Globally, the revenue of confectionary and snack foods is expected to reach $1.64 trillion in USD by the end of 2023. The market is projected to grow by 5.05% compound annual growth rate (CAGR) from 2023-2027. Most of the revenue for this industry originates in the US with almost $300 billion dollars expected to be generated at the end of 2023. About $213.80 are projected to be generated per person worldwide in 2023.
As of 2021, the US led the market for revenue for this industry, followed by Japan and China.
Revenue for confectionary and snacks is still expected to increase in the following couple years, despite possible disruption from adverse world events like the Russia-Ukraine War. The revenue is expected to increase to around US$2 trillion dollars by 2027.
Revenue changes by percent are projected to show an upward trend from 2023 onward, even with challenges like worldwide inflation and the Russia-Ukraine War, and will move steadily upward until 2027 when revenue change is expected to fall. According to the data, both confectionary and snack foods will both reach 7% growth by 2026, then fall to -1.5% and 0.6% growth respectively.
Snacks and confectionary are almost always purchased by customers in person, but online orders are slowly becoming more common. The trend of ordering these items online is projected to continue increasing in the next couple years to 8.4% of buyers purchasing snacks and confectionary online by 2025.
Price Per Unit in the US
Prices per unit for both categories have steadily increased since the last decade. Measured in USD, as of 2023, the price per unit of confectionary is $8.42, and not shown on the graph for that year is snack food at $7.93. Prices are expected to continuously increase year over year to $9.54 for confectionary and $8.88 for snack foods by 2027.
As of this year, 2023, the U.S. is projected to lead the world in revenue in this industry at almost $300 billion USD. Japan follows second at $254 billion, and China comes in third at $127.30 billion.
By 2027, the U.S. is still predicted to lead the industry at $337.10 billion in revenue, then Japan at $267.70 billion, and finally China again in third at $163.20 billion.
Importers and Exporters
As of 2018, the top country for exporting confectionery was Germany with exports of $1.27 billion in USD, followed by China and Belgium. The United States imported the most confectionery for 2018 with $1.96 billion dollar’s worth of imports, followed by Germany and the United Kingdom.
Sales have been continuously increasing globally for the snacks and confectionery segment in recent years. One source of this trend is historically high temperatures in countries like China and India. In China in the summer of 2022, historically hot weather caused more people to stay indoors and order more snack and confectionery items like ice cream online. Innovations in areas like refrigerated trucks allows food items to be kept fresh for longer and encourage easier access and higher sales of these products. Further technological development in packaging and processing is expected to continue expanding the market over time.