Latest study finds global confectionery market projected to be worth $438 billion by 2032
candies with jelly and sugar. colorful array of different childs sweets and treats
A pattern of continued significant growth has been projected for the global confectionery sector, which is set to expand from $302 billion, to a figure of $438 bn by 2032, according to fresh analysis from DataHorizzon Research, writes Neill Barston.
The organisation’s research asserted that the sector would continue to expand at a rate of 3.9 CAGR, with the popularity of chocolate and other gifting treats within the segment, driving the international market forward.
As the study noted, its analysis spanned categories including mints, gums, jellies, chocolate, caramels and toffees, as well as medicated confectionery, looking at factors including price points, ages and distribution around the world.
The research from the Indian-based group, anticipated continued positive momentum for the industry in spite of recent significant challenges, which have included the after effects of the Covid-19 pandemic, cost of living crisis and logistics challenges arising from the ongoing war in Ukraine, impacting supply chains.
Notably, the report claimed the sector is anticipated to enjoy continued resilient fortunes due to the growing trends of seasonal gifting, plus the introduction of medicated and less or sugar-free confectionery products is contributing to the growth of this market.
The organisation observed that key businesses in the industry, including Mondelez International, Inc., Mars, Incorporated, The Hershey Company, Nestlé S.A., Pladis, Barry Callebaut, Meiji Co., Ltd., Ezaki Glico Co., Ltd., Ferrero Group, Lindt & Sprüngli AG, Perfetti Van Melle, remained at the core of the industry.
Significantly, the report stated that ‘chocolates hold a major market share’ as they are increasingly used for presents, and also because the availability of its variants like dark, regular, and milk chocolate also caters to various taste choices of people. Supermarkets and hypermarkets dominate the distribution channel segment as people can get various brands easily, and the shopkeepers also offer personalized services and gifting offers, adding to their advantage.
As the study added, Europe holds a significant market share as it holds a major share due to the availability of healthy and plant-based chocolates in this region, which is a trend that Confectionery Production has previously flagged up as showing marked growth.
Also, all the major companies of chocolates are based in this region and European countries like Switzerland and Belgium, which are also considered the best in the world for their high-quality products. Asia Pacific is expected to observe significant growth due to the high young population, which contributes to the ongoing demand for these products.