Confectionery market is on track for incredible growth

April 24, 2024

The confectionery market is experiencing a remarkable surge, projected to grow at an impressive 7.3% CAGR from 2023 to 2033, surpassing the slower 2.6% CAGR between 2018 and 2022. This surge is largely attributed to the rising demand for sugar-free products, propelling the market value from $237,788.2 million in 2023 to a staggering $483,214.7 million by 2033.

As a universal guilty pleasure, confectionery is growing in popularity all over the world. Recent years have witnessed steady growth, with the Asia-Pacific region, particularly South East Asia, poised for significant expansion in the confectionery industry.

The increasing preference for sugar-free candies and chocolates is a driving force behind the expansion of the confectionery sector. As consumers become more health-conscious, the demand for low-calorie options has surged. Global manufacturers are adapting by substituting sugar with sweeteners in their confectionery offerings, accompanied by innovative packaging strategies. Moreover, evolving consumer lifestyles, with a rise in time-pressed individuals seeking convenient snacking options, further fuel market growth, aided by the increasing number of working women.

North America still commands a substantial market share in the confectionery sector, propelled by technological advancements, product innovations and evolving consumption patterns. Investments by manufacturers, strategic partnerships, and growing disposable incomes contribute to the region’s robust expansion in the confectionery market.

Key insights from Confectionery Market Research Report:

India’s confectionery market is forecasted to grow steadily, with a CAGR of 8.5%, driven by heightened demand for sugar-free candies.
Moderate growth, with a CAGR of 6.1%, is anticipated in the confectionery market by 2033.
China’s confectionery market is poised for robust growth, projected to achieve a CAGR of 7.8%.
Australia’s confectionery market is expected to witness modest growth, with a CAGR of 2.3% in 2023.
Japan is forecasted to experience moderate growth, with a CAGR of 4.4% in 2023.
The confectionery landscape is fiercely competitive, with national and international players vying for market dominance. Major multinational corporations like Mars, Mondelez International, Nestlé, and Ferrero Group lead the industry, leveraging their renowned brands and extensive distribution networks.

Responding to trends in the health-conscious market, the industry has witnessed the emergence of healthier candy options. Companies incorporate natural and organic ingredients, reduce sugar content and introduce sugar-free or lower-calorie alternatives to cater to health-conscious consumers.

Moreover, shifting consumer preferences, regulatory constraints and the growing emphasis on sustainability are reshaping the competitive environment. To meet consumer expectations and enhance their competitive edge, companies are adopting eco-friendly practices, reducing packaging waste and embracing sustainable sourcing.

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