Confectionery is a broad range of food products made from sugar and sweeteners, such as candy, chocolate, cakes, pastries, and ice cream. Companies specialize in producing these products using techniques such as boiling, mixing, melding, and shaping. It is enjoyed in different ways, either as indulgences or as part of daily life, and is a significant part of many cultures and celebrations worldwide.
According to SPER market research, ‘North America Confectionery Market Size-By Product Type, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the North America confectionery market is predicted to reach USD 87.83 billion by 2032 with a CAGR of 3.65%.
The North American confectionery market is a dynamic and rapidly growing industry, driven by various factors that impact its growth and development. One of the main driving factors for this market is changing consumer preferences, with a growing demand for innovative and unique products that meet their evolving tastes and preferences. For instance, the demand for sugar-free and low-calorie products has been on the rise, as consumers become more health-conscious and seek healthier alternatives to traditional sweets and snacks.
Moreover, the market is also influenced by technological advancements in production processes, which have enabled manufacturers to increase their efficiency and productivity, leading to higher profits and faster time-to-market. The growth of organized retail and e-commerce has also contributed significantly to the expansion of the confectionery market, making it easier for consumers to access a wide range of products and brands.
However, the market also faces significant challenges that can hinder its growth and development. One such challenge is the increasing regulatory scrutiny on the use of certain ingredients in confectionery products, such as artificial sweeteners, colours, and preservatives, which can have adverse health effects. Moreover, growing concerns about obesity and related health issues have led to a shift in consumer preferences towards healthier snacking options, posing a significant threat to the growth of the traditional confectionery market.
In addition, the COVID-19 pandemic has had a mixed impact on the North American confectionery market. While there has been a surge in demand for comfort foods and treats, supply chain disruptions, and changes in consumer behaviour and preferences have led to a decline in sales for some product categories.
The confectionery market in North America is influenced by various factors that drive growth, as well as challenges that hinder it. Some of the driving factors include changing consumer preferences, increasing demand for sugar-free and low-calorie products, and technological advancements in production processes. Additionally, the market is supported by the growth of organized retail, e-commerce, and the rise in disposable income among consumers.
However, the market faces challenges such as stringent regulations on the use of certain ingredients, growing health concerns, and the increasing popularity of healthier snacking options. Additionally, some of the key player of North America confectionary market are Eaki Glico Co., Ltd. (Japan), Lotte Confectionery Co. Ltd. (South Korea), Mars, Incorporated (U.S.), Mondelez International, Inc. (U.S.), Nestle S.A. (Switzerland), The Hershey Company (U.S.) and others.
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SPER Market Research