Global Confectionery Ingredients market is projected to reach USD 78.04 Billion by 2021 owing to evolving eating habits coupled with growing consumer’s awareness regarding the health benefits of chocolates
Hyderabad, India -- (SBWIRE) -- 01/15/2018 -- The Global Confectionery Ingredients market has been estimated at USD 57.5 Billion in 2016 and is projected to reach USD 78.04 Billion by 2021, at a CAGR of 6.3% during the forecast period from 2016 to 2021.
Confectionery encompasses products such as chocolate and non-chocolate candy; gum; ice cream and frozen desserts; cookies, cakes, and pastries; and other sweet products. Confectionery is sold through retail channels like supermarkets, grocery stores, mass merchandisers, drugstores, convenience stores, gourmet/specialty stores.
One of the prime driver for the global confectionery ingredients market is the rising awareness about the health benefits of dark chocolate and the resultant rise in demand for chocolate products. Dark chocolate contains flavonoids and several other compounds that have potent antioxidant properties and thus impart a protective effect against cardiovascular and circulatory diseases. The availability of dark chocolate products to a larger consumer demographic due to the steady geographic expansion of the global chocolate industry has benefited the global confectionery ingredients market and is likely to remain a key driver in the coming year. Also, R&D in terms of product innovation & new product development is also driving the market growth.
The market growth is constrained due to health awareness among consumers, as Confectionary mainly includes products made from sugar, which has high amount of calories.
Global market for Confectionery Ingredients is segmented based on type, form, source and application. By type, the market is further sub-segmented into Cocoa & chocolate, Dairy ingredients, Hydrocolloids, Emulsifiers, Malts, Oils & shortenings, Starches & derivatives, Sweeteners, Flavors, Others (food color additives & flavors, functional systems, fruits & vegetables). By form, the market is further sub-segmented into Dry and Liquid. By source, the market is further sub-segmented into Synthetic and Natural. By application, the market is further sub-segmented into Chocolate, Sugar confectionery, Gum, Others (fillings, coatings, caramel, aerated confectionery, spreads, and cereal bars). Cocoa & chocolate is the most widely used type of confectionery ingredients. Sugar confectionery application of the confectionery ingredients market is growing at the highest CAGR.
Geographically, Global market for Confectionery Ingredients is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. Europe is the largest market for confectionery ingredients in terms of market share contribution in the global market. Asia-Pacific is expected to witness highest growth owing to factors like economic developments paired with increasing urbanization.
Barry Callebaut, Olam International , Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, and E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., Kerry Group plc , Arla Foods, Tate & Lyle PLC, are the major players of Global Confectionery Ingredients market.
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