Global Confectionery Market Synopsis

The Global Confectionery Market size was valued at USD 2,12,429.73 Million in 2023 and is projected to reach USD 2,83,327.89 Million by 2030, growing at a CAGR of 4.20% from 2023 to 2030.

Confectionery is the art of making confections, which are food items that are rich in sugar.

• Confectionery products are most commonly consumed as snacks between meals or as a quick satisfaction. Chocolates, candies, and gum are popular choices for snacking due to convenience and a wide range of flavors and textures.
• Confectionery items are frequently purchased on impulse, often at checkout counters in supermarkets, convenience stores, and other retail outlets. Eye-catching packaging, appealing displays, and promotional offers encourage consumers to make spontaneous purchases.
• Confectionery ingredients such as chocolate chips, cocoa powder, sprinkles, and decorations are used in various dessert preparations and baking recipes. They add flavor, texture, and visual appeal to cakes, cookies, pastries, ice creams, and other sweet treats.
• Confectionery products are widely used in the hospitality and food service industry. They are served as part of dessert menus, buffet displays, and after-meal treats in restaurants, hotels, cafes, and catering services.
• Confectionery plays a significant role in children's treats, parties, and events. Candies, chocolates, lollipops, and other confectionery items are popular among children and are often included in party favor bags or served at birthday parties.

Top Key Players Involved Are:

"Mars, Incorporated (US),   Mondelez International Inc. (US)   Nestlé S.A. (Switzerland)   The Hershey Company (US),   Ferrero Group (Italy),   Lindt & Sprüngli AG (Switzerland),   Meiji Holdings Co., Ltd. (Japan),   Cadbury PLC (United Kingdom),   Perfetti Van Melle (Italy/Netherlands),   Lotte Confectionery Co., Ltd. (South Korea),   Ezaki Glico Co., Ltd. (Japan),   Haribo GmbH & Co. KG (Germany),   The Kraft Heinz Company (US),   Chocoladefabriken Lindt & Sprüngli AG (Switzerland),   Ferrara Candy Company, Inc. (US),   Ritter Sport (Germany),   Wrigley Company (US),   August Storck KG (Germany),   Yildiz Holding (Turkey),   Parle Products Pvt. Ltd. (India) and Other Major Players."

Global Confectionary Market Trend Analysis

Increasing Globalization and Cross-Cultural Impact

• Globalization has made it easier for consumers to access confectionery products from different parts of the world. Consumers are now exposed to a wide variety of international confectionery brands, flavors, and product formats that were previously unavailable or less known in their regions.
• Cross-cultural influences have led to a growing appreciation for new and unique flavors, textures, and ingredients. Consumers are looking for novel and exotic confectionery experiences, driving the demand for innovative new products that blend different cultural influences.
• The increase in international travel and tourism has cleared the way for the exchange of confectionery preferences and consumption habits. Travelers often bring back confectionery products as souvenirs or gifts, introducing new flavors and brands to their home markets.
• Globalization has encouraged the creation of fusion and hybrid confectionery products that blend different cultural influences. These hybrid products cater to consumer desire for new and exciting taste experiences, driving market growth.
• Cultural celebrations and festivals provide opportunities for confectionery companies to introduce and promote their new or existing products. During holidays like Diwali, Christmas, Lunar New Year, and many more festivals confectionery plays a significant role in the festivities, and companies often create special edition products or packaging to cater to the demand. This cultural integration of confectionery consumption during celebrations boosts market growth.

Customization or Personalization as Consumers Need

• In recent times, the customization trend is going on in the market at its peak. Customers are attracted to this term. They want customization in each and everything they bought. Because of this reason, companies are also investing in the customization of the products.
• By allowing consumers to choose flavors, ingredients, packaging designs, or even create their unique combinations, companies can add to individual preferences and create a sense of exclusivity and personal connection.
• It provides an interactive and engaging experience for customers. Involving them in the product manufacturing process through online platforms, or in-store experiences can promote a deeper connection with the brand and increase customer loyalty.
• With a wide range of products available, personalization and customization can help companies differentiate themselves from competitors. By offering tailored options that cater to specific tastes, dietary preferences, or occasions, companies can stand out in a crowded market and attract a niche segment of consumers.
• Personalized confectionery products are particularly appealing in the market. Consumers often seek unique and thoughtful gifts for special occasions such as birthdays, anniversaries, or holidays. Offering customizable packaging, messages, or even engraved chocolates can make the gifting experience more meaningful and memorable.

Segmentation Analysis Of The Global Confectionary Market

The Global Confectionery Market Segments Cover the Type, Age Group and Distribution Channel. By Type, The Chocolate Segment Is Anticipated to Dominate the Market Over the Forecast Period.

