The global confectionery market size is expected to reach USD 284.4 billion by 2025. Increasing innovation in existing products and surging demand for chocolate products globally are among the key trends escalating market growth. However, widening base of consumers switching to healthy food products is prompting leading manufacturers to introduce innovative and organic products in their product portfolios.
Leading manufacturers are facing stiff competition from burgeoning popularity of healthy snacks as health consciousness among consumers is increasing. They are turning to healthy snacks, fresh fruits, cereal bars, and diet food among other snack items. However, some of the market manufacturers have introduced healthy protein bars and premium dark chocolates to implement cross brand selling within the industry, thereby, strengthening their market position. Nestle SA introduced KitKats in various flavors such as dark chocolate and green tea to stay ahead in the market. Moreover, introduction of organic contents, healthy nuts, and alcohol flavor is further bolstering the demand for confectionery products.
The Asia Pacific confectionery market represented approximately a quarter of the overall market revenue in 2017. Countries such as India, China, and Japan are likely to be at the forefront of the regional market. Rising innovations and growing popularity are leading to increased variety of products, which in turn is poised to spur the growth of the regional market. For instance, in October 2018, Hershey Company Inc., launched “kisses” chocolate in the India and China.
Vendors in the industry are focusing on producing quality products to gain an edge over competitors. Rising production capacities and spiraling demand by consumers are boosting the competition in the market. For instance, in May 2017, Perfetti Van Melle added a new product, Airheads Gum, to the sugar gum category. This product is available in three flavors, namely watermelon, cherry, and blue raspberry.
Companies operating in the global arena are focusing on development of new products and expansion of application areas. Companies continue to integrate technology and components for expansion of existing product portfolios. Some of the key manufacturers in the confectionery market are Mars Inc.; Mondelez International; Nestlé SA; Ferrero Group; Hershey Co.; Perfetti Van Melle; Chocoladefabriken Lindt & Sprüngli AG; Lotte Group; Arcor and Haribo GmbH & Co KG.
Companies operating in the market are also shifting to e-commerce platforms to offer their products. This is primarily the result of changing consumer behavior and expanding online retail channels. Market players have been exploring social and digital marketing platforms to create new opportunities for customers to easily access and purchase products online. For insatnce, Chocoladefabriken Lindt & Sprüngli AG announced to open 50 Lindt Shops in Brazil by 2020. This will offer a special brand experience for the company and ultimately rising the e-commerce platforms over the years. The last stakeholders in the value chain are the end-users. They are the consumers who purchase confectionery products for consumption purposes.
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Hexa Research has segmented the global confectionery market report based on product, distribution channel and region:-
Segmentation by Product
• Chocolate confectionery
• Sugar confectionery
Segmentation by Distribution Channel
• Hypermarket & supermarkets
• Drug stores
• Specialty stores
Segmentation by Region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analyzed:
• Mars Inc.
• Mondelez International
• Nestlé SA
• Ferrero Group
• Hershey Co.
• Perfetti Van Melle
• Chocoladefabriken Lindt & Sprüngli AG
• Lotte Group
• Haribo GmbH & Co KG