Market Overview
The global confectionery market size was USD 206.97 billion in 2023 and is projected to grow from USD 213.74 billion in 2024 to USD 278.36 billion by 2032 at a CAGR of 3.36% over the 2024-2032 period.
Rising health consciousness among consumers will play a key role in augmenting the growth of this market, shares Fortune Business Insights™ in its recent report, titled “Confectionery Market Size, Share & Industry Analysis, By Type (Chocolate, Sugar, and Gums), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Departmental Stores, and Online Retails), and Regional Forecast, 2024 – 2032”.
Manufactured chocolate bars and candies are known to contain large amounts of artificial sweeteners. With increasing prevalence of lifestyle-related disorders, even the most ardent chocolate-lovers are getting increasingly inclined towards organic and natural ingredients-based products. For example, the Swiss chocolate-maker Barry Callebaut’s research found that the market value for organic chocolates currently stands at €30 million in Western Europe alone. This figure shows that the shifting consumer preference for chocolate and other confectionery items made from naturally-derived extracts will lead the confectionery market trends in the foreseeable future.
According to the confectionery market report, the value of this market stood at USD 190.77 billion in 2018. The report further contains answers to the following questions:
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Market Driver
Hectic Lifestyles to Foster Sales Opportunities
Global economic growth and development have led to an explosion of job and business opportunities. Greater access to education and skill development have expanded the number of employable people around the world, resulting in more working people and more office spaces, especially in large urban conglomerations. As a result, modern lifestyles have become more hectic and stressful, with unfortunate consequence being on health and fitness of people. Therefore, many consumers are now demanding on-the-go confectionery snacks, preferably having low sugar and fat. Chocolate, owing to its numerous health benefits, is the most consumed confectionery product in the world, and many companies are now developing sugar-free and organic chocolate items to cater to the health-conscious urban populace. Furthermore, chocolate consumption has positive physiological effects. The Loma Linda University Adventist Health Sciences Center in California found, through a research study, suggested that chocolate consumption positively impacts brain health and reduces stress and inflammation.
The Sweet Spot: Understanding the Confectionery Market
The confectionery market encompasses a wide range of products, including chocolates, candies, gums, and more. It's a multi-billion dollar industry that continues to grow year after year. With the rise of indulgence culture and consumers seeking comfort in familiar treats, the demand for confectionery products is at an all-time high.
Trends Driving the Market
While indulgence is a key driver of the confectionery market, there is also a growing trend towards healthier options. Consumers are seeking products that are low in sugar, organic, or made with natural ingredients. This has led to an increase in the availability of healthier confectionery choices on the market.