The liquor confectionery market is anticipated to reach USD 603.0 million in 2023 and is forecasted to grow to USD 1,002.0 million by 2033, driven by a substantial compound annual growth rate (CAGR) of 5.0% throughout the forecast period.
New product launches with different flavoured chocolates, candies and gums are anticipated to positively influence the growth of the market. For instance, Abtey has introduced a new range of products that are prepared from refined alcohol and ganache centres.
The four new variants of coulis including ganache and Cointreau jelly, ganache and rum jelly, mousse and kirsch jelly, and ganache and strawberry jelly. Such developments are expected to create opportunities for growth in the market.
Further, increasing demand for premium liquor chocolates for gifting purposes and for serving as desserts at social gatherings is anticipated to drive the market in the forthcoming years.
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In addition to this, due to growing preference for online retail, manufacturers are launching their products at online retail channels to gain a competitive edge. This has also resulted in high availability of liquor confectionery in various developing countries, thereby augmenting the growth in the market.
“Growing preference for premium liquor-based chocolates across the globe, along with surging demand for liquor cocktail gummies will continue steering the growth in the market over the forecast period,” says an FMI analyst.
Competitive Landscape
Leading players operating in the liquor confectionery market are investing in mergers, acquisitions, and collaborations to expand theior grographical footprint. They are also focusing on promotional strategies to advertise their products on social media channels to improve sales. Key Companies Profiled are:
- Hershey’s
- Ferrero SpA
- Mondelez International
- Toms Gruppen
- Liqueur Fills
- Abtey Chocolate Factory
- Neuhaus
- Mars
- Brookside
- Booz Drops
Latest Developments in the Liquor Confectionery Market
- Ferrero, for example, signed a USD 2.8 million partnership in 2018 with Nestle’s US Company in the creation of spirits confectioneries. Furthermore, big confectionery makers like Barry Callebaut bought American Almond Products Co. in 2015, allowing the former to extend its product line even further in the coming years.
- Mars, Inc. established a partnership with Microsoft Corp. in May 2021 to accelerate Mars’ digitalization by leveraging the Microsoft Azure platform to maximize intelligent manufacturing supply chains and operational speed.
- Dot’s Pretzels and Pretzels Inc. were acquired by The Hershey Company in December 2021, bringing production capacity in-house and confirming Dot’s continued expansion and experience to drive snacking innovations in the coming years.
- Ferrero announced in April 2022 the acquisition of Fulfil Nutrition’s high-protein, high-vitamin quality bar business, which has direct sales in the United Kingdom as well as distribution channels in Ireland and other markets of Asia Pacific and Europe.
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Key Segments Covered in the Liquor Confectionery Market Report
By Product Type:
- Candies
- Gums
- Chocolates
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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