(Entertainment-NewsWire.com, January 25, 2018 ) Global Confectionary market size was around USD 190.95 billion in 2016. It is expected to grow at a CAGR of 3.5% to reach USD 226.79 billion by 2021.
Confectionery market comprises array of food products such as chocolates, raw pastes, and various sugar-based products. In addition, it includes therapeutic and dietetic confectioneries that differ in formulations from traditional confections. The preferred type of confectioneries often differ according to the geographical regions due to difference in regulatory norms and other factors such as economy and taste & preference of customers.
Introduction of odour sensations, combination of liquid & solid flavours, and energy boosts in confectionery products drive the growth and development of the confectionery market worldwide. Wide range of confectionery products are vended through various retail channels such as hypermarkets, supermarkets, convenience stores, discounters, forecourt retailers, and grocery stores. These stores act as global marketing tool, assisting in building an impressive brand image and raise brand exposure of wide variety of products.
Sugar is the key ingredient responsible for prevalence of obesity and diabetes making this the primary restraint of this market. Primary raw materials used in confectionery production are sugar and cocoa. Cocoa prices are unstable and can be affected by a series of factors, like political instability, extreme weather, and pests & disease. Additionally, increase in supply demand gap in chocolate industry has increased the prices of cocoa beans. Sugar prices grew owing to less production and more demand.
The market is categorized by type. By type the market is segregated into Sugar, Chocolate, Fine Bakery Wares, and Others. Sugar is further sub-segmented into Hard-boiled sweets, Caramels & Toffees, Gums & Jellies, Medicated Confectionary, Mints and others. Chocolate is further sub-segmented into White, Milk and Dark.
By geography the market is segmented into Europe, Asia Pacific, Latin America, North America, and Middle East and Africa. The U.S. is the largest confectionery market worldwide, closely followed by China and the U.K. India is the major market in Asia Pacific and the fastest-growing confectionery market worldwide. Rising disposable income, increasing trend of gifting confectionery items, rising population, hectic lifestyle, growing retail market, growing urbanization, and more women in the workforce are few major driving factors of the confectionery market. Growing population along with rising disposable income in emerging economies such as India and China is anticipated to increase the growth rate of the confectionery market. Rising disposable income allow the customer to spend more. Brazil commanded the highest share in the LA confectionery market. New product developments, capacity expansions, and flavour differentiation are the key strategies used by Brazil manufacturers to increase their market share. However, growth in awareness among customers toward diet & health relationship, inflation rates, increase in water & electricity tariffs, and high raw material costs hinder the market growth.
Key players in the market include Delfi Limited (Singapore), Ezaki Glico Co., Ltd. (Japan), Ferrero SpA (Italy), Lindt & Sprüngli AG (Switzerland), Lotte Confectionery Co. Ltd. (South Korea), Mars, Incorporated (U.S.), Mondelez International, Inc. (U.S.), Nestlé S.A. (Switzerland), The Hershey Company (U.S.), and Wm. Wrigley Jr. Company (U.S.).
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