Confectionery Market Size, Share, Growth Analysis, By Product Type, By Age Group, By Price Point, By Distribution Channel, By Region - Industry Forecast 2024-2031

Europe accounted for the largest portion of the global confectionery market. Due to their increasingly tolerant eating habits and heightened taste preferences, customers are actively seeking out high-quality and premium chocolates over sugar confectionery goods. One of the key elements that are increasingly motivating consumers to include confectioneries in their daily routine is the triad of work-life, health concerns, and personal preferences.

Sales of organic chocolate, sugar-free chocolate, and vegan chocolate are driven by the growth in health consciousness among European customers and the ensuing increase in knowledge about the risks of ingesting sugar-enriched confectionery. For instance, the upscale chocolate company Love Cocoa debuted the region's first vegan chocolate bar with avocado. It is prepared from avocado powder that has been completely naturally freeze-dried. Additionally, businesses are developing novel packaging strategies to lengthen product shelf lives and rekindle customer interest in their chocolate brands. One of the biggest markets for bulk and specialty cocoa and chocolate, Germany offers the producing nation several chances as an export destination. The specialized cocoa and chocolate business has been expanding, meanwhile, as the bulk sector has already reached its saturation point. The enormous organic and sustainable cocoa industry, as well as the rising demand for darker chocolate, encourage this. The number of cocoa beans sold for export in 2021 was 567 tonnes, and 655 tonnes are anticipated to be sold this year. 273 thousand tonnes of cocoa beans, ten million two hundred thirty-two thousand tonnes of derivatives, and tonnes of chocolate.

Asia Pacific accounted for the second-largest proportion of the global confectionery market and has enormous potential for chocolate product consumption. The main drivers of the regional market's expansion include rapid urbanization, rising disposable income, a youthful, vibrant population, and the simple accessibility of confectioneries in consumer packs. The firms are taking advantage of these changes by actively pursuing facility expansions and mergers & acquisitions with local rivals. For example, Cargill is collaborating with a regional producer in western India to open its first chocolate manufacturing facility in Asia, helping the food sector fulfill this rising demand. The factory is anticipated to start producing 10,000 tonnes of chocolate compounds in mid-2021.