Confectionery Market Size, Share, Global Trends by 2028 |
Pune, India, October 25, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights ™, the confectionery market The size is expected to reach USD 242.53 billion by 2028, registering a CAGR of 3.8% during the forecast period. Rising health awareness among consumers will play a key role in increasing the growth of this market, shares Chocolate bars and manufactured candies are known to contain large amounts of artificial sweeteners.
With the increasing prevalence of lifestyle disorders, even the most ardent chocolate lovers are increasingly turning to products made with organic and natural ingredients. For example, research by Swiss chocolate maker Barry Callebaut found that the market value of organic chocolates is currently € 30 million in Western Europe alone. This figure shows that changing consumer preference for chocolate and other confectionery items made from naturally occurring extracts will drive confectionery market trends for the foreseeable future.
According to the Confectionery Market report, this market was worth USD 188.52 billion in 2020. The report further contains answers to the following questions:
- What are the main factors driving the market?
- What are the main obstacles that the market faces and will face in the future?
- What are the key market segments?
- Which region (s) hold the greatest growth potential in the market?
- How do competitive dynamics shape the market?
- Who are the major players in this market and what are their key strategies?
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Key market driver
Fast-paced lifestyles to foster sales opportunities
Global economic growth and development has led to an explosion of employment and business opportunities. Better access to education and skills development has increased the number of employable people in the world, resulting in more working people and more office space, especially in large urban centers. As a result, modern lifestyles have become more hectic and stressful, with unfortunate consequences for the health and fitness of people. As a result, many consumers now demand take-out confectionery snacks, preferably low in sugar and fat.
Chocolate, due to its many health benefits, is the most consumed confectionery product in the world, and many companies are now developing sugar-free and organic chocolate items to meet the needs of the health-conscious urban population. . In addition, the consumption of chocolate has positive physiological effects. The Adventist Center for Health Sciences at Loma Linda University in California found, through a research study, that consuming chocolate positively impacts brain health and reduces stress and inflammation.
Launch of products derived from natural extracts to stimulate competition
The confectionery market forecast foresees a period of fierce competition in this market as companies deploy various strategies to meet the growing demand for organic confectionery items. In addition to this, many players are also trying to expand their business horizons by introducing new offerings in overseas markets.
List of key players covered in Confectionery market Report:
- Super Confectionery
- Ezaki Glico Co., Ltd.
- The Hershey Company
- Mondelez International
- Ferrero SpA
- HARIBO GmbH & Co. KG
- Chocoladefabriken Lindt & Sprungli AG
- Meiji Holdings Co., Ltd.
- Nestlé SA
- Barry callebaut
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Europe leading the pack; Asia-Pacific to exhibit excellent growth trajectory
With a market share of 39% in 2018, Europe is expected to dominate the confectionery market in the coming years, mainly due to high-consumption chocolate products. Consumers increasingly demand premium and personalized confectionery products and are willing to pay for such items, prompting companies to manufacture and offer higher quality offerings in the region.
Asia-Pacific offers huge growth opportunities for this market due to increasing disposable income, increasing young and working age population and rapid urbanization. As a result, many players are implementing different strategies to establish themselves in the Asia-Pacific region, especially in China and India.
Key industry developments:
- July 2020: Nestlé, the Swiss multinational, has created a new chocolate product with no added sugar, allowing its loyal customers to profit from the company’s wholesale 70% dark chocolate. Called Cacao Fruit Chocolate, the product will be infused with natural cocoa pulp which will serve as a sweetener for the chocolate.
- May 2018: Swiss chocolatier Barry Callebaut opened the first chocolate center in Africa called CHOCOLATE ACADEMY ™. Located in Johannesburg, South Africa, the academy will focus on teaching the training of budding chocolatiers, professionals and enthusiasts with the latest trends and technologies in the confectionery world.
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Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- Key ideas
- Related / parent market overview
- Global trend in chocolate consumption
- Global trend in cocoa production
- Supply chain analysis
- SWOT Analysis of the Industry
- Recent Industry Developments – Mergers and Acquisitions, Expansions, Partnerships and
- Related / parent market overview
- Global Confectionery Market Analysis, Outlook and Forecast, 2015-2028
- Main conclusions / Summary
- Market size estimates and forecasts
- By type
- By distribution channel
- Hypermarket / Supermarket
- Convenience Stores
- Department stores
- Online retail
- By region
- North America
- Asia Pacific
- South America
- Middle East and Africa
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