Christmas brings new hope for the candy market

By: Trademagazin Date: 2023. 12. 04. 12:09

The year 2023 did not bring a golden year for the confectionary industry, in principle it took place in the shadow of inflation and declining sales figures. However, according to the Association of Hungarian Confectionery Manufacturers, the end of the year offers a new opportunity, especially during the holiday season.

Candy prices increased by nearly 24 percent in 2023, exceeding expected general annual inflation. Among the main reasons for this is the 50-75 percent increase in the world market price of sugar and cocoa, which, in addition to general inflation, had a significant impact on the price of sweets. Products containing cocoa, such as pure cocoa powder or dark chocolate, have become especially expensive.

The confectionery industry is not spared by the labor shortage either, especially in the production and maintenance-mechanic professions. Although automation and temporary labor can alleviate the problem in manufacturing, the lack of technical specialists threatens continuous production.

In light of the sustainability requirements, especially the European Union’s net zero emission objectives, carbon reduction in the supply chain becomes a challenge for the confectionery industry. Reducing emissions in the supply chain of imported raw materials is key to achieving sustainability goals.