Confectionery Market Growth & Trends
The global confectionery market size is expected to reach USD 401.54 billion by 2028, registering a CAGR of 4.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing confectionery industry and the rising per capita consumption of these products are expected to promote market growth. Moreover, the increasing popularity and demand for sugar-free confectionery products across the developed economies have led to significant factors for market growth over the forecast period.
Confectionery Market Segmentation
Grand View Research has segmented the global confectionery market based on product, distribution channel, and region:
Based on the Product Insights, the market is segmented into Chocolate, Sugar Confectionery, Cookies, Ice Cream.
- The chocolate segment contributed to the largest market share of more than 45% in 2021 and is expected to grow with a CAGR of 4.2% from 2022 to 2028. The increasing demand and consumption of chocolate products from all age groups to satisfy their test buds is accelerating market growth. Moreover, chocolate is the highest per capita consumed confectionery as compared to other products across the globe. Furthermore, increasing demand for organic and premium chocolate products has projected market growth over the forecast period.
- The sugar confectionery segment is expected to grow with the fastest growth rate of 4.9% from 2022 to 2028. The continuously changing lifestyle and eating habits among consumers are accelerating market growth over the forecast period. Additionally, the growing middle-class population coupled with increasing disposable income and urbanization across the globe are anticipating market growth. Moreover, the rising trend of e-commerce has expected to accelerate this segment over the next couple of years.
Based on the Distribution Channel Insights, the market is segmented into Offline and Online.
- The offline channel contributed a share of more than 75% of the global confectionery market in 2021. Consumers are preferring offline channels for the purchase of consumer goods, groceries, as well as confectionery products such as chocolate, and other products where they can physically verify product quality. Moreover, easy access and searching for various confectionery products through stores is likely to drive the segment growth.
- The online segment of the market is anticipated to register the fastest growth with a CAGR of 5.2% from 2022 to 2028. The internet penetration rate has witnessed lucrative growth in recent years which has led to the significant growth of the e-commerce sector across the globe. Several manufacturers of these products are offering products on their websites as well as on the e-commerce platforms which in turn will drive the market growth over the forecast period.
Confectionery Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
Various manufacturers and suppliers are expected to focus on the logistic development and strengthening of the distribution channel to grow their business. The rising investment by the key market players in advertising campaigns, promotional activity, and social media marketing to expand their geographical presence across the globe.
Some of the prominent players operating in the global confectionery market include,
- Mondelez International, Inc.
- Mars, Incorporated
- The Hershey Company
- Nestlé S.A.
- Meiji Co., Ltd.
- Ferrero Group
- Chocoladefabriken Lindt & Sprüngli AG
- Perfetti Van Melle
- Ezaki Glico Co., Ltd.
- Haribo GmbH & Co. K.G.
- Grupo Arcor
- Pladis
Order a free sample PDF of the Confectionery Market Intelligence Study, published by Grand View Research.
