Sugarcoated Profits: Unveiling the Secrets of Success in the Confectionery Market - FMI Predicts the Market Cap to Surpass US$ 483,214.7 Million by 2033
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
As per the analysis by Future Market Insights, the confectionery market is witnessing growth attributed to the increasing consumer demand for sugar-free candies and chocolates. This surge in demand can be attributed to the growing preference for low-calorie options and heightened health awareness among consumers. Global confectionery producers are proactively substituting sugar with sweeteners and employing innovative packaging tactics to meet these evolving preferences. Moreover, the market is further fueled by the rising need for convenient, portable confectionery products and the expanding demographic of working women.
NEWARK, Del, July 18, 2023 (GLOBE NEWSWIRE) -- The Confectionery Market is predicted to develop at an impressive 7.3% CAGR from 2023 to 2033, exceeding the lower 2.6% CAGR witnessed between 2018 and 2022. This significant rise shows the use and demand of sugar-free products, increasing the market value from US$ 237,788.2 million in 2023 to US$ 483,214.7 million by 2033.
Confectionery products come in a wide variety and are sold worldwide because of their rich flavors and high caloric content. Even though confectionery products typically include few micronutrients, they are frequently consumed in developed and poor nations. Due to steady growth trends in recent years, the Asia-Pacific region, particularly South East Asia, is anticipated to expand significantly in the confectionery industry.
Due to the rising demand for sugar-free candies and chocolates, the confectionery sector is expanding significantly. Sugar-free goods are becoming increasingly popular as consumers become more aware of the health advantages of low-calorie options. Global producers are adjusting by substituting sweeteners for sugar in their confectionery products. This trend has also inspired new packaging tactics. The industry is also supported by the shifting lifestyles of customers, with time-pressed people looking for portable confectionery goods. The number of working women is increasing, which helps the market expand.
The significant market share held by North America in the confectionary sector is mostly due to technical improvements, product innovations, and rising consumption patterns. Manufacturer investments, partnerships, and increasing disposable incomes all help to fuel the region's expansion in the confectionery sector.
Competitive Landscapeand Recent Development in Confectionery Market:
The candy market is fiercely competitive, with many national and international companies contending for market dominance. Mars, Mondelez International, Nestlé, and Ferrero Group, among other large multinational corporations, dominate the industry thanks to their well-known brands and huge distribution systems.
Healthy and useful candy solutions have emerged due to trends in the health-conscious market that have impacted the confectionery industry. To appeal to health-conscious consumers, businesses add natural and organic ingredients, lower sugar, and develop sugar-free or lower-calorie alternatives.
Additionally, elements like shifting consumer tastes, legal restrictions, and the growing emphasis on sustainability impact the competitive environment. To meet customer expectations and strengthen their competitive position, businesses are implementing environmentally friendly activities, decreasing packaging waste, and embracing sustainable sourcing practices.
Lily's brand introduced its new Lily's Sweet Fruity Gummy Bear Friends and Lily's Tart and Tasty Sour Gummy Worms in May 2022. These fun little snacks add flavor to your healthier snacking routine and contain no added sugar.
Jet-Puffed release two new lines of snacking marshmallows in April 2021. Regular, miniature, and strawberry-flavored marshmallows are now available from Jet-Puffed in a stand-up resealable packet. Every marshmallow bite is as excellent as the last, thanks to the quality packaging and resealable feature that keeps Jet-Puffed marshmallows' soft and fluffy texture.
Nestlé has been trying to lower sugar in its confectionery goods. In response to the growing demand from consumers for healthier options, they have introduced new iterations of well-known brands with lower sugar content.
Key Segments Profiled in the Confectionery Industry Survey
By Type:
Sugar-based
Hard-Boiled Sweets
Caramels & Toffees
Gums & Jellies
Medicated
Mints
Others (Marshmallows, Nougat, Lollipops, and Liquorice)
Chocolate
White
Milk
Dark
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
Confectionery Ingredients Market Size: The confectionery ingredients are estimated at a CAGR of 4.6% during the forecast period. The market is likely to be valued at US$ 86,607.0 million in 2023 and likely to be secured at US$ 1,35,319.3 million by 2033. are estimated at a CAGR of 4.6% during the forecast period. The market is likely to be valued at US$ 86,607.0 million in 2023, and likely to be secured at US$ 1,35,319.3 million by 2033.
Confectionery Fillings Market Share: The global confectionary fillings market is projected to have a moderate-paced CAGR of 4.8% during the forecast period. The current valuation of the market is US$ 1,200 million in 2022. The market value of the global confectionary fillings market is anticipated to reach a high of US$ 1,917.8 million by the year 2032.
Confectionery Coating Market Trends: Global demand for confectionery coatings is expected to reach a market valuation of US$ 3.83 billion by the end of the year 2023, accelerating at a CAGR of 5.2% over the forecast period (2023 to 2033). By the end of the said forecast period, a valuation of US$ 6.36 billion is expected.
Liquor Confectionery Market Growth: The liquor confectionery market size is projected to be valued at US$ 603.0 million in 2023 and is expected to rise to US$ 1,002.0 million by 2033. The sales of liquor confectionery are projected to expand at a significant CAGR of 5.0% during the forecast period.
Sugar Confectionery Market Forecast: The global sugar confectionery market is expected to be valued at US$ 53.21 billion in 2023 and is expected to reach US$ 81.07 billion by 2033, registering a CAGR of 4.3% from 2023 to 2033.
Cocoa Liquor Market Types: The cocoa liquor market value is expected to total US$ 7,021 million in 2023, according to Future Market Insights (FMI). The entire market value is expected to reach US$ 12,229.3 million by 2033, growing at a CAGR of 6% from 2023 to 2033.
Liquor Flavored Ice Cream Market Analysis: The liquor flavored ice cream market is likely to register a CAGR of 7.2% during the forecast period, and is anticipated to reach a market share of US$ 2.77 Bn in 2032, from US$ 1.29 Bn in 2021, as consumer interest increases and higher the sales of the liquor flavored ice cream.
Sugar Beet Juice Extract Market Overview: Global Sugar Beet Juice Extract Market demand is anticipated to be valued at US$ 5.09 in 2022, forecast to grow at a CAGR of 5.6% to be valued at US$ 8.8 Billion from 2022 to 2032.
Sugar Free Cookies Market Demand: The sugar-free cookies market is estimated to secure a valuation of US$ 4.7 Billion in 2023 and is estimated to rise to US$ 8.5 Billion by 2033. The market is anticipated at a CAGR of 6.1% during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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