Confectionery Market is projected to reach USD 360.0 billion in 2029, growing at 4.1% CAGR during 2022-2029 | Size, Share, Grwoth & Forecast

Confectionery Market was valued at USD 261.0 billion in 2021 and is projected to reach USD 360.0 billion in 2029, growing at a CAGR of 4.1% from 2022-2029

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The factors driving the growth of Confectionery Market includes increase in the geriatric population around the world, growing consumption of milk chocolates, rising consumers preference for low sugar products and improvements in the living standards. According to the report published by Statista, the Global Milk Chocolate Market was calculated around USD 59 billion in 2016 and is expected to reach USD 70.5 billion by the end of 2022, which will accelerate the Confectionery Market share in the approaching years. In addition, rise in the launch of innovative products, growing adoption of advanced technologies by manufacturers, increasing availability of different variety of confectionaries at online stores and rapid urbanization, are some of the additional factors supplementing the Global Confectionery Market. Moreover, the increasing investments by major corporations on research and development, strategic mergers and alliances between companies and rising population growth rates, are further propelling the Confectionery Market size.

However, growth of the Confectionery Market is hindered due to increasing cases of obesity and diabetes worldwide.

The major players operating in the Confectionery Market are Meiji Holdings Co., Ltd., The Hershey Company, Chocoladefabriken Lindt & Sprungli AG, Mars, Incorporated, Ferrero International, Nestle S.A., Ezaki Glico Co., Ltd., Haribo GmbH & Co. KG, Mondelez International, Inc, and Lotte Confectionery Co. Ltd., among others.

Based on Type, the Snack Bar segment is predicted to grow at a significant CAGR during the forecast period

Growing demand for on-the-go snacks and chocolate products and increasing popularity of sugar free chocolates, are pushing growth of the segment.

Based on Distribution Channel, the Supermarket/Hypermarket segment is projected to capture the largest market share over the forecast period

Supermarkets offer wide range of confectionaries at discounted rates and provides free home delivery options on bulk orders, are some of the factors responsible for the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Confectionery Market Trends, increased adoption of advanced technologies by manufacturers, rising popularity of dark chocolates, easy availability of confectionaries at distribution channels and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2019, Mars Wrigley International Travel Retail (MITR), collaborated with Kind LLC, a provider of snacks. Through the partnership, both the company's plans to strengthen their position in the international market.
In 2018, Ferrero International completed the acquisition of Nestle S.A.'s U.S confectionary business which includes, 20 brands including Crunch, BabyRuth, SweetTarts, Butterfinger, and others.

Market Segmentation

Segmentation by Type

Chocolate Confectionary
Dark Chocolate
White and Milk Chocolate
Sugar Confectionery
Boiled Sweets
Toffees, Caramels and Nougat
Pastilles, Gums, Jellies and Chews
Mints
Others
Snack Bar
Cereal Bars
Energy Bars
Others

Segmentation by Distribution Channel

Supermarket/Hypermarket
Specialist Retailers
Online Retail Stores
Convenience Stores
Other Distribution Channels

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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