Global Confectionery Market- Industry Prospective:
The global confectionery market size was worth around USD 187.9 billion in 2021 and is estimated to grow to about USD 240.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.5 percent over the forecast period. The report analyzes the confectionery market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the confectionery market.
Global Confectionery Market: Overview
Foods high in sugar and carbs are referred to as confections. Chocolates, biscuits, bars, candies, mints, and other confections are among the items available. The behaviors, interests, and preferences of consumers are always changing. This has resulted in confectionary innovation, which is driving market expansion. To fulfill evolving customer preferences, manufacturers are expanding their product variety by integrating tropical fruit, organic herbal fillings, functional ingredients, and nut-based & exotic tastes in product formulations. Furthermore, in recent years, the practice of giving confectionery products such as chocolates, cookies, bakery items, and others has aided market expansion. Confectionery items are heavily purchased, thus brands are continuously developing novel engaging strategies to attract consumer attention.
COVID-19 Impact:
The COVID-19 pandemic has had a significant impact on the confectionery industry. During FY 2020, the strict rules and lockdown had repercussions on the confectionery industry, causing differential impacts on the supply of raw materials such as food ingredients, agricultural produce, and intermediate food products. The impact also resulted in disruption in trade & logistics, demand-supply uncertainty, iffy consumer demand, and availability of workforce at the industrial scale. Further, the sales declines as a consequence of diminished gifting and impulse spending among customers throughout the world were one of the primary issues that affected the confectionery Processing business during the shutdown.
Confectionery Market: Growth Drivers
Rise in demand for organic chocolate is boosting the growth of the market
Healthier snacking, coupled with simplicity and flavor, is a growing trend among buyers, and firms are responding with a big plan to cater to the increasing demand for healthier snacks. As a result, confectionery businesses are developing packaging that allows consumers to eat tiny quantities and save the remainder for later. Snack bars are also widely considered as a healthy alternative to chocolate or confectionery, and they have a strong image as a treat owing to product variety in terms of varied nutrients, such as proteins.
Global Confectionery Market: Opportunities
Rise in sugar-free confectionery popularity in developed economies to fuel the market growth
Low-calorie items, including sugar-free confectionaries, are likely to drive the global confectionery market's modest rise throughout the forecast period. High sugar consumption is also a matter of concern across the world since it has been related to a variety of health issues. When it comes to sweets, many individuals opt for sugar-free products to avoid ingesting too much sugar. Artificial sweeteners and sugar alcohols are the most common sweeteners used in the production of sugar-free chocolate and gums. For example, Hershey, the largest chocolate company in the United States, offers sugar-free versions of popular brands like Hershey and Reese's that employ polyglucitol and maltitol instead of sugar.
Thus, the growing inclination of consumers towards a healthy lifestyle has led to the growing demand for sugar-free confectionery. Hence, sugar-minimizing movement in the new products by the manufacturers may generate ample opportunities for market growth during the forecast period.
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