New York, USA, June 09, 2021 (GLOBE NEWSWIRE) — A latest report on the global confectionery market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $227.4 billion and rise with a remarkable CAGR of 3.7% from 2020 to 2027. The report offers an all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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COVID-19 Impact on the Market Growth:
The rise of the COVID-19 pandemic in 2020 made a negative impact on the growth of the confectionery market. During the pandemic, government of several regions have implemented strict lockdowns and instructed closure of factories and production units. The production of confectioneries has been severely affected due to limitations on import-export trades and scarcity of workforce. In addition, decrease in overall household revenues has resulted into lower demand for confectioneries. All these factors are obstructing the market growth during the crisis period.
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Various players in the market are taking a step to help during the pandemic period. For instance, in March 2020, a multinational confectionery firm in America, Mondelēz International Inc., proclaimed that they are functioning in production lines to stay operational in the course of the pandemic and their distributional channel will work proficiently while obeying all the government rules to fulfil the needs of the public.
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Factors Impacting the Market Growth:
Growing demand for appropriate substitutes of sugar-loaded carbohydrates, such as sugar-free confections, are boosting the growth of the global confectionery market. Also, the growing adoption of healthy lifestyle and increasing number of disorders, such as diabetes are obesity, are fueling the demand for confectioneries. Moreover, growing initiatives by key industry players such as novel product innovation for the diabetic as well as health conscious people are contributing to the market growth. Also, the growing demand for healthy and tasty snacks that are more convenient to eat is giving a boost to the consumption of organic chocolates. This factor is anticipated to unlock profitable opportunities for the market growth during the forecast period. However, high prices of raw materials like cocoa butter, sugar, vanilla, almonds, and others necessary for manufacturing confectionery products is anticipated to hinder the market growth.
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The report segments the global confectionery market into type, distribution channel, and region.
Chocolate Sub-Segment to Dominate the Market Growth
Among the type segment, the chocolate sub-segment is estimated to lead the market by gathering a revenue of $126.5 billion during the forecast period. This growth is chiefly because chocolate confectioneries are extremely favored and consumed by people falling in almost all age groups.
Online Sub-Segment to Witness Speedy Growth
Among the distribution channel segment, the online sub-segment is forecasted to observe maximum growth by exceeding $15 billion in the forecast period. This growth is mostly because working individuals, who usually have a hectic lifestyle, find it very convenient and easy to purchase from online stores.
Asia-Pacific Region to Hold Major Market Share
The report analyzes the global confectionery market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is estimated to perceive augmented growth and surpass $60 billion in the estimated period. This growth is mainly owing to the rising disposable income of people and evolving retail markets in nations like India and China in this region.
Major Players in the Market:
1. Mars, Incorporated,
2. The Hershey Company,
4. Mondelez International, Inc.,
5. Ferrero Group,
6. Meiji Co., Ltd.,
7. Chocoladefabriken Lindt & Sprüngli AG
8. pladis Global,
9. Ezaki Glico Co., Ltd.
10. Haribo GmbH & Co. K.G.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in March 2019, Mars Wrigley Confectionery, an American multinational manufacturer of confectionery, pet food, and other food products, launched fruity chewy candy, named Skittles in India. The newly launched product is in line with the company’s goal to enlarge the nascent bite sized category in the country.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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