Confectionery Market Size, Share, Opportunities, And Trends By Product Type (Chocolate, Sugar Confectionery, Gums And Jellies, Snack Bars, Others), By Distribution Channel (Hypermarkets And Supermarkets, Convenience Stores, Online Retail Specialty Stores, Others), And By Geography - Forecasts From 2024 To 2029

Confectionery products are well-known among the people worldwide. It has been considered a type of food and a delicacy since ancient times. Confectionery is known as the process of producing confections, which are food items that are rich in carbohydrates and sugar. Confectioneries are commonly divided into two broad and overlapping categories, which include bakery confections, and sugar confections. Both categories are widespread and well known throughout the world with a variety of products such as chocolate-based and sugar-based confections such as chocolate bars, sweets, candy, lollipops, flour-based confections, milk-based confections, and many others.

Introduction:

The global confectionery market is expected to witness significant growth during the forecasted period of 2024-2029, due to factors such as the growing e-commerce sector and the growth of urbanization, which can be linked to the increase in disposable income among individuals and the increase in work hours for employees, leading to a busy lifestyle.

Market Drivers:

• Growth of the e-commerce sector: The growth of the e-commerce sector can provide the necessary boost for the global confectionery market growth since the current era is dependent on technology and has an increasing growth of online retailing. Confectionaries have opted for e-commerce since it has been proven efficient and profitable to conduct e-commerce when compared to other forms of commerce. E-commerce can be defined as the purchasing and selling of goods and services on an online platform. The International Trade Administration states that the global B2C e-commerce sector will be expected to witness a growth to reach US$5.5 trillion by 2027, which is a CAGR of 14.4%.  Leading segments in the B2C sector include consumer electronics, fashion, media & entertainment, food, beverages, and many others. The increase in the global e-commerce sector can provide the necessary fuel for the growth of confectionery products since the growth of urbanization has led to an increase in demand for ready-to-eat food products, which include confectionery products such as snacks, chocolate, and many others.
• Urbanization: Urbanization is one of the leading causes of an increase in demand for processed and ready-to-eat foods. The increase in urbanization rates means an increase in work opportunities for the people in the urban areas, which is commonly linked to an increase in work hours as well, leading to a busy lifestyle. The busy lifestyle leads people to opt for ready-to-eat foods and convenience foods, due to their easy availability and reduction in the wastage of time in cooking. As per the World Economic Forum, the urban population accounts for more than 50% of the total global population in 2022 and is expected to increase by 80% by 2050. The increase in urban population also has an impact on the total consumption by the wealthiest of the world, which is expected to be 10 times as much as the poorest.  The Asia Pacific has shown the highest growth rate among all other regions and is expected to show higher rates through 2050.  Therefore, the increase in the global urban population can provide the necessary boost for the global confectionery market growth, due to the dependence on ready-to-eat products and processed foods in the market from people with busy lifestyles. 

Key Players:

• Mars, Incorporated: A global leader and a multinational company that is known for the manufacturing of confectionery, pet food, and various other products. They are known for their confectionery products, which include M&Ms, Snickers, Twix, and many others.
• Nestle: One of the largest multinational companies in the world and is known for the production and manufacturing of various food and beverage products, which include chocolate and other confectioneries.  Some of their well-known products include KitKat, Bar-One, Aero, Smarties, and many others.

Regional Analysis:

The Asia Pacific is expected to witness significant growth in the global confectionery market during the forecasted period of 2024-2029. India and China are expected to witness a significant rate of growth, due to the high population and the increase in the total e-commerce growth in the country. The growth of the sales of confectionery products can be linked to the high increase in consumption of processed foods in India. India has one of the largest e-commerce sales as of 2023 and is expected to have a substantial increase in growth during the forecasted period. The International Trade Administration states that the B2C e-commerce marketplace ranks first among 20 countries worldwide and will display a compound annual growth rate (CAGR) of 14.11% between 2023 and 2027. China follows second in the region, with a CAGR of 12.17% between 2023 and 2027. It has also been stated that the Asia Pacific will have the largest share in the market in the B2B commerce sector, with an estimated 78.9% of the global share in 2023, and is expected to reach 80% by 2026. The ecommerce sector includes a wide range of products, which includes food and beverages such as confectionery items, and other processed food items, cosmetics, fashion, and many others. The growth in the overall e-commerce sector in the region will assist in the growth in demand for confectionery products and is expected to display an increase in the regional confectionery market growth during the forecasted period. 

Market Developments:

• May 2023: Ferrero announced the debut of their Kinder chocolate and other various products during the 2023 Sweets & Snacks Expo. Ferrero, one of the largest confectionery manufacturers in the United States, announced the release of their seasonal offering and new products, which include the Kinder Chocolate during the Annual Sweets & Snacks Expo in Chicago. This announcement was focused on the expansion and innovation of their power brands to build excitement among their retailers, consumers, and the industry. The products include Kinder® Chocolate, Kinder® Chocolate Mini Friends, Ferrero Rocher® Golden Eggs, Ferrero Rocher® Hollow Egg, Keebler® Chips Deluxe Fudgy, and Royal Dansk® Danish Butter Cookies Carton Box, which all involve their famous chocolates, cookies and snacks.

Segmentation:

• By Product Type:
  • Chocolate
  • Sugar Confectionery
  • Gums and Jellies
  • Snack Bars
  • Others
• By Distribution Channel:
  • Hypermarkets and Supermarkets
  • Convenience Stores
  • Online Retail
  • Specialty Stores
  • Others
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others