The Confectionery Market is predicted to develop at an impressive 7.3% CAGR from 2023 to 2033, exceeding the lower 2.6% CAGR witnessed between 2018 and 2022. This significant rise shows the use and demand of sugar-free products, increasing the market value from US$ 237,788.2 million in 2023 to US$ 483,214.7 million by 2033.
Confectionery products come in a wide variety and are sold worldwide because of their rich flavors and high caloric content. Even though confectionery products typically include few micronutrients, they are frequently consumed in developed and poor nations. Due to steady growth trends in recent years, the Asia-Pacific region, particularly South East Asia, is anticipated to expand significantly in the confectionery industry.
Due to the rising demand for sugar-free candies and chocolates, the confectionery sector is expanding significantly. Sugar-free goods are becoming increasingly popular as consumers become more aware of the health advantages of low-calorie options. Global producers are adjusting by substituting sweeteners for sugar in their confectionery products. This trend has also inspired new packaging tactics. The industry is also supported by the shifting lifestyles of customers, with time-pressed people looking for portable confectionery goods. The number of working women is increasing, which helps the market expand.
The significant market share held by North America in the confectionary sector is mostly due to technical improvements, product innovations, and rising consumption patterns. Manufacturer investments, partnerships, and increasing disposable incomes all help to fuel the region’s expansion in the confectionery sector.
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Key Takeaways From Confectionery Market Research Report:
- India’s confectionary market is projected to grow steadily, with a CAGR of 8.5% due to increased demand for sugar-free candies.
- The confectionery market is expected to experience moderate growth with a CAGR of 6.1% by 2033.
- China’s confectionery market is forecast to show robust growth with a CAGR of 7.8%.
- Australia’s confectionery market is anticipated to display modest growth with a CAGR of 2.3% in 2023
- Moderate growth with a CAGR of 4.4% in 2023 is to be witnessed in Japan.
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Competitive Landscape and Recent Development in Confectionery Market:
The candy market is fiercely competitive, with many national and international companies contending for market dominance. Mars, Mondelez International, Nestlé, and Ferrero Group, among other large multinational corporations, dominate the industry thanks to their well-known brands and huge distribution systems.
Healthy and useful candy solutions have emerged due to trends in the health-conscious market that have impacted the confectionery industry. To appeal to health-conscious consumers, businesses add natural and organic ingredients, lower sugar, and develop sugar-free or lower-calorie alternatives.
Additionally, elements like shifting consumer tastes, legal restrictions, and the growing emphasis on sustainability impact the competitive environment. To meet customer expectations and strengthen their competitive position, businesses are implementing environmentally friendly activities, decreasing packaging waste, and embracing sustainable sourcing practices.
- Lily’s brand introduced its new Lily’s Sweet Fruity Gummy Bear Friends and Lily’s Tart and Tasty Sour Gummy Worms in May 2022. These fun little snacks add flavor to your healthier snacking routine and contain no added sugar.
- Jet-Puffed release two new lines of snacking marshmallows in April 2021. Regular, miniature, and strawberry-flavored marshmallows are now available from Jet-Puffed in a stand-up resealable packet. Every marshmallow bite is as excellent as the last, thanks to the quality packaging and resealable feature that keeps Jet-Puffed marshmallows’ soft and fluffy texture.
- Nestlé has been trying to lower sugar in its confectionery goods. In response to the growing demand from consumers for healthier options, they have introduced new iterations of well-known brands with lower sugar content.
Key Companies in Confectionery Market
- Ferraro Foods
- Hershey’s
- Lindt
- Marsbar Inc.
- Nestlé S.A.
- Parle Products Pvt. Ltd.
- Kraft Foods
- Cadbury
- Brookside Foods
- Crown Confectionery
- Petra Foods
- Perfetti Van Melle
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Key Segments Profiled in the Confectionery Industry Survey
By Type:
- Sugar-based
- Hard-Boiled Sweets
- Caramels & Toffees
- Gums & Jellies
- Medicated
- Mints
- Others (Marshmallows, Nougat, Lollipops, and Liquorice)
- Chocolate
- White
- Milk
- Dark
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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