Date : October 17, 2021
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The Global Confectionery Market to reach to market value of USD 250 Billion by 2026: Bonafide Research

The Global Confectionery Market to reach to market value of USD 250 Billion by 2026: Bonafide Research
The recent publication of Bonafide Research, titled 'Global Confectionery Market Outlook, 2026' is an in-depth study of the global market along with the dynamics that is to shape the market. The report includes the market study of chocolate, sugar confectionery & gum confectionery. In terms of type, the chocolate market has been classified into dark chocolate, white chocolate & milk chocolate, segments of everyday, seasonal/ gift box, premium, and gourmet- by application, while the sugar confectionery segment is classified into Hard Boiled Sweets, Plain Mints, Caramel/ Toffee, Chewy, Novelty, Licorice, Sugar-free, and Others and in terms of age group- Children, Adult & Geriatric. The confectionery market is divided into different segments of Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, E-commerce & others based on sales channel, and by region & country.

Confectioneries when consumed in the right way, are much more than just a sweet indulgence. The market is now full of a range of functional confectionery which claims to be delivering fibers, vitamins, and minerals to the consumers in an appealing tasty way. This is the major market driver which is to allow the market to cross a value of USD 250 Billion by the end of the forecasted period. Confectioneries have now become a staple in households and are an easy gifting option for Christmas, New Year, Diwali, Thanksgiving, Easter, etc. In the Covid period, the preference for sweet indulgence has increased due to more people working from home. The change in traditional patterns of food consumption has also opened a pathway for innovation across the global market as countries are recovering from the impact of the pandemic.

The chewy sugar confectionery segment leads the sugar confectionery market with a value share of 37.99% in the year 2015. Growing awareness about the drawbacks of the high sugar content is the primary threat in the market. However, contradicting this, with the rise in the spending capacity, the people are now willingly spending on unique packing and premium qualities. Due to the short life span of these products, the industry requires flexible supply chain management. An important aspect in the production along with the supply chain is the fair trade and bio labels. These require high transparency within and around the production line.

The companies are adapting to the changing demands and the increasing demand of the people. With the growing competition and the increasing number of small-scale confectionery makers, the need for constant innovations to distinguish themselves is increasing among the leading players. Consumers now demand healthy alternatives that have less sugar content.

The rise in the number of diabetes cases and tooth decay at an early age has led to a huge potential market for sugar-free confectionery. The major growth driver for a high market value of the supermarket & hypermarket segment is the presence on shelves which attracted customers to buy in bulk. Confectioneries are an impulsive purchase rather than an intentional purchase, and thus the placing of the product is equally important. Many regular confectioneries have a prominent space in their personal shelf space, while premium and attractively packed confectionary items are placed near the cash counters and are mostly impulsive sales.

Top-performing players in the market considered in this report are Mars Wrigley Confectionery, div. of Mars Inc., Ferrero Group, Haribo GmbH & Co. K.G., Perfetti Van Melle, Meiji Co. Ltd., Nestle SA, Hershey Co., LOTTE CONFECTIONERY CO., LTD., Mondelez International, Lindt & Sprungli AG

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The Global Confectionery Market to reach to market value of USD 250 Billion by 2026: Bonafide Research

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