PUBLISHER: DataM Intelligence | PRODUCT CODE: 1093839
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1093839
The global liquid confectionery market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Liquor confectionery is the market in which the confectioneries such as candy, gums and chocolates are infused with alcohol. Liquor consumption is high in European countries such as the United Kingdom, Germany, and Belgium. Chocolates infused with alcohol, which have recently been launched in several nations, encourage people to try new ways of consuming alcohol. Increased penetration of handmade confectioneries using liquor as a main ingredient is a major factor contributing to the growth of the global market.
Rising emergence of on-the-go snacks to push confectionery market
Increasing modernization and a hectic combination of professional & personal obligations are some of the major factors triggering convenience snacks' demand as part of the daily diet. Consumers' busy lives disallow them to spend time cooking and dine-out during their working hours, which leads consumers to look for easy and quick-to-eat food products. The number of consumers in the workplace is increasing nowadays, and it is becoming even harder to maintain a healthy work-life balance for them. Thus, manufacturers and marketers are intensively capitalizing on introducing and promoting a range of liquid chocolate snacks such as on-the-go snacks, chocolate bars, and others to offer a healthy diet to consumers. They also focus on offerings of convenient and small packs that allow consumers to carry candies and bars in their bags. Dark chocolate is witnessing a rise in its popularity due to the health benefits. For example, it is a rich source of antioxidants that improves insulin sensitivity and reduces blood pressure. Hence, the rising association of chocolates with youngsters and other working populations worldwide is expected to propel the confectionery market growth during the forecast period. Furthermore, growing demand for premium liquor-based chocolates around the globe and rising demand for liquor cocktail gummies is driving the market growth.
Chocolate accounted for the highest share in global liquid confectionery market
With a sale of USD XX million in 2021, chocolates lead the global liquor confectionery market. The consumer's attention is drawn to these chocolate confectioneries by their innovative labeling and various manufacturing techniques. Anthon Berg creates small bottles of superb dark chocolates with orange liquor and cocktails made with high-quality cocoa.
With a revenue of USD XX million in 2021, supermarkets/hypermarkets were the most profitable distribution channel. Such establishments offer a wide choice of flavored confectioneries from which to choose. This situation is attributable to simple access, product visibility, as well as various discounts and offers. Discounts and other tempting deals, such as "buy one, get one free," are offered by supermarkets and hypermarkets to entice more customers, resulting in increased sales of liquor chocolates.
Europe is the dominating region during the forecast period
Due to increased demand for liquor confectionery in Switzerland, Germany, and Belgium, Europe owned the greatest share of XX percent. The primary factors driving the market in the region include increasing adoption of these products for their tastes, availability in numerous flavors, and tradition of consuming them on various occasions. The tradition of enjoying these handcrafted liquor confectioneries during special events, vacations, and festivals is part of European cultural norms for chocolates and candies.
Asia Pacific has emerged as the fastest-growing region, with a CAGR of XX percent predicted during the forecast period. Increased awareness and changing attitudes toward consuming alcoholic beverages in confectionery are credited with the surge. Consumers, particularly millennials, are willing to try new confectioneries because these goods are more appropriate for special occasions than heavy alcohol consumption.
The global liquid confectionery industry is competitive, particularly with the rise of regional companies and shifting customer preferences for liquid confectionery products. There are a few large organizations in the industry that are pursuing particular methods, such as mergers and acquisitions, that enable them to improve their present competence while also innovating more on product offerings. For example, in 2018, Ferrero signed a USD 2.8 million deal to buy Nestle's liquor confectioneries manufacturing business in the United States. Furthermore, prominent confectionery companies like Barry Callebaut purchased American Almond Products Co. in 2015, allowing the former to extend its product line even further in the coming years.
COVID-19 Impact: Negative impact on the global liquid confectionery market
Even though the covid-19 pandemic slowed consumer packaged product sales during its early stages, confectionery-based products, including alcoholic beverages, have seen significant growth due to the preference for healthy snacks during lockdown and cravings for sweet products at times. Similarly, the global lockdown has resulted in increased sales of confectionery items, which will benefit liquor confectionery manufacturers in the long run if a pandemic of this magnitude occurs again over the projection period.