Confectionery Market Worth USD 413.3 Bn by 2034

Overview

New York, NY – April 17, 2025 – The global Confectionery Market is growing fast, driven by rising demand for sweets, chocolates, and snacks. In 2024, the market was valued at USD 287.4 billion and is expected to reach USD 413.3 billion by 2034, growing at a steady 3.7% CAGR.

The chocolate confectionery segment, holding 44.4% of the 2024 global market, drives growth with mood-enhancing, antioxidant-rich products like dark chocolate and plant-based innovations. Supermarkets and hypermarkets lead distribution with a 47.2% share, offering diverse products and convenience. The 19-34 age group, with a 38.7% market share, favors functional, sustainable, and globally inspired confectionery. Digital trends and innovative packaging further influence their purchases.

Europe led the global confectionery market in 2024 with a 39.2% share, driven by innovation in product formulations, packaging, and retail growth, particularly in countries like Finland, Switzerland, and Germany. The region’s 12,000+ companies produce 14.7 million tons annually, with major players offering diverse products like chocolates, caramels, and jellies. Rising demand for low-calorie, sugar-free, organic, and clean-label confections, alongside premium gifting trends, fuels market expansion.

Key Takeaways

• In 2024, the global Confectionery market was valued at USD 287.4 Billion
• By product type, chocolate confectionery held a major market share of 44.4% in 2024
• Based on distribution channel, the supermarkets/hypermarkets distribution channel dominated the global Confectionery market with a market share of 47.2% in 2024
• Among the age group analysis, the 19-to-34-year segment has led the market in 2024 with a 38.7% market share.
• In 2024, Europe dominated the global market with the highest revenue share of 39.2%.

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Analyst Viewpoint

​The global confectionery market is experiencing steady growth. Consumers are increasingly seeking indulgent experiences, with a notable shift toward dark chocolates, sugar-free options, and ethically sourced ingredients. In response, brands are innovating with unique flavors, plant-based alternatives, and functional ingredients to cater to these evolving preferences.

The industry faces challenges, particularly with the surge in cocoa prices. This has led companies to explore alternatives, such as cell-based cocoa and synthetic sweeteners, to mitigate costs and environmental impact. Additionally, regulatory pressures, like the EU’s deforestation regulations, are prompting manufacturers to ensure sustainable sourcing practices. While these innovations offer promising solutions, they also come with hurdles, including consumer acceptance and regulatory approvals.​

For investors, the confectionery sector presents a blend of opportunities and risks. The market’s resilience and adaptability to consumer trends suggest growth potential, especially in emerging markets and health-oriented segments. However, factors like raw material volatility, regulatory challenges, and shifting consumer behaviors necessitate careful consideration. Engaging with companies that prioritize sustainability, innovation, and transparency may offer a strategic advantage in this dynamic landscape.

Report Scope

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Key Market Segments

By Product Type Analysis

• The chocolate confectionery segment is poised for significant growth, capturing 44.4% of the global market in 2024. Chocolate, a globally favored treat, is categorized into milk, dark, and white varieties. Beyond indulgence, chocolate’s functional benefits are gaining attention, with products infused with mood-enhancing compounds like phenylethylamine (PEA) and polyphenols popular for their antioxidant properties and endorphin-stimulating effects.

By Distribution Channel Analysis

• Supermarkets and hypermarkets led the confectionery market in 2024, commanding a 47.2% revenue share. These retail giants dominate due to their extensive product ranges, offering both mainstream and artisanal confections alongside complementary items like frozen desserts and ice cream. Their one-stop shopping convenience and vast shelf space allow for diverse displays of flavors, formats, and packaging, appealing to a broad consumer base.

By Age Group Analysis

• The 19–34 age group held a leading 38.7% market share in 2024, driven by a preference for indulgent yet functional confections. This demographic favors products with mood-enhancing, energy-boosting, or wellness-focused ingredients, such as adaptogens, vitamins, and plant-based components. Sustainability and ethical sourcing are key priorities for this group, alongside a strong response to digital marketing, social media trends, and innovative packaging.

Regional Analysis

Europe commanded a substantial 39.2% share of the global confectionery market, achieving the highest growth rate of the year. According to CAOBISCO, the European confectionery association, the region hosts over 12,000 companies producing 14.7 million tons of confectionery annually. Finland ranks among Europe’s top five chocolate-consuming nations, joined by Switzerland, Germany, Estonia, and the UK.

