NEW YORK, March 31, 2021 /PRNewswire/ --
The confectionery market in the US is expected to grow by USD 1.51 billion during 2020-2024, expanding at a CAGR of almost 1%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
The demand for confectionery products shoots up during festivals. To capitalize on the seasonal demand, vendors introduce a variety of products in attractive packaging for events and holidays such as Valentine's Day, Halloween, Easter, Thanksgiving, and Christmas. Also, many consumers in the US are replacing desserts with candies and chocolates during festivals and celebrations, which is creating expansive opportunities for manufacturers of confectionery products. All these factors are fueling the growth of the confectionery market in the US.
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In this report, Technavio highlights the increasing demand for premium chocolates as one of the key emerging trends in the confectionery market in the US.
Confectionery Market in US: Increasing Demand for Premium Chocolates
Consumers in the US are exhibiting high demand for dark chocolates and different premium chocolates. This can be attributed to rising urbanization and improved access to premium and exclusive chocolatiers in the country. The growing demand for premium chocolates is encouraging chocolate manufacturers to expand the product range of their premium segment by including new flavors such as caramel-centered, candy-coated lentil, liquor-flavored caramels, and liquid caramel-filled to appeal to luxury chocolate seekers. This trend is expected to have a positive influence on the growth of the confectionery market in the US during the forecast period.
"Rise in penetration of modernized retail chain and the rising trend of on-the-go snacking will further boost market growth during the forecast period", says a senior analyst at Technavio.
Confectionery Market in US: Segmentation Analysis
This market report segments the confectionery market in the US by product (chocolate confectionery, sugar confectionery, and gum confectionery) and distribution channel (offline and online).
The chocolate confectionery segment led the confectionery market in 2019. The dominance of the segment can be attributed to the increase in demand for chewy and sour candies.
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Related Reports on Consumer Staples Include:
Global Sugar-free Confectionery Market – Global sugar-free confectionery market is segmented by Product (Chewing gums, Chocolates, Toffees and hard-boiled candies, and Others) and Geography (North America, Europe, APAC, South America, and MEA).
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Global Truffle Chocolate Market – Global truffle chocolate market is segmented by product (boxed assortments-based truffle chocolate and seasonal-based truffle chocolate) and geography (APAC, Europe, MEA, North America, and South America).
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
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Report: www.technavio.com/report/confectionery-market-in-us-industry-analysis
SOURCE Technavio
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