6 February, 2023
Marketing Sweet Treats: The Introduction of Confectioneries
Confectioneries have been around since the earliest days of civilisation, with recipes appearing in the Egyptian Ebers Papyrus from 1500 BC. The confectionery market has grown to over $200 billion annually, and it’s expected to reach over $300 billion by 2020.
In this blog post, you’ll learn about the history of confectioneries and marketing growth; read on:
History
It all started with candy canes. In the early 1900s, candy canes were being mass-produced in America. Though many other types of confectionery products are available today, they don't have the same staying power as candy canes. But it's no surprise that these brightly coloured little sweet treats get eaten up quickly and often go hand-in-hand with seasonal celebrations such as Christmas and New year events.
Market Size & Forecast
According to Grand View Research, the retail confectionery industry generates about $35 billion in annual sales. This includes chocolate, gum, mints, and others. Of this figure, chocolate alone accounts for around $18 billion. The Chocolate market is forecast to grow at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2028.
Business Strategy
The confectionery industry is one of the world's oldest and most established industries. In fact, candy-making can be traced back to early civilisations. Today, the global confectionery market is worth billions of dollars and is expected to continue to grow.
When it comes to marketing sweet treats, there are a few key things to keep in mind. First, it's important to understand the target audience. What are their demographics? What do they like? What do they dislike?
Second, what is the competition like? Who are the major players in space? What are they doing well? What could be improved? Third, what is the product mix? What type of confectioneries does the company offer? How do they differ from one another? Which ones are new or seasonal? Which ones should be featured more prominently on the packaging or during promotions?
Lastly, make sure you're thinking about promotion. There are so many ways to promote your sweets these days. Think about partnering with other companies (even within the same industry), sponsoring events, running contests and giveaways, advertising on social media platforms (especially Facebook), etc. Remember that not all promotion strategies work for everyone. Be creative and try something new now and then.
Wrapping Up
In conclusion, the confectionery industry is booming, and businesses have many opportunities to get involved. Marketing sweet treats can be a fun and rewarding experience for businesses and consumers. With so many options on the market today, it's easier than ever to find a treatment that suits your taste.
In addition, those using confectioneries as promotional items have an added advantage. This is because everyone loves confectionery, young or old. The other thing, they are cost-friendly when using them as promotional items. The lower investment allows businesses of all sizes to consider these items. That's because they can invest little in their marketing and achieve significant sales. So, why not try now.
References
http://www.candyhistory.net/candy-origin/sweet-history
https://www.grandviewresearch.com/industry-analysis/confectionery-market
The Confectionery Only Team