Although the first day of fall is technically September 23, autumn enthusiasts all know that the true start of the seasons is October. The air is crisp, everything is pumpkin flavored and Halloween is just around the corner!
In celebrations of all things Halloween, Technavio has published not one, but two reports on candy—one looking at the global confectionery market, and one taking a closer gander at the market in Europe.
According to both reports, our appetite for chocolate, candy and gum is impressive—an estimated 42.44 billion lbs of confectionery was sold in 2014, and this number is expected to top 47 billion pounds by 2019.
But both Technavio reports show that, without a doubt, chocolate is the top treat for consumers. It accounted for 56.20% of the global market, and 67.47% of the European market in 2014, and is expected to grow in popularity through 2019.
Rising disposable income, growth in organized retail worldwide, and the sheer variety of products available will all be major factors contributing to an average growth rate of 2.68% in the global market through the forecast period. The European market is expected to see even stronger growth, with a CAGR of 5.04%.
The fluctuating price of raw materials, as well as increased health-consciousness among consumers will challenge the confectionery market worldwide. However, demand for dark chocolate (which consumers tend to see as a healthier option) and major social media promotion by vendors will help sustain stable market growth through the forecast period.
Want more information on confectionery markets around the world? Check out these other sweet titles from Technavio:
