Confectionery Market Size, Share & Report, 2017-2031F

Global confectionery market was valued at USD 321.3 billion in 2023, which is expected to reach USD 493.84 billion in 2031, with a CAGR of 5.52% for the forecast period between 2024 and 2031. The market involves a variety of products, such as flour confections and sugar confections, which are distributed through several online and offline channels. Demand for healthier options is increasing, with people emphasizing health and wellness more. Consequently, it drives the demand for sugar-free and low-sugar organic confectionery products. Manufacturers continually invest in product development to cater to evolving customer preferences by introducing unique flavors, ingredients, and textures.

In November 2023, Rainbow Candies launched a new line of premium crumbly fudge. The new Rainbow Candies Hand Broken All Butter Crumbly Fudge range is made with butter and no palm oil. It is available in nine popular flavors: Salted Caramel, Clotted Cream, Vanilla, Rum and Raisins, Chocolate, Honeycomb, Ginger, Tiffin, and Mince Pie. The new premium fudges are available in eye-catching packaging designed to make them stand out on the shelf in various retail outlets.

Moreover, companies focus on eco-friendly practices to reduce their carbon footprint and achieve bigger sustainability goals. It involves ethical sourcing of ingredients, reduction of packaging waste, and application of sustainable production methods.

E-commerce platforms and digital marketing channels are reshaping the retail landscape of confectionery industry, leading to companies getting the opportunity to enhance customer experiences. Geographically, Europe shows significant growth driven by rising disposable income, urbanization, and ever-growing demand for confectionery products. However, the industry is facing challenges with strict regulatory environment with respect to food safety and labelling across the world. Companies are aligning with the changing government regulations to stay abreast of their competitors and to ensure compliance.

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Sustainable Packaging Adoption Drives Market Growth

Packaging is an important part of confectionery as it creates an appeal for children and adults. Over the last five years, global web searches for sustainable items have increased by 71%. Consumers today prefer brands that embrace sustainability and prioritize environmental stability. As demand for sustainability grows, the confectionery market is adapting more environmentally friendly packaging procedures and materials for sweets and snacks. Confectionery firms worldwide continue to lead with purpose and seize chances for growth and agility. Also, as food and beverages as hotel services expand and work with confectionary firms, there is increased awareness about sustainable packaging.

In May 2023, Qualvis Packaging and Sun Chemical worked together to create an extremely sustainable chocolate truffle carton for Whitakers, a chocolate manufacturer. Using this idea, Whitakers was able to replace a truffle carton that contained 55% plastic with a lightweight, highly recyclable fiber-based alternative that lacked a plastic layer and had the same proportions.

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Growing Demand for Plant-Based Confections

With changing consumption patterns, plant-based confections have become popular due to conscious consumption, presenting a unique potential in the sector. Plant-based eating is rapidly expanding and is predicted to reach USD 77.8 million by 2025. Additionally, people are looking for vegan options in confectionary items. Cruelty-free alternatives, confectionery producers, unique ingredients, and environmentally friendly delights are pushing the trend toward plant-based confections. Asia-Pacific is predicted to be the fastest-growing regional market for plant-based chocolate, owing to an increase in lactose intolerance and the popularity of plant-forward diets. Also, young consumer expectations have shifted towards eating ethical confections that do not damage animals or the environment.

In March 2023, the vegan gummy candy line ‘Sheroes’, from confectionery company Katjes, was launched in a spectrum of colors, shaped into female astronauts, firefighters, and scientists, as well as inspirational phrases such as GRL PWR! Sheroes gummies come in innovative flavors such as peach, lemon, orange, strawberry, and raspberry with white and pink cherry foam. The new variety is created without using animal gelatin and is the first layered foam candies.

Europe Holds the Largest Market Share

Global confectionery market is dominated by Europe geographically in 2023. The market growth is majorly driven by growing demand and popularity for confectionery items. Russia, France, and Germany are among some of the European countries with a large consumer base for indulgent snacking, driving the demand for confections in the region. Moreover, Germany, Netherlands, and Ireland are among the top consumers of sugar. Germany and Netherlands have per capita consumption of more than 102 grams per day, which is exactly double as recommended by the WHO. Ireland’s per capita consumption is 96.7 grams per day, driving the demand for sugary foods, including confectionery products, in the region.

However, as the European population is becoming conscious of its food choices, it fuels the demand for low-sugar confections in the region. Capitalizing on the trend, in August 2022, UK-based Fox’s Glacier, a brand owned by Valeo Snackfoods, introduced a new line of sugar-free candies that complies with HFSS. These eight-calorie, naturally sweetened candies are enriched with stevia and are vegan-friendly, available in two flavors, strawberry and banana smoothie and lemon, elderflower, and mint.

Future Market Scenario (2024–2031F)

1. As the demand for healthier and functional confectionery items is expected to grow due to the emphasis on opting for a healthy lifestyle without compromising taste, manufacturers are working on developing and marketing such product offerings.

2. Adoption of sustainable practices throughout the supply chain is likely to take place with increasing awareness of consumers towards environmental issues. Using ethically sourced ingredients and following eco-friendly practices during manufacturing process will gain importance.

3. The confectionery retail landscape will be reshaped by the increasing number of e-commerce platforms and digital marketing channels. Companies will utilize technology to offer better customer experiences by personalizing marketing efforts and optimizing supply chain management.

Report Scope

“Confectionery Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global confectionery market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

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