Confectionery Market : Emerging Economies Expected to Influence Growth until 2027 |CMI

The confectionery market is a steadily growing market with rising sales in emerging economies. Confectionery products are typically low in nutrients and high in calorie content. Increasing incidence of lifestyle diseases such as diabetes, hypertension, and heart diseases coupled with rising health awareness has given rise to new product segments such as sugar-free confectionary products. Rise in demand for sugar-free, low-calorie, and organic products is projected to boost growth of the market. Sugar substitutes such as sorbitol, mannitol, maltitol and lactitol among others are used in confectionery.

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The biggest restraint to the confectionery market is the rise in raw material costs. For example, cocoa prices have been fluctuating over the past few years due to erratic production and supply demand imbalance. According to the International Cocoa Organization (ICCO), prices have fluctuated between US$ 2000/ton and US$ 3000/ton since 2014. The ICCO recommends that producers either reduce the volume of chocolate products or raise prices to achieve profitability in such market conditions.

On the basis of distribution channel, hypermarkets and supermarkets are projected to be the two largest segments over the forecast period. A broad product display and tactile buying experience has retained the market dominance of offline stores. Moreover, food & beverages sales, which are inclusive of confectionery have not witnessed much growth in the online distribution channel segment due to issues such as customers being unable to gauge product quality and freshness.

Global Confectionery Market Outlook:

North America is the largest confectionery market region with the U.S. being a prominent consumer of confectionery products. One of the major drivers for this market is the seasonal demand for confectioneries. There is a high demand for candies and chocolates, as they are a vital part of the U.S. festivals. The consumption of chocolate and other confectionery treats is associated with many events and holidays throughout the year such as Valentine's Day, Halloween, Easter, Thanksgiving, and Christmas. The sales of confectionery products in the U.S. are observed to be high during such festivals. Also, the urban population is more inclined towards consumption of confectionery compared to its rural counterparts.

The crucial strategies adopted by the market players include acquisitions, mergers, new product developments, capacity expansions, and flavor differentiation that helps to capture market share. In 2017, Hershey’s acquired Amplify Snack Brands to create a broader portfolio of brands by merging Hershey’s snack mix and meat snacks products with Amplify’s products such as Skinny Pop, Tyrrells, Oatmega, and Paqui.

Leading players in the market include Nestlé S.A., Mars Inc., Ferrero Group, Meiji Co. Ltd, Candyrific, Elmer Chocolate, Mondelez International, Grupo Arcor, and The Hershey Company.

Confectionery Market Taxonomy:

On the basis of product type, confectionery market is segmented into:

Sugar Confectionery
Hard-boiled Sweets
Caramels and Toffees
Gums and Jellies
Medicated Confectionery
Mints
Others
Chocolate Confectionery
Bagged Self lines
Boxed Assortments
Count line
Seasonal Chocolate
Tablets
Gum
Chewing Gum
Bubble Gum

On the basis of distribution channel, confectionery market is segmented into:

Supermarkets
Hypermarkets
Online
Convenience Stores
Specialty Stores
Others

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