Market growth is fueled by ongoing innovation in product formulations, processing technologies, and packaging solutions. The expansion of the retail sector and economic advancements in both established and emerging European economies further bolster the market. Leading companies strengthen their brand presence by offering diverse products, including chocolate-based candies, bars, biscuits, filled chocolates with liqueurs, moulded and panned chocolates, caramel, toffee, nut candies, nougat, lollipops, jellies, marshmallows, fudge, and gum.

Significant investments in advertising and marketing, particularly positioning products as premium gifting options for occasions like weddings, drive consumer engagement. Emerging trends, such as the growing demand for low-calorie, sugar-free, and functional confectionery, create lucrative opportunities. Organic chocolate products have seen a 6% rise over the past two years, while clean-label offerings marketed as “all-natural” or “preservative-free,” along with high-cocoa chocolates and boxed assortments, have gained traction due to seasonal gifting, premium branding, and appealing packaging.

Top Use Cases

• Gifting During Festivals and Celebrations: Confectionery items like chocolates and sweets are popular gifts during festivals and special occasions in India. They serve as tokens of love and appreciation, making them a staple in festive shopping lists and contributing significantly to confectionery sales during these periods.
• Health-Conscious Treats: With growing health awareness, there’s a demand for confectionery products that are low in sugar or enriched with healthy ingredients. Brands are introducing options like sugar-free candies and sweets made with natural sweeteners to cater to health-conscious consumers seeking guilt-free indulgence.​
• Regional Flavor Innovations: Indian consumers appreciate traditional flavors, leading to the creation of region-specific confectionery items. Incorporating local tastes like paan, saffron, and cardamom helps brands connect with diverse regional markets and preserve culinary heritage.​
• Online Retail Expansion: The rise of e-commerce has opened new avenues for confectionery sales. Consumers enjoy the convenience of ordering sweets and chocolates online, prompting brands to enhance their digital presence and offer a variety of products through online platforms.​
• Premium and Limited-Edition Products: There’s a growing appetite for high-quality, premium confectionery items. Brands are launching limited-edition products with unique ingredients like exotic nuts and grains, appealing to consumers willing to spend more for exclusive treats.

Recent Developments

Nestlé S.A.

• Nestlé continues to innovate in confectionery, emphasizing healthier and sustainable options. In 2024, the company responded to investor concerns about cocoa farmer incomes, agreeing to discuss sustainable sourcing practices. Nestlé’s “Nestlé for Healthier Kids” initiative drives nutritious snack development, while its commitment to 100% recyclable or reusable packaging by 2025 appeals to eco-conscious consumers.

Ferrero International SpA

• Ferrero launched a plant-based Nutella spread in September 2024, aligning with consumer demand for sustainable, health-conscious products. The company expanded its North American presence through strategic acquisitions, including Nestlé’s U.S. confectionery business and Kellogg’s cookie brands. Ferrero emphasizes premium positioning with iconic brands like Ferrero Rocher and Kinder, leveraging innovative packaging to stand out.

The Hershey Company

• The Hershey Company faces a potential acquisition by Mondelez International, which could reshape the confectionery landscape. In 2024, Hershey struggled with rising cocoa costs and cautious consumer spending, leading to a slashed sales outlook. Despite this, its U.S. market share remains strong, driven by brands like Reese’s and Hershey’s Kisses. Hershey is investing in healthier snacks and sustainable sourcing to align with consumer trends.

Mars, Incorporated

•  In 2024, Mars acquired Kellanova, expanding its snack portfolio. The company ignored investors’ calls to ensure living incomes for West African cocoa farmers, raising sustainability concerns. Mars continues to innovate with health-focused snacks and sustainable packaging, maintaining dominance in the U.S. gum market through Wrigley. Its focus remains on global expansion and premium products.

Conclusion

The Confectionery Market is thriving, driven by strong consumer demand for chocolate, innovative products, and convenient shopping options like supermarkets. Europe leads with a massive share, thanks to its creative product offerings and growing retail scene. Younger consumers, especially those aged 19–34, are shaping trends by choosing treats that are indulgent, healthy, and eco-friendly. With companies rolling out sugar-free, organic, and premium gifting options, the market is set for steady growth. As tastes evolve and new flavors hit the shelves, the confectionery industry is poised to keep delighting customers worldwide.

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