The global confectioneries and sweets market size was USD 19.062 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with confectioneries and sweets market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 24.806 billion in 2028, exhibiting a CAGR of 3.4% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Confectioneries and sweets are food items that comprise sugar, chocolate, and fine bakery wares. These items are generally consumed by adults and children for their taste and nutritional value. The main components of bakers' confectionery, often known as flour confections, are sweet pastries, cakes, and similar baked items. Baker's sweets are a subset of goods created by a baker that does not include regular breads. Regular breads are not included in the subgroup of foods made by bakers known as "baker's sweets."
Candy (also known as sweets, which is short for sweetmeats in many English-speaking nations), candied nuts, chocolates, chewing gum, bubble gum, pastillage, and other confections largely made of sugar are examples of sugar confectionery. In some circumstances, sugar-free variations of sugar confections as well as chocolate confections (confections composed of chocolate) are classified as independent categories. Additionally, there are rich historical records and specialized training programmers in the confectioneries and sweets industry.
COVID-19 Impact: Disruption in Supply Chain Causes Market Distortion
The COVID-19 epidemic caused problems for consumer companies like volatile markets, a drop in customer confidence, and difficulties with import and export transactions. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, chemicals, and other products has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for equipment. The closure of sugar and chocolate products manufacturing facilities significantly affected commodity production in the initial months. Disruptions in the supply chain, workforce shortages, trade restrictions, and fluctuations in transportation and logistics were some of the problems observed during the lockdown. Chemical manufacturers are concentrating on safeguarding their personnel, business processes, and supply chains to deal with this severe scenario. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall confectioneries and sweets industry. This has partially impacted the confectioneries and sweets market.
"Consumer Preference for Organic Chocolates & Candies to Boost the Market Growth "
The popularity of organic snacks and sugar and chocolate products has been fueled by consumer demand for healthy snacking options as well as the benefits to taste and sensory perception. Growing consumer interest in organic goods creates a variety of business options. The market for organic chocolate is expanding moderately on a global scale and is becoming quite popular with consumers. The producers' increased efforts to match the market's rising demand for organic chocolate are ensuring the confectioneries and sweets expansion of the global market. The trend will ensure that the market reaches new heights. The market's total expansion is primarily due to all these new developments.
"On-the-Go Snacks Gives the Market Extra Boost "
The One of the main causes of the need for convenience snacks as part of the daily diet is rising modernization and a busy combination of work and personal commitments. Due to their busy schedules, customers are forced to hunt for quick-to-prepare food items because they are unable to spend time cooking or dining out during their working hours. Nowadays, as there are more consumers in the workplace, it is more difficult for them to maintain a healthy work-life balance. In order to provide consumers with a balanced diet, producers and marketers are actively profiting on the introduction and promotion of a variety of chocolate snacks, including on-the-go snacks, chocolate bars, and others. A spike in interest in dark chocolate is being attributed to its positive health effects. As a result, the growth, and increasing on the confectioneries and sweets industries and advancement of product to boost the market will contribute to the expansion of the consumer goods industry and it will improve the overall confectioneries and sweets market growth.
"Increased Demand for Sugar Free Chocolate to Accelerate Market Growth "
Global consumer lives are also changing drastically, particularly with regard to daily eating and health. Numerous lifestyle problems, including diabetes, high blood pressure, etc., have increased as a result of these changes. Consumers are becoming increasingly concerned about obesity, overweight, and the diseases it causes, which is causing substantial problems for the sustainability of healthcare systems everywhere. To combat these disorders, consumers are gravitating more and more toward low-calorie and sugar-free food items. Consumers now consume less sugar as a result of increased health concerns. Thus, the demand for confectioneries and sweets & sugar-free chocolates is growing and anticipated to grow further in the upcoming years. The characteristics of this product are what are causing the market to grow.
"Price Fluctuations of Products Restricting Market Expansion "
Sugar and cocoa are two crucial ingredients that are mostly used in the production of confections all over the world. Due to the rapid changes in supply and demand for these commodities on the international market, sugar and cocoa prices have fluctuated during the past few years. Unfavorable weather conditions, crop diseases, labor availability, stock ratios, and other economic factors that impede the smooth flow of their demand and supply in the market have an impact on the yields of cocoa and sugar. The average annual price of the raw materials changes from low to high as a result, which causes an excess or understock to be produced for the market's sugar and chocolate products. If this problem is fixed, the market will start to grow right away.
Based on type, the market is classified into Sugar, Chocolate, Fine Bakery Wares & Other.
Based on application, the market is Adult and Child.
"Rapid Urbanization to Foster Growth in Asia Pacific "
The market for confectioneries and sweets in Asia Pacific has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the confectioneries and sweets market share is they holds immense potential for chocolate product consumption worldwide. Rapid urbanization, increasing disposable income, young and dynamic population, and easy availability of confectioneries in consumer packs are the major reasons for the regional market's growth and adopting technological developments will further boost the overall market.
KEY INDUSTRY PLAYERS
"Leading Manufacturers to Boost Product Demand"
The research provides details on the list of market participants and their activity in the sector. Acquisitions, mergers, technical advancements, collaborations, and increasing production facilities are used to gather and report the information. The companies that produce and introduce new products, the areas where they operate, automation, technology adoption, creating the greatest income, and making a difference with their products are some of the other factors that are looked at for this market.
List of Market Players Profiled
- Mars, Incorporated (U.S.)
- Ferrero spa (Italy)
- Mondelez International (U.S.)
- Wrigley jr Company (U.S.)
- The Hershey Company (U.S.)
The report looks at all facets of the market, including type and application market segmentation. The study looks at a wide range of participants, including present and future market leaders. A considerable market expansion is anticipated to be fueled by a number of important factors. The research also includes factors that are probably to increase confectioneries and sweets market share in order to provide market insights. Additionally, the research includes projections for market expansion throughout the predicted period. The objective of the regional analysis is to clarify why one region dominates the worldwide market. The market can't grow because of a number of issues, all of which have been properly considered. Moreover, a market strategic analysis is included in the report. It contains comprehensive market data.
Frequently Asked Questions
1. What value is the market expected to touch by 2028?
Based on our research, the confectioneries and sweets market are projected to touch USD 24.806 billion by 2028.
2. What CAGR is the market expected to exhibit by 2028?
- The market is expected to exhibit a CAGR of 3.4% by 2028.
3. Which are the driving factors of the market?
- On-the-Go snacks gives the Market Extra Boost & Increased demand for sugar free chocolate to Accelerate Market Growth to Accelerate Market Growth.
4. What is the restraining factor of the market?
- Price fluctuations of product restricting market expansion.