The confectionery market size is set to grow by USD 61.69 billion from 2021 to 2026 as per the latest market report by Technavio. The report projects the market to progress at a CAGR of 4.75%. 31% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the confectionery market in APAC. Market growth in this region will be faster than the growth of the market in other regions. Growing disposable income in emerging economies such as India and China will facilitate the confectionery market growth in APAC over the forecast period.
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Confectionery Market: Segmentation Analysis
The market research report segments the confectionery market by Product (Chocolate, Sugar confectionery, and Gums) and Geography (Europe, North America, APAC, South America, and the Middle East and Africa).
The confectionery market share growth in the chocolate segment will be significant for revenue generation. The global chocolate market is matured, and to keep up with the shifting consumer preferences, vendors in the market are launching innovative products with unique flavors such as hibiscus, lavender, ginger, and alcohol. Furthermore, reduced sugar variants of chocolate, such as dark chocolate, have significantly risen in demand due to the growing awareness among consumers about their health benefits. Thus, the global chocolate segment is expected to grow at a significant growth rate over the forecast period.
Confectionery Market: Availability of a diverse range of products in new flavors to drive growth
The availability of a diverse range of products in new flavors is one of the key drivers supporting the confectionery market growth. Consumers today leave no chance to try candies with new flavors, which eventually results in changing their preferences. Besides, children are more attracted to various shapes, flavors, and packaging used in the confectionery industry. In line with this, it becomes imperative for the vendors operating in this space to spend intensively on their research and development (R and D) and come up with product innovations in terms of shapes, flavors, and packaging. Most consumers are fond of chocolates which motivates them to try them with added ingredients like caramel, fruits, and nuts. These factors will drive the confectionery market growth during the forecast period.
Confectionery Market: Growing influence of promotional activities & social media marketing is a major trend
The growing influence of promotional activities and social media marketing is one of the key confectionery market trends that is contributing to the market growth. Social media has now become a trend everywhere for brand visibility. In view of this, confectioners are increasingly creating brand-specific identities that target a specific age group on social media platforms. For instance, confectionery products launched by Grupo Bimbo and Nestle targeted at children and teenagers are associated with popular animation characters and video games and depict a 3D animated view of Bimbo Bear. The products are also promoted by creating animated games, which are available on the company’s website, and launching online campaigns that include Call-to-Action for viewers. Thus, these increasing promotional activities on social media will propel the confectionery market growth during the forecast period.
Read more of the latest industry news and developments here: April 2022 Single Issue form – International Confectionery Magazine (in-confectionery.com)