The global confectionerymarket size is projected to reach USD 245.28 billion by 2026,registering a CAGR of 3.23% during the forecast period. Rising healthconsciousness among consumers will play a key role in augmenting the growth ofthis market, shares Fortune Business Insights™ in its recent report, titled “ConfectioneryMarket Size, Share & Industry Analysis, By Type (Chocolate, Sugar, andGums), Distribution Channel (Hypermarket/Supermarket, Convenience Stores,Departmental Stores, and Online Retails), and Regional Forecast, 2019 – 2026”.According to the confectionery market report, the value of this market stood atUSD 190.77 billion in 2018.
Manufactured chocolate bars and candies are known to contain largeamounts of artificial sweeteners. With the increasing prevalence oflifestyle-related disorders, even the most ardent chocolate-lovers are gettingincreasingly inclined towards organic and natural ingredients-based products.For example, the Swiss chocolate maker Barry Callebaut’s research found thatthe market value for organic chocolates currently stands at €30 million inWestern Europe alone. This figure shows that the shifting consumer preferencefor chocolate and other confectionery items made from naturally-derivedextracts will lead to the confectionery market trends in the foreseeablefuture.
Key Drivers & Restraints-
Hectic Lifestyles to Foster Sales Opportunities
Global economic growth and development have led to an explosion ofjob and business opportunities. Greater access to education and skilldevelopment have expanded the number of employable people around the world,resulting in more working people and more office spaces, especially in largeurban conglomerations. As a result, modern lifestyles have become more hecticand stressful, with the unfortunate consequence being on the health and fitnessof people. Therefore, many consumers are now demanding on-the-go confectionerysnacks, preferably having low sugar and fat. Chocolate, owing to its numeroushealth benefits, is the most consumed confectionery product in the world, andmany companies are now developing sugar-free and organic chocolate items tocater to the health-conscious urban populace.
Furthermore, chocolate consumption has positive physiologicaleffects. The Loma Linda University Adventist Health Sciences Center inCalifornia found, through a research study, suggested that chocolate consumptionpositively impacts brain health and reduces stress and inflammation.
Regional Analysis
Europe to Lead the Pack; Asia-Pacific to Showcase Excellent GrowthTrajectory
With a market share of 39% in 2018, Europe is slated to dominatethe confectionery market share in the coming years, primarily on account of highconsumption chocolate items. Consumers are increasingly demanding premium andcustomized confectionery products and are willing to pay for such items,prompting companies to manufacture and deliver superior offerings in theregion.
Asia-Pacific holds tremendous growth opportunities for this marketowing to rising disposable income, increasing young and working-age population,and rapid urbanization. As a result, many players are implementing differentstrategies to establish themselves in the Asia-Pacific region, especially Chinaand India.
Competitive Landscape
Launch of Natural Extracts-derived Products to Spur Competition
The confectionery market forecast envisages a period of cutthroatcompetition in this market as companies deploy various strategies to meet theescalating demand for organic confectionery items. Besides this, many playersare also attempting to broaden their business horizons by introducing novelofferings in foreign markets.
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https://www.fortunebusinessinsights.com/industry-reports/confectionery-market-100542
