Industry study projects $66billion growth for global confectionery markets by 2027
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Latest analysis of global confectionery markets has projected that the sector is forecast to grow by $66.3 billion during 2022-2027, accelerating at a CAGR of 5.02% during the period, according to Research and Markets studies, writes Neill Barston.
As the company noted, it had taken on a holistic evaluation of the industry, its size, and forecast trends,, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors, as part of its latest report.
According to its results, the market is reportedly being driven by availability of diverse range of products in new flavours, rising purchasing power of individuals, and rapid urbanisation and on-the-go lifestyles.
Furthermore, according to the organisation’s latest report, growth was also being influenced by the rising demand for organic chocolate and the growing popularity of sugar-free confections will lead to sizeable demand in the market.
As recent events such as ISM in Cologne, Germany, revealed (pictured main image), there have remained positive signs of growth within the global industry, despite notable challenges in terms of supply chain issues impacting on ingredients and energy prices during the past year on a global level.
Among businesses included in the report are Chocoladefabriken Lindt and Sprungli AG, Crown Confectionery Co, Ferrero International S.A, HARIBO, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Nestle SA, Parle Products Pvt. Ltd., Perfetti Van Melle Group BV, The Hershey Co., Unilever PLC, United Confectionery Sdn Bhd, and Yildiz Holding AS.
Commenting on the report, one of the analysts from the research team said: “The latest trend gaining momentum in the market is rising prominence of online retailing.”
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.