Confectionery Market to Touch Valuation of $392.78 Billion by 2028 | Chocolate Generates Over 58% Market Revenue
Global confectionery market was valued at USD 294.5 billion in 2021, and it is expected to reach a value of USD 392.78 billion by 2028, at a CAGR of 4.2% over the forecast period (2022-2028).
Westford, USA, Dec. 02, 2022 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the confectionery market provides some interesting insights into the current state of the market. It seems that while chocolate is still the most popular type of confection, there is a growing trend for alternative products such as candy and gum. This is likely due to the increasing health consciousness of consumers, who are looking for healthier options that still satisfy their sweet tooth.
Interestingly, it was found that while kids remain the biggest fans of sweets, teens and adults are also increasingly indulging in sugary treats. This could be due to the fact that confectionary products are becoming more accessible and affordable, as well as more diverse in terms of flavor and format. With so many options to choose from, it’s no wonder that people of all ages are indulging in a little sweetness every now and then!
Get a sample copy of this report:
https://skyquestt.com/sample-request/confectionery-market
A Glance at Global Confectionery Market: Chocolate Generates Over 58% Market Revenue
There are three main types of confectionery: chocolate, sugar, and gum. Chocolate accounts for 58% of the global market, with sugar accounting for 36%, and gum 6%. Within chocolate, there are three main segments: mass market, premium, and dark chocolate. Dark chocolate is the smallest segment but it is also the fastest growing, with sales increasing at a rate of 15-20% per year. While dark chocolate still only accounts for 5-10% of total chocolate sales globally
The mass segment is the largest in the global confectionery market, accounting for 65% of chocolate sales globally. This segment is growing at a slower rate than premium and dark chocolate segments, which are both growing at around 10% per year. Premium chocolate sales have been growing rapidly in recent years as consumers become more affluent and seek out higher quality products.
The report found that chocolate is the most popular type of confectionery, with 70% of consumers saying they had eaten it in the past week. This is followed by candy (32%), gum (22%), and other types such as mints and lollipops (19%). Despite this, the report found that total confectionery sales have remained flat over the past year. In fact, when inflation is taken into account, sales have actually declined by 1%. This is in line with a trend of declining consumption that has been going on for several years.
There are a number of reasons for this decline in the global confectionery market. One is that health-conscious consumers are increasingly aware of the high sugar content of many confectionery products. Another is that price increases have outstripped wage growth, meaning that people have less disposable income to spend on treats. However, SkyQuest’s report also identified some bright spots in the industry. For example, sales of premium chocolate bars are growing as consumers are willing to pay more for higher quality products. There is also strong growth in the sale of plant-based confectionery, such as vegan chocolate bars.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/confectionery-market
Premium Products Gaining Momentum in Global Confectionery Market
In its analysis of the confectionery industry, SkyQuest found that the industry is currently in a period of transition. Growth in the overall industry has slowed in recent years, and the center of gravity is shifting from developed markets to emerging markets. Nevertheless, there are still opportunities for growth in developed markets, particularly in the premium segment.
Premium chocolate brands in the global confectionery market have been able to capitalize on the health trend by offering products that are lower in sugar and calories than traditional chocolate. The growth of premium confectionery products has also been driven by the increasing number of occasions where people are willing to spend a little extra on something special. Birthdays, anniversaries, and other celebrations are often times when people are looking for something a little bit nicer than everyday candy.
In terms of growth prospects, the confectionery market will continue to be driven by consumer demand for indulgence. As consumers become more health conscious, they are seeking out indulgent treats that they can feel good about eating. This trend is being driven by both Millennials and Baby Boomers, who are willing to pay a premium for quality confectionery products. Looking ahead, we expect that the confectionery industry will continue to consolidate. The competitive landscape is already highly fragmented, with no clear leader in any market. As companies seek to grow their market share, we expect to see more M&A activity in the coming years.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/confectionery-market
Mars Inc., Nestle SA, Ferrero Group, and Lindt & Spruengli AG are Top 5 Players in Global Confectionery Market
In its analysis of the confectionery market, SkyQuest found that the top five companies in the sector are Mondelez International, Mars Inc., Nestle SA, Ferrero Group, and Lindt & Spruengli AG. These companies account for nearly 43% of global confectionery sales.
SkyQuest’s analysis of Nestle SA in confectionery market has revealed that the company’s position is strong, with a market share of around 16%. The report also states that the challenges faced by the company are mainly due to external factors such as the global economic slowdown, volatile raw material prices and intense competition. However, it is believed that Nestle SA is well-positioned to weather these challenges and maintain its leadership position in the confectionery industry.
estle’s confectionery business has performed well in recent years, with sales increasing by 6.7% in 2017 and 5.5% in 2018. This growth is attributed to the company’s focus on diversification, constant innovation, and premiumization.
Nestle has been successful in diversifying its confectionery portfolio beyond sugar-based products in the global confectionery market by investing in healthier options such as dark chocolate and sugar-free gum. The company has also expanded its presence in emerging markets through acquisitions and joint ventures. Constant innovation has been another key driver of Nestle’s confectionery growth. The company has introduced a number of new products and packaging formats in recent years, including KitKat Chocolatory Sublime (a premium version of the classic KitKat bar), Smarties Sharepacks (miniature versions of the popular candy), and Werther’s Original Caramel Chocolate (a fusion of two classic candy brands).
In its report, SkyQuest provides an overview of the confectionery market and analyses the key players within it. It highlights Nestle’s strengths, which include its strong brand portfolio, efficient manufacturing capabilities and widespread distribution network. The report also identifies potential areas of improvements for Nestle, such as increasing its focus on innovation and developing new product lines to tap into emerging trends.
Major Players in the Global Confectionery Market
- Barry Callebaut (Zürich, Switzerland)
- Ferrero SpA (Alba, Italy)
- Nestle S.A. (Vevey, Switzerland)
- Mondelez International, Inc. (Illinois, U.S.)
- Meiji Holdings Co., Ltd. (Tokyo, Japan)
- The Hershey Company (Pennsylvania, U.S.)
- Chocoladefabriken Lindt & Sprungli AG (Zürich, Switzerland)
- Ezaki Glico Co., Ltd. (Osaka, Japan)
- HARIBO GmbH & Co. KG (Bonn, Germany)
- Pladis Global (London, U.K.)
Related Reports in SkyQuest’s Library:
Global Infant Nutrition Market
North America Marshmallow Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
