Confectionery Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 01/09/2017 -- The prime factors driving the confectionery ingredients market include a growing demand for this product in industries such as sugar confectionery, chocolate, gums, and others, including coatings, fillings, caramel, aerated confectionery, cereal bars, and spreads. Moreover, the rising population of youngsters in the age group between 16 and 28 years in APAC and Latin America and their changing lifestyles and food habits are major propellants of the confectionery ingredients market. Competition among the several segments within confectionery is compelling manufacturers to focus on product innovation and better marketing activities. The confectionery ingredients market is also gaining interest owing to the increasing number of diabetes patients and their need for sugar-free products such as sugar-free cupcakes, candies, and boiled sweets. A rising consciousness about one's health and nutritional concerns also play an important role.
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Increasing demand for premium, non-genetically modified (GM) products and healthy food is acting as a motivating factor for the expansion of the confectionery ingredients market. Key players of sugar confectionery such as Mondelez International, Inc., Nestle SA., and Perfetti Van Melle SpA have been focusing on product development to suit local tastes and preferences and also to provide their customers with healthier options. For example, in 2015, Nestle S.A. removed all artificial colors and flavors from their sugar confectionery products across the globe. Other major players are also expected to resort to healthier alternatives during the forecast period. The confectionery ingredients industry is expanding at a significant rate owing to the growing demand for sweet snacks and medicated confectionery products. In addition, customer preference to purchase confectionery items for gifting purposes fueled by the emerging retail sector is further boosting the demand for confectionery ingredients globally. The ever-expanding sugarcane industry also plays a part.
Based on the different types of confectionery ingredients, this market is divided into the following categories: cocoa & chocolate, dairy ingredients, flavors, sweeteners, malts, hydrocolloids, emulsifiers, starch & derivatives, and others. In terms of application, the divisions are chocolate, sugar confectionery, gums, and others.
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Geographically, the global confectionery ingredients market is distributed over North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific has been witnessing rapid growth due to the presence of emerging economics such as China and India here. Western Europe has held a significant share in the market over the past few years. Within Latin America, the market in Brazil has exhibited an impressive development. Rapid urbanization in developed and developing countries is also one of the causes, with demand for chocolates, sweeteners products, and others generating opportunities for the confectionery ingredients market during the forecast period.
Key players follow strategies such as new product development and expansions to increase their global presence and productivity. Many companies have been displaying an interest in this market to meet the consumer demand. Global participants in the confectionery ingredients industry include Cargill Incorporated, Olam International Ltd., E. I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Barry Callebaut, Aarhuskarlshamn (AAK), Tate & Lyle PLC, Koninklijke DSM N.V., Kerry Group PLC, Ingredion Incorporated, and Arla Foods.