• Chocolate is the most loved and enjoyed confectionary by all age groups in the market. it has a universal appeal and is enjoyed as a treat, gift, or indulgence in numerous cultures and countries.
• Chocolate confectionery includes a wide range of products made primarily from cocoa, sugar, and other ingredients. Some of the popular chocolate confectionery products are chocolate bars, chocolate candies, chocolate truffles, filled chocolates, chocolate-coated nuts, and chocolate-covered fruits.
• Chocolate confectionery is often associated with gifting, especially during festive seasons and holidays. Chocolates are commonly exchanged as gifts, making them a popular choice for occasions like Valentine's Day, Easter, Halloween, and Christmas.
• Chocolate is an impulse item to purchase. People buy it impulsively without taking a prior decision Its availability in various retail outlets, convenience stores, and vending machines allows consumers to satisfy their cravings on the go.

                                                                                                                                                                                                 Source: Statista

The graph shows that there will be an increase in the consumption of confectionaries till 2024. In 2020 because of the covid consumption is very low, with time it has been growing upward only. This signals the market that, this market has growth in the future.

Regional Analysis Of The Global Confectionery Market

Europe is expected to dominate the market over the forecast period.

• The European confectionery market is one of the largest in the world, accounting for a significant share of global confectionery consumption.
• The market has shown stable growth over the years, driven by factors such as consumer demand, innovation, and premiumization. While growth rates may vary across countries, the European confectionery market continues to offer opportunities for product development and expansion.
• Like in many other regions, European consumers are increasingly seeking healthier confectionery options. There is a growing demand for reduced-sugar, organic, and natural ingredient-based products. Manufacturers are responding by introducing healthier alternatives and highlighting the use of premium ingredients.
• Busy lifestyles and the demand for convenience have led to an increased interest in on-the-go confectionery products, portion-controlled snacks, and individually wrapped treats. Single-serve formats and resealable packaging cater to consumer needs for convenience and portability.

Covid 19 Impact Analysis On The Global Confectionery Market

• The pandemic has led to disruptions in supply chains, including sourcing raw materials, manufacturing, and transportation. Lockdown measures, restrictions on movement, and temporary closures of factories and distribution centers affected the production and distribution of confectionery products.
• With lockdowns and social distancing measures in public places, there was a reduction in impulse purchasing. As people locked at home and limited their outings, the demand for confectionery products purchased on the go or as spontaneous treats declined.
• The pandemic affected festive celebrations, gatherings, and events, leading to a decline in the demand for confectionery products associated with such occasions. Reduced social interactions and restrictions on gatherings resulted in lower sales during festive seasons and holidays.
• The pandemic raised people’s awareness regarding hygiene and safety. Confectionery companies had to adapt their manufacturing processes and packaging to reassure consumers of product safety and maintain consumer trust.

Top Key Players Covered In Global Confectionery Market

• Mars, Incorporated (US)
• Mondelez International, Inc. (US)
• Nestlé S.A. (Switzerland)
• The Hershey Company (US)
• Ferrero Group (Italy)
• Lindt & Sprüngli AG (Switzerland)
• Meiji Holdings Co., Ltd. (Japan)
• Cadbury PLC (United Kingdom)
• Perfetti Van Melle (Italy/Netherlands)
• Lotte Confectionery Co., Ltd. (South Korea)
• Ezaki Glico Co., Ltd. (Japan)
• Haribo GmbH & Co. KG (Germany)
• The Kraft Heinz Company (US)
• Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
• Ferrara Candy Company, Inc. (US)
• Ritter Sport (Germany)
• Wrigley Company (US)
• August Storck KG (Germany)
• Yildiz Holding (Turkey)
• Parle Products Pvt. Ltd. (India) and Other Major Players.

Key Industry Developments In The Global Confectionary Market

In August 2022, MONDELĒZ International completes the acquisition of CLIF BAR & COMPANY, a U.S. Leader in fast-growing energy bars. The acquisition expands Mondelēz International’s global snack bar business to more than $1 billion, with leading brands including CLIF®, CLIF Kid® and LUNA® complementing the company’s refrigerated snacking business Perfect Snacks in the U.S. and leading performance nutrition business Grenade in the U.K. This acquisition also advances the company’s strategy to reshape its portfolio to deliver higher and sustainable growth.

In April 2023, Nestlé and PAI created a joint venture for frozen pizza in Europe. Nestlé and private equity firm PAI Partners have agreed to set up a joint venture for Nestlé's frozen pizza business in Europe, creating a dedicated player in a competitive and dynamic category. Nestlé will retain a non-controlling stake with equal voting rights alongside PAI Partners. The transaction is subject to employee consultations and the approval of regulatory authorities and is expected to close in the second half of 2023. Financial details are not being disclosed.