(Entertainment-NewsWire.com, May 23, 2018 ) The global confectionery market was at USD 187.14 billion in 2017 and is expected to register a healthy growth during the forecast period. The global confectionery market includes chocolate, gums, sugar confectionery, and snack bar. Chocolate is the most popular category, which dominates the market owing to its increased consumption globally.
Rising demand for exotic varieties and premium chocolate products has driven the market. The market for confectionery sale varies from country to country. For example, sugar confectionery accounts for 60% of retail confectionery sale in China while it only holds 25% in Europe. Globally, Europe dominates the market holding a market share of 29.5%. Asia-pacific and Eastern Europe have recorded a high growth rate during the forecast period owing to developing economy and craving for healthy snacking.
Growing Demand for New Flavors, Sugar-free, and Functional Confectionery
High sugar content related to obesity is a severe concern among consumers. Consumers are looking for healthier options, such as low calorie, high cocoa, and functional ingredients based confectionery. Functional claim on the confectionery products label is growing rapidly. In recent years, there is a significant increase in the number of the product launch in sugar-free gums, energy chews, and candy. Healthier chocolate with low calorie has gained popularity among consumers. Nestle, Mars, Lindt, and Ferrero has achieved massive success with their introduction of low-calorie confectionery line. These players have targeted to keep calorie to 200 or below in half of their confectioneries by 2022. Mars has introduced various varieties of new flavor to low-calorie confectionery in 2016. The sale of the company grew ten times faster than the conventional confectionery category.
Convenient packaging such as multi-packs, smaller size, and flexible packaging are growing in demand. Consumers like to snack in a lower portion at multiple occasions. Busy lifestyle and increased working women population in emerging countries have led to rising in skipping breakfast. Healthier options in snack such as breakfast and cereal bar have turned as an alternative to breakfast for consumers. In Asia, China, and India are the fastest growing markets for breakfast and cereal/granola bar. The global snack bar sale has surpassed a volume consumption of 816 million Kg in 2016 with cereal bar accounting for a major share. The global energy bar market size is estimated to reach 290 million Kg by 2023. Introduction of new healthier ingredients, such as yogurt, berries, and almonds in the snack bar in the convenient pack has driven the market.
Wealthier Markets Boosting Confectionery Sales
Saudi Arabia and UAE have observed a faster CAGR of 2% than the global average. The Middle East & Africa confectionery market has valued at USD 9 billion in 2016. Chocolate confectionery and gums are the more popular category in MNEA region as compared to sugar confectionery sale. The confectionery production industry in the Middle East has recorded a growth of 20% in annual turnover. Increased foreign working population, growing organized distribution channel and high per capita income is driving the confectionery market. Heavy price and discount offered at supermarkets/hypermarkets are another factor boosted the chocolate confectionery sale in the region. Countlines dominates the chocolate confectionery market with a volume share of 30.5% in 2016, which is followed by Softlines/Selflines. Boxed assortments sale is growing in developing region owing to seasonal chocolate gifting trend.
Key Developments
April 2018 - Nestle recently launched “Ruby Chocolate” in UK on 10th April, which is the first new natural color chocolate after white chocolate introduced by nestle 80 years back. This chocolate is made from ruby/pink cocoa bean October 2017 - Kellogg Company acquired RXBAR maker Chicago Bar Company LLC for USD 600 million. The transparent product formulation of high protein RXBAR has gained huge success in sales and consumer acceptance. Prior to the acquisition, Chicago Bar Company launched RXBAR Kids, with attractive kids-friendly ingredient and flavor July 2017 - Mars Inc. launched new low calorie, low chocolate content bar “Goodness Knows”, which is the first ever low calorie bar in past 20 year. The product is made with whole, nuts, dried fruits, toasted oats, and dark chocolate. Healthier snacking along with convenience and taste is the rising trend among consumers, which is the major strategy adopted by the company The global confectionery market is highly fragmented with top players accounting for major share. New product innovation and low calorie label claim are the main strategy adopted by the key player. Companies are focusing on active marketing strategies to overcome the sugar tax impact on their brands promotion. Snack bar with whole foods have performed well in the past five years. Many chocolate players, such as Nestle are planning to launch premium chocolate in emerging countries, such as in India.
Major players include - MARS INC., FERRERO, NESTLE SA, HERSHEY CO., MEIJI CO. LTD., amongst others.
Reasons to Purchase this Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis Market dynamics scenario, along with growth opportunities of the market in the years to come Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market. Market value (USD Million) and volume (Kg Million) data for each segment and sub segment Covering three broad category of confectionery: Chocolate, gums, sugar confectionery, and snack bar Distribution Channel sales Analysis by Value Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players 3-month analyst support, along with the Market Estimate sheet in excel Customization of the Report
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