economy segment was the highest contributor to the market in 2019, and is estimated to reach $119,684.20 million by 2027, at a CAGR of 3.5% during the confectionery market forecast period.
By distribution channel, the supermarket/hypermarket segment was the highest contributor to the market in 2019, and is estimated to reach $99,850.10 million by 2027, at a CAGR of 3.3% during the forecast period.
In 2019, the Europe region was the most prominent market accounting for $82,231.20 million in 2019. However, the Asia-Pacific region is expected to grow at a significant CAGR during the confectionery market forecast period.
Reasons to Buy This Confectionery Market Report:
○ Mergers and acquisitions should be well-planned by identifying the best manufacturer.
○ Sort new clients or possible partners into the demographic you’re looking for.
○ Suitable for providing dependable and high-quality data and analysis to assist your internal and external presentations.
○ Develop tactical initiatives by gaining a better grasp of the areas in which huge corporations can intervene.
○ To increase and grow business potential and reach, develop and plan licencing and licencing strategies by finding possible partners with the most appealing projects.
○ Recognize newcomers with potentially strong product portfolios and devise effective counter-strategies to acquire a competitive edge.
○ To develop effective R&D strategies, gather information, analysis, and strategic insight from competitors.
Other Trending Reports:
Sugar Confectionery Market
Food Packaging Equipment Market
Source: https://www.dailyreportsworld.com
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.