Growth in health awareness and fluctuation in cost & availability of raw materials such as cocoa products are some of the factors that hinder the growth of the confectionery market. However, rise in demand for sugar-free, low-calorie, and organic products boosts the market expansion.
Confectionery Market Report, published by Allied Market Research, forecasts that the global market was valued at $184,056 million in 2015, and is expected to reach $232,085 million by 2022, supported by a CAGR of 3.4% during the forecast period 2016 - 2022. The chocolate confectionery segment dominated the market in 2015 with more than one-third revenue share.
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Confectionery industry manufactures wide variety of food products that contain high sugar content such as candies, chocolates, caramels, gums, and cookies. Product innovation, rise in gifting trend, retail market expansion, and strong marketing campaigns are major factors that drive the growth of the global confectionery market.
In addition, economic growth and rise in disposable income of emerging economies supplement the market growth, thus increasing the purchasing power of customers. Sucrose, cocoa products, flours, sugar, and food additives are some of the raw materials utilized in confectionery production.
Manufacturers are increasing their product range by including organic herbal fillings, exotic flavors, and functional ingredients in their product formulations to cater to the changing consumer demands. International Organization for Standardization (ISO), Canadian Food Inspection Agency (CFIA), Food and Drug Administration (FDA), Health Canada, World Health Organization (WHO), and European Union (EU) are some of the regulatory authorities present in the confectionery market.
Based on type, the market is segmented into sugar, chocolate, fine bakery wares, and others. Others include gums, snack products, brand ice creams, and raw pastes.
In 2015, chocolate confectionery showed the highest growth rate, accounting for more than one-third of the market, in terms of revenue, owing to innovation and product quality. Introduction of organic ingredients, alcohol flavors, nuts such as hazelnut, and unusual fruits such as raspberry in chocolate confections increased the demand for different flavors among customers, thus fueling the chocolate confectionery market growth.
Key Findings of Confectionery Market :
- Europe is expected to continue to lead the market during the forecast period, followed by Asia-Pacific region.
- Dark chocolate is expected to show highest growth rate in chocolate confectionery market, registering a CAGR of 4.3%.
- Mints is projected to significant growth, registering a CAGR of 3.6%.
- Brazil accounted for 35.27% share in the LAMEA confectionery market in 2015.
- India is expected to grow at a faster rate, registering a CAGR of 4.6%.
- Italy accounted for 7.33% share in 2015.
Europe and Asia-Pacific collectively contributed more than half of the share to the global confectionery market revenue in 2015. In the same year, Europe dominated the market, owing to the product innovation in terms of textures, flavors, shapes, and pack sizes.
The prominent market players profiled in the report include Delfi Limited (Singapore), Ezaki Glico Co., Ltd. (Japan), Ferrero SpA (Italy), Lindt & Sprngli AG (Switzerland), Lotte Confectionery Co.
Ltd. (South Korea), Mars, Incorporated (U.S.), Mondelez International, Inc. (U.S.), Nestl S.A. (Switzerland), The Hershey Company (U.S.), and Wm.
Wrigley Jr. Company (U.S.).
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