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Liquor Confectionery Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global liquor confectionery products market was valued at USD 17.2 billion in 2022 and is expected to grow at a CAGR of 6.3% from 2023 to 2030. Liquor confectionery products are gaining traction among consumers due to their sophisticated packaging and appealing flavors. The rising inclination of consumers towards flavored chocolates and candies is expected to drive the growth of the market. Furthermore, due to their low alcohol content, these products are considered a safe option for consumption, which is further driving the demand for these products worldwide.
The rising number of product launches is expected to drive the growth of the market. For instance, in March 2022, Mondelez International launched a new range of liquor chocolates under the brand name Cadbury Celebrations Rich Dry Fruit and Nut. This product is a combination of dark chocolate filled with walnuts, almonds, and raisins, along with a hint of rum, brandy, and whiskey. This product is targeted at the adult demographic and is expected to fuel the growth of the market.
The increasing availability of flavored liquor confectionery products is creating new opportunities for market growth. For instance, in April 2021, Hershey Company launched a new range of liquor-filled chocolates under the brand name Hershey’s Liquor Chocolates. This new product is a combination of milk and dark chocolate filled with a variety of flavored liquors, such as whiskey, vodka, and rum. This product is targeted at the adult demographic and is expected to fuel the growth of the market.
The increasing demand for organic liquor confectionery products is also driving the growth of the market. For instance, in October 2021, Lindt & Sprungli launched a range of organic liquor confectionery products under the brand name Lindt Organic. This product range includes dark chocolate filled with whiskey, brandy, and rum, as well as milk chocolate filled with vodka, rum, and brandy. This product range is targeted at health-conscious consumers and is expected to contribute to the growth of the market.
Moreover, the increasing demand for dark chocolate liquor confectionery products is further driving the growth of the market. For instance, in March 2022, The Hershey Company launched a new range of dark chocolate liquor chocolates under the brand name Hershey’s Dark Chocolate Liquor. This product range includes dark chocolate filled with whiskey, brandy, and rum. This product range is targeted at the adult demographic and is expected to fuel the growth of the market.
Product Insights
The beer and spirits segment held the largest market share in 2020. The popularity of beer is increasing significantly and has been favored by a large number of consumers due to its low alcohol content. Moreover, the increasing popularity of flavored beers has been contributing to the growth of this segment. According to the National Institute of Alcohol Abuse and Alcoholism, in 2019, beer accounted for 55.9% of the total alcohol consumed in the United States.
The wine and champagne segment is anticipated to witness the fastest growth rate over the forecast period. The rising demand for alcoholic confectionery products, increasing disposable income of consumers and the growing trend of gifting liquor confectionery products are some of the factors driving the growth of this segment. Furthermore, the growing number of wine tasting events and the increasing demand for flavored wines is further propelling the growth of the wine and champagne segment.
Distribution Channel Insights
The liquor confectionery products market is driven by the increasing availability of these products through offline and online retail outlets. The supermarkets and hypermarkets segment held the largest market share of over 45.3% in 2022. The rising popularity of supermarkets & hypermarkets as a primary source to purchase food items is primarily driving the segment growth. According to a survey by MarketResearch.com, around 75% of the liquor confectionery products are purchased from supermarkets & hypermarkets. The presence of a wide range of liquor confectionery products, competitive pricing, and convenience of shopping are some of the key factors driving the segment growth.
The online segment is anticipated to witness the fastest growth over the forecast period. The rising trend of online shopping is expected to propel the segment growth. Moreover, the launch of dedicated websites for the sale of liquor confectionery products is further expected to drive the product sales through online channels. For instance, in January 2022, Haldiram’s launched its online store for the sale of snack products, including its liquor confectionery products. Moreover, online platforms offer discounted prices, which is further expected to attract more customers to purchase liquor confectionery products online.
Type Insights
The liquor confectionery market is segmented into two major product types, such as alcoholic and non-alcoholic confectionery. The non-alcoholic confectionery segment accounted for the largest share in 2019, as this product is widely used as a gift item in the confectionery industry. Moreover, non-alcoholic confectionery products are considered to be safe for children, thus driving their demand. Furthermore, the rising prevalence of diabetes has also increased the demand for non-alcoholic confectionery products, as they are low in sugar content.
The alcoholic confectionery segment is projected to register the highest CAGR during the forecast period. The rising trend of gifting alcoholic confectionery products has been driving the market. Moreover, the increasing usage of alcohol-infused chocolates and other confectionery products in parties and festivals has been supporting the growth of this segment. For instance, in August 2019, Choc on Choc, a U.K-based manufacturer of chocolate products, launched a range of Prosecco-infused chocolates. The company claims that the product is suitable for any occasion, such as anniversaries, birthdays, and weddings.
Regional Insights
Europe held a significant share of the global liquor confectionery products market in 2022. This was mainly attributed to the presence of a mature market in the region. The rising demand for alcoholic products in the region has been the major factor driving the growth of the market. For instance, in 2021, the UK-based confectionery company, Asda, launched a range of alcoholic gummies and chocolates.
The Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the region is attributed to the increasing demand for confectionery with alcohol content in countries such as India, China, and Japan. The rising disposable income of the population, coupled with changing consumer preferences, is expected to drive the growth of the liquor confectionery products market in the region. For instance, in 2021, Adelphi Distillery launched the world’s first whisky-infused chocolate truffles in India.
Financial Projections
In this part of the liquor confectionery products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your liquor confectionery products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a liquor confectionery products business comes from the sale of liquor confectionery products and services. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the liquor confectionery products business running will be described. The list of operating expenses includes product costs, wages, maintenance and repairs, utilities, insurance policies, advertising, promotion, and others.
Key companies & market share insights
Some of the key companies operating in the liquor confectionery market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Mondelez International launched a new range of alcoholic confectionery products including hard candies, gummies, and chocolates.
– In August 2022, Nestle launched a range of alcoholic chocolates under the brand name “Chocolate Stout”.
– In October 2022, Mars Inc. launched a range of whisky-flavored chocolates under the brand name “Whisky Liqueur Chocolates”.
Some of the prominent players in the liquor confectionery market include:
– Mondelez International
– Nestle
– Mars Inc.
– Ferrero
– Perfetti Van Melle
– Hershey’s
– Lindt & Sprungli
– TCHO
– Ghirardelli
– Godiva
Global Liquor Confectionery Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global liquor confectionery products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Hard Candies
– Gummies
– Chocolate
– Caramels
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Alcoholic
– Non-alcoholic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential for Growth of Liquor Confectionery Products?
[A]: The global liquor confectionery products market is projected to grow at a CAGR of 4.9% from 2020 to 2027. Increasing demand for convenience-oriented products, along with rising spending power, are expected to drive the growth of the market.
[Q]: Who are the Key Players in the Liquor Confectionery Products Market?
[A]: Some of the key players in the global liquor confectionery products market include Mars, Inc., Mondelēz International, Inc., Nestlé S.A., Ferrero International S.A., The Hershey Company, and Lindt & Sprüngli AG.
[Q]: Which Region Offers the Largest Opportunity for Sales of Liquor Confectionery Products?
[A]: North America and Europe collectively account for the largest share of the global liquor confectionery products market and are expected to hold their dominance over the forecast period.
[Q]: What are the factors driving the liquor confectionery products market?
[A]: The growing popularity of liquor confectioneries among consumers is expected to drive the growth of the market. Additionally, the increasing number of speciality stores and online channels offering liquor confectioneries is also expected to fuel market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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