In a recent published report, Kenneth Research has updated the market report for Confectionery Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Confectionery Market products.
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The Confectionery Market is estimated to represent a global market of USD 157.8 billion by 2017 with growth rate of 20.9%.
The confectionery industry covers the variety of products such as chocolate countlines, boxed chocolate, licorice, bubble gum and chewing gum, molded bars, novelties, chocolate straightlines, lollipops, caramels, medicated confectionery, mints. The industry is estimated according to the retail selling price (RSP) of products. Rising disposable income, growing trend of gifting confectionery products and increasing urbanization is driving the market growth significantly. Production innovation also plays a strategic role in developing this industry to some extent. However, increasing health awareness is anticipated to hamper the market growth.
The type segment is categorized as Chocolate, Sugar and Gum confectionery. Among which, chocolate confectionery is accounted for the highest revenue share, amounting for more than 53% of the overall market’s value. Wide range of product categories coupled with growing number of customers buying chocolate confectionery as luxury or gift items supported the growth of this product segment. In terms of distribution channels, the industry is divided as Convenience Store, Hypermarkets, and others.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Confectionery Market, by Type, 2017 (Value%)
Regionally, developed regions such as North America and Europe accounted for the highest share of the overall industry. High brand loyalty coupled with aggressive marketing strategies by domiciled players has helped these regions to capture significant revenue share. European region is expected to be on the top spot due to the high demand for confectionery products. On contrary, regions such as Asia Pacific and Latin America is projected to grow with significant growth rate owing to the large customer base and increasing product demand.
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Key Vendor Takeaway
The industry is characterized by the presence of sheer number of companies and their dependence on the food market increases competitive rivalry level. Key players such as Mondelez International, The Hershey Company, Mars, Incorporated and Nestlé are profiled in extensively. Mondelez and Mars collectively accounted for the significant share of the overall market owing to the large product portfolio and geographic reach. Companies are actively engaged in product differentiation and strong branding strategies to capture large customer base.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
MARKET, BY DISTRIBUTION CHANNEL
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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