Confectionery Market Estimated to Reach $227.4 Billion and Grow at a Significant CAGR of 3.7% from 2020 to 2027

The global confectionery market is anticipated to observe noteworthy growth during the forecast period owing to a significant rise in the demand for appropriate substitutes of sugar-loaded carbohydrates. The Asia pacific region is estimated to lead the market.

The latest report on the global confectionery market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $227.4 billion and rise with a remarkable CAGR of 3.7% from 2020 to 2027.

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Dynamics of the Market

The growing demand for appropriate substitutes of sugar-loaded carbohydrates, such as sugar-free confections, is boosting the growth of the global confectionery market. Also, the growing adoption of healthy lifestyle and increasing number of disorders, such as diabetes are obesity, are fueling the demand for confectioneries. Moreover, growing initiatives by key industry players such as novel product innovation for the diabetic as well as health-conscious people are contributing to the market growth. Also, the growing demand for healthy and tasty snacks that are more convenient to eat is giving a boost to the consumption of organic chocolates. This factor is anticipated to unlock profitable opportunities for market growth during the forecast period. However, high prices of raw materials like cocoa butter, sugar, vanilla, almonds, and others necessary for manufacturing confectionery products is anticipated to hinder the market growth. 

COVID-19 Impact on the Market Growth

The rise of the COVID-19 pandemic in 2020 negatively impacted the confectionery market's growth. During the pandemic, governments of several regions implemented strict lockdowns and instructed closure of factories and production units. The production of confectioneries has been severely affected due to limitations on import-export trades and scarcity of workforce. In addition, a decrease in overall household revenues has resulted in lower demand for confectioneries. All these factors obstructed market growth during the period of crisis.

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Segments of the Market

The report segments the global confectionery market into type, distribution channel, and region.

Based on type, the chocolate sub-segment is estimated to lead the market by gathering a revenue of $126.5 billion during the forecast period. This growth is chiefly because chocolate confectioneries are extremely favored and consumed by people falling in almost all age groups.

Based on distribution channel segment, the online sub-segment is forecasted to observe maximum growth by exceeding $15 billion in the forecast period. This growth is mostly because working individuals, who usually have a hectic lifestyle, find it very convenient and easy to purchase from online stores.

Based on region, the Asia-Pacific confectionery market is estimated to perceive augmented growth and surpass $60 billion in the estimated period. This growth is mainly owing to the rising disposable income of people and evolving retail markets in nations like India and China in this region.

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Major Players in the Market

The report lists some of the leading players functioning in the global confectionery market including The Hershey Company, Nestlé S.A., Mars, Incorporated, Mondelez International, Inc., Ferrero Group, Meiji Co., Ltd., Haribo GmbH & Co. K.G., Ezaki Glico Co., Ltd., Chocoladefabriken Lindt & Sprüngli AG, pladis Global, and others.

The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.

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