New York, USA, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global confectionery market. As per the report, the market is anticipated to garner $227.4 billion and rise with a CAGR of 3.7% in the 2020-2027 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the confectionery market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
COVID-19 Impact on the Confectionery Market Growth
The outbreak of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the confectionery market. During the pandemic, the government of several regions executed strict lockdowns owing, to which many factories and production units stopped their normal functioning. Also, the manufacture of confectioneries has been greatly affected owing to restrictions on import-export activities and a dearth of labor force. Furthermore, a reduction in overall household incomes resulted in reduced demand for confectioneries. All these factors deterred the market growth during the crisis period.
Factors Impacting the Confectionery Market Growth
Growing demand for alternatives of sugar-loaded carbohydrates, for instance: sugar-free confections, increasing adoption of healthy lifestyles, and rising cases of aliments like diabetes are obesity are enhancing the growth of the global confectionery market. Additionally, growing initiatives by key market players such as innovative product launches for the diabetic as well as health-conscious people and rising demand for healthy and tasty snacks that are more convenient to eat are estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, high prices of raw materials like sugar, cocoa butter, vanilla, almonds, and others required for the production of confectionery products is anticipated to deter the market’s growth.
The report segments the global confectionery market into type, distribution channel, and region.
Chocolate Sub-Segment to Grab a Leading Share of the Market
Among the type segment, the chocolate sub-segment is expected to dominate the market by surpassing $126.5 billion during the forecast period. This growth is chiefly because chocolate confectioneries are highly preferred and consumed by consumers of almost all age groups.
Online Sub-Segment to Observe Outstanding Growth
Among the distribution channel segment, the online sub-segment is predicted to witness maximum growth by surpassing $15 billion in the forecast period. This growth is mostly because employed persons, who generally have a busy lifestyle, find it very suitable and easy to purchase products from online stores.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global confectionery market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is projected to observe increased growth and exceed $60 billion in the projected period. This growth is mainly owing to the growing disposable income of people and developing retail markets in nations like India and China in the region.
Major Players of the Market
The report lists some of the foremost players functioning in the global confectionery market including
- Nestlé S.A.
- The Hershey Company
- Mars Incorporated
- Mondelez International, Inc.
- Ferrero Group, Meiji Co., Ltd.
- Ezaki Glico Co., Ltd.
- Chocoladefabriken Lindt & Sprüngli AG
- pladis Global
- Haribo GmbH & Co. K.G.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in October 2020, TC confectionery, a leading distributor of quality confectionery, snacks and general groceries, launched Jelimals, a jelly product with immunity ingredients under the new brand name - Jelimals Immunoz.
Post COVID-19 Impact Insights on Confectionery Market. Ask an Analyst or Schedule a call
More about Confectionery Market:
- Health Risks of Consuming Excessive Confectionery Products
- Global Confectionery Market to Witness Immense Growth due to Launch of Innovative Products
