Cibi e Bevande
Confectionery Market to Garner $270.51 Bn, Globally, by 2027 at 3.6% CAGR, Says Allied Market Research
Economic growth & rise in disposable income, expansion of the retail market, and rapid product innovations drive the growth of the global confectionery market. However, fluctuating costs and availability of raw materials hamper the market growth. On the contrary, growing demand for sugar-free, low-calorie, and organic products is expected to create lucrative opportunities for the market players in the future.
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By product type, the chocolate segment held the largest share in 2019, accounting for more than one-third of the global confectionery market, owing to growth in economic prosperity, especially in emerging countries. However, the medicated confectionery segment is expected to manifest the highest CAGR of 4.1% during the forecast period, owing to rise in prevalence of minor ailments and over-the-counter medications or dietary supplements that require active ingredients such as antacids, vitamins, and herbal extracts.
By distribution channel, the e-commerce segment is projected to portray the highest CAGR of 5.7% during the forecast period, due to establishment of online portals for confectionery products especially in developing countries with large populations using the internet. However, the supermarket/hypermarket segment held the largest share in 2019, contributing to nearly two-fifths of the global confectionery market, owing to surge in adoption of supermarket/hypermarket in the mature and emerging markets.
By region, the market across Asia-Pacific is expected to register the highest CAGR of 4.5% during the forecast period, owing to rapid growth in consumer spending, purchasing capacity, and the willingness to try new and innovative products. However, the market across Europe held the lion's share in 2019, accounting for nearly two-fifths of the market, due to predominance in chocolate confectionery and rapid innovation in terms of textures, flavors, shapes, and pack sizes. The global confectionery market across North America is anticipated to register the highest CAGR of 3.2% from 2021 to 2027.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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