The global confectionery market size was valued at USD 298.23 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2028. The growing food and beverage industry across the globe and the rising per capita consumption of these products are expected to promote market growth. Moreover, consumers’ inclination toward gifting these products coupled with rising disposable income and rapid urbanization across the globe are the major driving factors of the market. In addition, the continuous development and attractive packaging increase the demand for confectionery products in emerging economies.
Continuous changing consumer behavior and dietary habit are propelling the growth of the market. The growing trends toward consumers buying confectionery products made with natural ingredients are gathering popularity in recent years. According to Döhler, approximately 50% of confectionery products consumers want, asks for healthier options with at least 60% natural ingredients. Moreover, the increasing popularity and demand for sugar-free confectionery products across the developed economies have led to significant market demand over the forecast period.
The manufacturers of confectionery products are offering a wide range of products such as chocolate, chewing gum and sweets, toffee, marshmallow, cookies, ice cream, and other products. Moreover, the rising investment by the key market players in advertising campaigns, promotional activity, and social media marketing is accelerating market growth. However, government guidelines in countries such as the U.S., Germany, U.K., China, and India are expected to maintain the quality of these products. The published federal guidelines and rules ensure the quality of products up to the hygienic standards for consumption.
The lockdown announced during the COVID-19 pandemic had disturbed transportation and suspended the supply of raw material for a short duration. The increasing demand for organic chocolate and products with natural ingredients after the pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the upcoming years.
The chocolate segment contributed to the largest market share of more than 45% in 2021 and is expected to grow with a CAGR of 4.2% from 2022 to 2028. The increasing demand and consumption of chocolate products from all age groups to satisfy their test buds is accelerating market growth. Moreover, chocolate is the highest per capita consumed confectionery as compared to other products across the globe. Furthermore, increasing demand for organic and premium chocolate products has projected market growth over the forecast period.
The sugar confectionery segment is expected to grow with the fastest growth rate of 4.9% from 2022 to 2028. The continuously changing lifestyle and eating habits among consumers are accelerating market growth over the forecast period. Additionally, the growing middle-class population coupled with increasing disposable income and urbanization across the globe are anticipating market growth. Moreover, the rising trend of e-commerce has expected to accelerate this segment over the next couple of years.
The offline channel contributed a share of more than 75% of the global confectionery market in 2021. Consumers are preferring offline channels for the purchase of consumer goods, groceries, as well as confectionery products such as chocolate, and other products where they can physically verify product quality. Moreover, easy access and searching for various confectionery products through stores is likely to drive the segment growth. Additionally, manufacturers are opening new outlets at malls due to the rising demand for chocolate, cookies, and ice cream among the consumers are propelling the growth of the offline segment in upcoming years.
The online segment of the market is anticipated to register the fastest growth with a CAGR of 5.2% from 2022 to 2028. The internet penetration rate has witnessed lucrative growth in recent years which has led to the significant growth of the e-commerce sector across the globe. Several manufacturers of these products are offering products on their websites as well as on the e-commerce platforms which in turn will drive the market growth over the forecast period.
Europe made the largest contribution to the global market share with over 35% in 2021. The increasing popularity and demand for chocolate confectionery products is propelling the growth of the market. Moreover, the rising consumer's preference for organic, and value-added natural ingredients products are the major factor driving the market growth. Additionally, continuously changing consumers’ lifestyles and eating habits are accelerating market growth.
Asia Pacific is the fastest-growing market and is expected to witness a CAGR of 5.0% from 2022 to 2028. China, India, and Japan have a huge consumer base for the consumption of confectionery, which will drive the regional demand. Moreover, the region is expected to grow with the most accelerated growth rate over the forecast period owing to the growing disposable income and rising population.
Various manufacturers and suppliers are expected to focus on the logistic development and strengthening of the distribution channel to grow their business. The rising investment by the key market players in advertising campaigns, promotional activity, and social media marketing to expand their geographical presence across the globe. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. Some of the key players operating in the global confectionery market include:
Mondelez International, Inc.
The Hershey Company
Meiji Co., Ltd.
Chocoladefabriken Lindt & Sprüngli AG
Perfetti Van Melle
Ezaki Glico Co., Ltd.
Haribo GmbH & Co. K.G.
Market size value in 2022
USD 309.98 billion
Revenue forecast in 2028
USD 401.54 billion
CAGR of 4.3% from 2022 to 2028
Base year for estimation
2017 - 2020
2022 - 2028
Revenue in USD million/billion and CAGR from 2022 to 2028
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, distribution channel, region
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
U.S.; Germany; U.K.; France; China; India; Japan; Brazil; South Africa
Key companies profiled
Mondelez International, Inc.; Mars, Incorporated; The Hershey Company; Nestlé S.A.; Meiji Co., Ltd.; Ferrero Group; Chocoladefabriken Lindt & Sprüngli AG; Perfetti Van Melle; Ezaki Glico Co. Ltd.; Haribo GmbH & Co. K.G.; Grupo Arcor; Pladis
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This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global confectionery market based on product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2017 - 2028)
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
b. The global confectionery market size was estimated at USD 298.2 billion in 2021 and is expected to reach USD 309.9 billion in 2022.
b. The global confectionery market is expected to grow at a compound annual growth rate of 4.3% from 2022 to 2028 to reach USD 401.5 billion by 2028.
b. Europe dominated the confectionery market with a share of 35.4% in 2021. This is attributable to the increasing popularity and demand for chocolate confectionery products coupled with the rising consumer's preference for organic, and value-added natural ingredients products.
b. Some key players operating in the confectionery market include Mondelez International, Inc.; Mars, Incorporated; The Hershey Company; NestlÃ© S.A.; Meiji Co., Ltd.; Ferrero Group; Chocoladefabriken Lindt & SprÃ¼ngli AG; Perfetti Van Meller; Ezaki Glico Co., Ltd.; Haribo GmbH & Co. K.G.; Grupo Arcor; and Pladis.
b. Key factors that are driving the confectionery market growth include increasing consumersâ€™ inclination toward gifting these products coupled with rising disposable income and rapid urbanization across the world.
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