Confectionery Market demand is anticipated to be valued at US$ 214,285.4 Millionin 2022, forecast to grow at a CAGR of7.4%to be valued at US$ 438,781.6 Million from 2022 to 2032. Growth is attributed to increasing advancement in the food and beverage industry. From 2016-2021 a CAGR of 6.0% was registered for the confectionery market.
Most Asean confectionery market items consist of food products like cocoa, honey, nuts, fruits, milk, sugar and many more that are consumed globally in developed and developing countries. Confectionery is generally low in micronutrients, but rich in calories and carbohydrates.
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Hence it’s consumed in all the geographical regions. The confectionery market is projected to witness significant growth in the Asia Pacific, especially the South East Asia countries, where there has been a consistency in growth in the past few years.
Increasing Demand in Sugar Free Candies Drives the Growth of the Market
In order to produce sugar-free chocolates, candies or gums, sweeteners can be used. Global manufacturers will have to switch from using sugars to applying sweeteners to their new products. This health trend has not only caused the global confectionery market to make a shift in ingredients but has also fostered the industry to new pack sizing strategies.
Food items, such as sugar-free candies or chocolates, are expected to significantly stimulate the growth of the confectionery market over the forecast period owing to the rise in awareness regarding the health benefits associated with the consumption of low-calorie content. And consumers have made a shift towards the consumption of sugar-free items.
The rise in consumers’ changing lifestyles has led to the rise in demand for confectionery products. Consumers with hectic schedules tend to demand confectionery product since the product is convenient and can be consumed within a short period. Presently, the rise in the number of women working is a factor in boosting the market since there is little or no time to prepare food after a hectic day at work.
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How Is Europe Contributing To The Growth Of The Confectionery Market?
The Presence of a Leading Confectionery Manufacture in The Region Provides a Lucrative Opportunity for The Growth of the Market.
According to Future Market Insights, Europe is expected to provide immense growth opportunities for the confectionery market, due to rising consumption of chocolate confectioneries, including sweeteners, in European nations such as the United Kingdom, Germany, and France. Europe confectionery market accounts for 39.3% share of the total global market.
According to the Association of Chocolate, Biscuit and Confectionery Industries of Europe (CAOBISCO), the consumption of chocolate confectionery and sugar confectionery is high in Germany. Also, the high spending power of consumers on food and beverage and the presence of a large number of player in the region is fueling the growth of the global confectionery market.
For instance, Sweetdreams (a leading UK confectionery manufacturer and panning and coatings specialist) have also teamed up with Luker Chocolate, a Colombian family-owned chocolate manufacturer of cocoa crafted at origin. Luker Chocolate drive well-being across the cocoa value chain and partner only with companies who are committed to quality and sustainability.
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Key Segments Profiled In The Confectionery Industry Survey
Confectionery Market by Type:
- Sugar-based Confectionery
- Hard-Boiled Sweets
- Caramels & Toffees
- Gums & Jellies
- Medicated Confectionery
- Mints
- Others (Marshmallows, Nougat, Lollipops, and Liquorice)
- Chocolate Confectionery
- White
- Milk
- Dark
Confectionery Market by Region:
- North America Confectionery Market
- Latin America Confectionery Market
- Europe Confectionery Market
- Asia Pacific Confectionery Market
- Middle East and Africa Confectionery Market
Frequently Asked Questions
- What is the anticipated growth of the confectionery market until 2032?
- Which region is forecast to be the most lucrative for confectionery market growth?
- Which are some prominent confectionery market manufacturers?
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