Global Confectionery Market to Witness Growth at a CAGR of 3.8% During 2024-2032, Aided by Greater Product Choice

Confectioneries have been a popular commodity across the world. There has been a rise in the demand for confectioneries, especially one with low calorie ingredients due to increasing health consciousness. The rise in demand can also be due to the fact that sweets are increasingly being seen as affordable, due to rising incomes across different countries. Over the historical period, confectionery companies have also released newer brands and chocolates in order to cater to different tastes as well as to suit different diets, which is expected to be continued in the forecast period 2024-2032, with positive results for the sales. The raw materials required to make confectioneries are usually sugar and cocoa, whose changing prices can negatively impact the profitability of confectioneries. During the COVID-19 pandemic, sales of confectioneries were severely hit due to disrupted supply chains and low shop clearance rates. This is expected to abate in the coming year because of alternatives like e-commerce and falling rates of COVID-19 due to vaccination or immunity.

The Hershey Company (NYSE: HSY) is an American multinational company, which is one of the largest manufacturers of chocolate-based confectioneries. It has other non-chocolate products like biscuits, cakes, drinks and milkshakes. With resurging sales in 2021, the company, like other confectionery companies, is expected to be a lucrative option for investment.

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Market Analysis by Type, Product Type, Distribution Channel, and Region:

• The market on the basis of type can be further divided into organic and conventional.

• Based on product type, the industry can be divided into chocolate, sugar confectionery, and snack bar, amongst others.
  • Based on type, chocolate can be divided into white, dark and milk.
  • Based on type, sugar confectionery can be divided into hard-boiled sweets, caramels and toffees, and mints and gums, amongst others.

• The distribution channels for confectioneries include supermarket and hypermarket, convenience stores, pharmaceutical and drug stores, speciality stores, and online, amongst others.

• The regional markets for confectioneries include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Increasing choice in confectioneries to cater to different tastes has caused a rise in the popularity of chocolate. 

• Rising food and beverage industry along with globalisation has led to increased demand for confectionary.

• Rising popularity of chocolate as a gifting option to increase its demand.

• Rising disposable incomes of consumers in emerging economies in Asia Pacific such as China and India are expected to increase growth of confectioneries.

Key Offerings of the Report:

• The EMR report gives an overview of the global confectioneries market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the type, product type, distribution channels, and regions of confectioneries.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 

• The market report also analyses the trade data by covering the major importing and exporting countries. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global confectionery market are the Hershey Company, Ferrero SpA, Mars, Incorporated, Nestlé SA, Chocoladefabriken Lindt & Sprüngli AG, and Mondelez International, Inc., amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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