Confectionery Market Set to Achieve a Valuation of US$ 270.5 billion, Riding on a 3.6% CAGR by 2027

Global Confectionery Market size was valued at $210.3 billion in 2019, and is projected to reach $270.5 billion by 2027, registering a CAGR of 3.6% from 2021 to 2027. The market is expected to exhibit an incremental revenue opportunity of $60.1 billion from 2020 to 2027.

The rise in demand for confectionery products made with organic, exotic, and functional ingredients is one of the crucial factors propelling the market growth. Furthermore, the introduction of bite-size snack formats and on-the-go options has led to convenience for consumers, which positively impacted the market growth. These are some crucial factors that drive the global confectionery market.

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The market growth is propelled by several factors such as product innovations, rise in trend of gifting confectionery, economic growth, rise in disposable income, and others. Consumer habits, tastes, and preferences are constantly evolving. This has led to innovation in the field of confectionery market trends that drives the market growth.

Manufacturers are increasing their product range by including functional ingredients, organic herbal fillings, tropical fruit, and nut-based & exotic flavors in product formulations to meet changing consumer demands. Furthermore, the trend of gifting confectionery products, such as cookies, chocolates, bakery items, and others, has enabled to propel the confectionery market growth in the recent years.

Brands are constantly establishing unique engaging techniques to seek consumer attention as confectionery products are significantly purchased as a result of impulse buying. These factors have cumulatively enabled to drive the market for confectionery products.
However, the volatile nature of raw material prices of sugar and cocoa can hamper the growth of the confectionery market share.

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Based on confectionery market analysis, Europe region accounts for a major confectionery market share with predominance in the chocolate confectionery segment. However, the Asia-Pacific region is expected to witness significant CAGR during the forecast period as a result of growing disposable income, increasing population, and new brand launches from established players.

The key players operating in the global confectionery market include Mars, Incorporated, Mondelez International, Inc., Nestlé S.A., Ferrero Group, Meiji Co., Ltd., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Ezaki Glico Co., Ltd., Haribo GmbH & Co. K.G., and Pladis.

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