North America Confectionery Market Size, Revenue, Trends, Growth Drivers, Challenges, Key Manufacturers and Future Strategies Till 2032

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North America Confectionery Market Size, Revenue, Trends, Growth Drivers, Challenges, Key Manufacturers and Future Strategies Till 2032: SPER Market Research


 Category : Food & Beverages

 Published: Apr-2023
 Author: SPER Analyst


North America Confectionery Market is projected to be worth USD 87.83 billion by 2032 and is anticipated to surge at a CAGR of 3.65 %.

Confectionery is a term used to describe a wide range of food products that are primarily made from sugar and other sweeteners. These products are often consumed as treats or desserts and include items such as candy, chocolate, cakes, pastries, and ice cream. Confectionery is a popular industry, with many companies specializing in the production of these products. The process of making confectionery involves a combination of techniques such as boiling, mixing, molding, and shaping. In addition to sugar, other ingredients such as fruits, nuts, flavourings, and colouring agents are often used to enhance the taste and appearance of these products. Confectionery can be enjoyed in a variety of ways, whether as an occasional indulgence or as a part of daily life and is a significant part of many cultures and celebrations around the world. The chocolate segment is the most significant revenue contributor, accounting for over 60% of the total North American confectionery market revenue in 2020.

North America Confectionery Market Driving Factors and Challenges

The expanding distribution channels are driving the North American confectionary market. Both online platforms and retail market like grocery stores, supermarkets, and hypermarkets are anticipated to grow further. One of the factors is the growing demand for healthier and more natural options has led to the introduction of new products that cater to this trend. Moreover, seasonal demand for confectionery products during holidays and special occasions, such as Halloween and Christmas, has helped to drive sales and promote growth in the industry. The increase in exports of organic chocolates is also anticipated to drive the demand for the organic- grounded confectionary request. Furthermore, as the demand for healthy confectionary in North America has increased, various players have launched products to meet consumer preferences. Overall, the North America confectionery industry has remained resilient and is expected to continue to grow in the future.
 
Challenge that could hinder the growth prospect of the North America Confectionery Market is the volatility of commodity prices, particularly for cocoa and sugar, which can affect the profitability of confectionery manufacturers and heightened regulatory scrutiny of certain ingredients used in confectionery products. Despite these challenges, some segments of the North American confectionery market have grown. Online sales of confectionery products increased as consumers shifted towards e-commerce platforms. However, manufacturers will need to adapt to changing consumer trends and preferences, as well as address sustainability concerns and supply chain disruptions, to maintain their competitive edge.


Impact of COVID-19 on North America Confectionery Market
The COVID-19 pandemic has disrupted supply chains and led to changes in consumer behaviour, which could have long-term impacts on the confectionery industry. Many manufacturers have had to adapt to changing market conditions by reducing their product lines or shifting production towards essential items. The pandemic has also led to increased costs for manufacturers due to the need for additional safety measures and sanitation protocols. Despite these difficulties, some segments of the North America confectionery market have experienced growth during the pandemic. For example, sales of chocolate and baking products increased as consumers turned to comfort foods and home baking during lockdowns.

North America Confectionery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Delfi Limited (Singapore), Ezaki Glico Co., Ltd. (Japan), Ferrero SpA(Italy), Lindt & Sprugli AG (Switzerland), Lotte Confectionery Co. Ltd. (South Korea), Mars, Incorporated (U.S.), Mondelez International, Inc. (U.S.), Nestle S.A. (Switzerland), The Hershey Company (U.S.), Wm. Wrigley Jr Company (U.S.).


North America Confectionery Market Segmentation:

By Product Type: Based on the Product Type, North America Confectionery Market is segmented as; Chocolate Confectionery (Dark chocolate, White/ milk chocolate), Snack Bars (Cereal bars, Energy bars, Other snack bars), Sugar confectionery (Caramels, Nougat & Toffees, Chews, Pastilles, Gums & Jellies, Hard-boiled sweets, Medicated Confectionary, Mints, Others).

By Distribution Channel: Based on the Distribution Channel, North America Confectionery Market is segmented as; Convenience Stores, Departmental Stores, Hypermarket/Supermarket, Online Retails, Others.

By Region: This report also provides the data for key regional segments of United States, Canada, Mexico, Others.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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