Confectionery Market to Exceed USD 299 Billion by 2031 Fueled by Rising Consumption Across Asia-Pacific, Reports Mordor Intelligence

Core Insights - The global confectionery market is projected to grow from USD 227.58 billion in 2026 to USD 299.18 billion by 2031, with a CAGR of 5.62% driven by factors such as cocoa price volatility, demand for premium products, and regulatory pressures on sugar content [1] Market Trends and Growth Drivers - The confectionery industry is transitioning from volume-driven sales to high-value revenue, with consumers favoring affordable luxuries and experiential products, particularly in the Middle East and Asia-Pacific [2] - Health-conscious innovations are becoming essential, with manufacturers reformulating products to address diabetes and sugar-reduction regulations, leading to the rise of guilt-free treats like vitamin-enriched gummies and vegan chocolates [3] Market Segmentation - The confectionery market can be segmented by product type (chocolate, sugar confectionery, snack bars, gums), packaging type (single-serve, multipack), price tier (mass, premium), and distribution channel (supermarkets, online retail, convenience stores) [4] Regional Outlook - North America leads in market value due to high per-capita consumption, while Asia-Pacific is the fastest-growing region driven by rising incomes and digital retail strategies; Europe faces stricter regulations prompting reformulation and packaging investments [5] Competitive Landscape - The confectionery industry is moderately fragmented, with multinational players leveraging scale and R&D to navigate challenges, while emerging brands focus on clean-label positioning and digital engagement [6][7] Key Players - Major companies in the confectionery industry include Mars Incorporated, Mondelēz International Inc., The Hershey Company, Nestlé S.A., and Ferrero International S.A. [12]