Confectionery Market Size, Share, Growth Analysis, By Product Type, By Age Group, By Price Point, By Distribution Channel, By Region - Industry Forecast 2024-2031

Global Confectionery Market size was valued at USD 210.30 billion in 2022 and is poised to grow from USD 217.87 billion in 2023 to USD 289.12 billion by 2031, growing at a CAGR of 3.6% during the forecast period (2024-2031).

The confectionery market is witnessing a shift towards premium products, as consumers indulge in luxurious chocolates and gourmet gummies. This trend is particularly evident in developed countries where the demand for dark, high-quality chocolate is thriving, positively influencing overall confectionery sales. Leading manufacturer Hershey's has captured significant market share, boasting a 49.51% increase in the under 3.5 oz. chocolate category and enhanced shares in larger sizes and snack sizes as well. Conversely, competitor Mars saw declines across all categories, with their market presence slipping in the same period. Additionally, the COVID-19 pandemic severely impacted production, forcing temporary facility closures and disrupting supply chains, but the resilience of premium chocolate has driven a steady recovery in consumer spending habits.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Confectionery market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Confectionery Market Segmental Analysis

Global Confectionery Market is segmented by product type, age group, price point, distribution channel and region. Based on product type, the market is segmented into chocolate confectionery (dark chocolate, milk chocolate, white chocolate), sugar confectionery (hard-boiled sweets, caramels and toffees, gums and jellies, medicated confectionery, mints) and gum (chewing gum, bubble gum). Based on age group, the market is segmented into children, adults and geriatric. Based on price point, the market is segmented into economy, mid-range and luxury. Based on distribution channel, the market is segmented into offline (supermarkets, convenience stores, specialty stores, pharmacies) and online (e-commerce websites, company-owned websites). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Confectionery Market

The global confectionery market is being significantly influenced by changing consumer lifestyles and health concerns. With more individuals working and facing challenges in maintaining a healthy balance, there is a growing demand for convenient and balanced dietary options. In response, manufacturers are rolling out a diverse range of chocolate snacks, including portable options like chocolate bars and on-the-go treats, all presented in compact packaging for easier transport. Additionally, the rising interest in dark chocolate can be attributed to its perceived health benefits. At the same time, as lifestyle-related health issues, such as diabetes and obesity, become more prevalent, consumers are increasingly seeking sugar-free and low-sugar alternatives, leading to a surge in customized product requests, like those offered by Luker Chocolate.

Restraints in the Global Confectionery Market

The global confectionery market faces significant challenges primarily due to the volatility in the prices of key ingredients such as sugar and cocoa. Over the past few years, fluctuations in supply and demand for these commodities have been exacerbated by adverse weather conditions, crop diseases, and issues related to labor availability. Furthermore, stock ratios and various economic factors further disrupt the stability of these crucial ingredients. For instance, cocoa powder prices saw a dramatic increase in October 2021, climbing 58 percent from US$3,058 to US$4,837 per tonne in the United States, highlighting the market's sensitivity to these external variables.

Market Trends of the Global Confectionery Market

The Global Confectionery market is experiencing a significant trend towards organic snacks and sugar and chocolate products, driven by a growing consumer preference for healthier snacking alternatives. This shift is not only influenced by health consciousness but also by the enhanced taste and sensory experiences these organic offerings provide. As customers actively seek out organic options, the market for organic chocolate, in particular, is witnessing moderate yet steady growth, gaining traction among health-savvy consumers. This emerging demand creates diverse business opportunities, prompting confectionery brands to innovate and expand their product lines to cater to the evolving tastes of the global audience.