Global confectionery market is expected to experience a remarkable growth during the forecast period. Chocolate segment is expected to be the most lucrative. Supermarket/hypermarket segment is estimated to be the most profitable. Europe is expected to be the most dominant.
New York, USA, April 13, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global confectionery market is anticipated to generate a revenue of $227.4 billion at a CAGR of 3.7% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
In recent years, the global confectionery market experienced remarkable growth due to high demand for sugar-free confectioneries among the health-conscious consumers. Demand for sugar-free boiled sweets and chewing gums are very popular among people, which is expected to contribute to the growth of the market during the forecast period.
Health concerns and awareness about the risk of high-calorie food consumption is expected to be one of the restricting factors behind the market growth during the forecast period.
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The confectionery industry is creating many opportunities owing to increasing demand for organic chocolates among the mainstream consumers.
Segment Analysis of the Market
The report has divided the market into different segments based on type, distribution channel, and regional analysis.
Chocolate Sub-Segment Expected to Dominate the Market
The chocolate sub-segment is anticipated to generate a revenue of $126.5 billion by the end of 2027. This is because of the popularity of chocolates among the young population. Moreover, chocolate confectioneries are preferred across the countries as an amazing gifting options during the festive seasons.
The supermarkets/ hypermarkets sub-segment is forecasted to register a revenue of $92.4 billion during the forecast timeframe. The reason behind this growth is the availability of varied range of confectioneries, freedom of selection, and other facilities in the supermarkets.
European Regional Market Predicted to Lead
The European confectionery market is anticipated to garner a revenue of $86.9 billion by 2027. The extensive growth of the market is mainly driven by the presence of the largest manufacturers of cocoa beans across the region.
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Key Players of the Market
1. Mars, Incorporated,
2. The Hershey Company,
4. Mondelez International, Inc.,
5. Ferrero Group,
6. Meiji Co., Ltd.,
7. Chocoladefabriken Lindt & Sprüngli AG
8. pladis Global,
9. Ezaki Glico Co., Ltd.
10. Haribo GmbH & Co. K.G.
These companies are focusing on R&D, merger and acquisition, and many other strategies to sustain the growth of the market. The report also reviews many other important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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COVID-19 Impact Analysis
Due to the coronavirus pandemic, the confectionery market has experienced a decline in the growth. Because of the long-term restrictions, the supply chain and manufacturing industries stopped operating for a few months. Another factor is the reduction in household incomes which led to lower demand for confectioneries.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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