Global chocolate confectionery studies forecasts market rise to $118 billion by 2031
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Latest studies have valued the global confectionery market as reaching a value of $118.6 billion over the next six years, with product innovation and gifting driving the sector’s anticipated growth, writes Neill Barston.
The analysis from Allied Market Research, anticipated CAGR of 4% until 2031, against a backdrop of consistently shifting consumer tastes and habits that the organisation believed remains pivotal to expansion of the industry.
As part of its evaluation, the business assessed major players including Barry Callebaut, Chocoladefabriken Lindt & Sprüngli AG, Delfi Limited, Ferrero International S.A, Lotte Corporation, Mars, Incorporated, Mondelez International, Inc, Nestle S.A, Perfetti Van Melle, and The Hershey Company.
Notably, the research highlighted a megatrend of organic and premium chocolate confectionery that it observed had attracted a wider range of consumers, with many shoppers considered as being willing to pay more for organic ranges with perceived health benefits.
Moreover, it noted that the dark and organic sweets market is growing significantly, owing to the health-halo benefits of dark chocolate and its pure ingredients. For instance, the Lindt 99% Noir Dark Chocolate was one of the popular cocoa chocolates, owing to high demand from consumers.
According to Hudson Institute, Inc., 82% of the sales growth among Healthy Weight Commitment Foundation member companies, such as Kraft Foods and Nestle U.S., was attributed to lower-calorie food products. Manufacturers, such as Mars, are reformulating their products and focusing on the development of sugar-free, functional, and organic variants. The introduction of these variants in the market is expected to boost value sales and help manufacturers to deliver products, which support health and wellness trend.
Significantly, the study asserted that an increase in the use of sugar was in fact stifling chocolate market growth due to the fact that dental issues occurring from long-term consumption. The research noted that according to the American Dental Association, the consumption of sugars has been associated with an increased risk of developing tooth decay.
Linked to this, it noted, sugar is considered a contributory factor i the rate of obesity and diabetes, and according to worldobesity.org, in the year 2020, 2000 million people were either overweight or obese, and 463 million individuals were suffering from diabetes.
As a result, the study believed consumers were becoming increasingly conscious of sugar intake, and were actively considering product ranges with more functional, health ingredients, prompting a rise in sugar-free and sugar reduced options.
