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

Global Confectionery Market size was valued at USD 210.30 billion in 2022 and is poised to grow from USD 217.87 billion in 2023 to USD 289.12 billion by 2031, growing at a CAGR of 3.6% during the forecast period (2024-2031).

Candy and sweets are referred to as confectionery, as is a place where these things are sold. The consumer trend for more opulent and expensive chocolates and gums is a primary driver of the worldwide industry. Consumers are becoming more and more able to engage in excessive purchasing habits in order to fulfill their needs. In industrialized nations, there is an increasing demand for dark premium chocolate, which is expected to have a beneficial effect on the market for confectionery goods as a whole. For example, Hershey’s is the manufacturer with the highest sales. The IRI figures show that Hershey has increased its dollar share across various categories, with: 49.51 percent of the less than 3.5 oz. chocolate candy box, bag, or bar category, an increase of 1.18 percent. 39.18% of chocolate candy boxes, bags, and bars weighed more than 3.5 oz., an increase of 0.27 %. 58.29 percent, or 2.26 percent more, of the chocolate candy snack size market.

Mars comes in second among manufacturers, although the business also saw a decline in dollar share from the previous year. 32.84 percent of chocolate candy boxes, bags, and bars weighing less than 3.5 oz. were sold, a 2.5% decrease. In the above 3.5 oz. chocolate candy box, bag, or bar category, 28.75 percent fell, a 1.43 percent decrease. The category of chocolate candies in snack size fell by 4.31 percent to 31.5 percent.

Governments implemented stringent lockdowns and limited public movement as a result of the global COVID-19 pandemic, which had a devastating effect on the economy and food business. The early months of commodities production were heavily impacted by the shutdown of factories producing sugar and chocolate goods. For instance, The Hershey Company temporarily shut down all of its production facilities in the United States from March 16 until March 29, 2020, in response to the COVID-19 epidemic.

US Confectionery Market is poised to grow at a sustainable CAGR for the next forecast year.