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The global confectionery ingredients market is expected to witness a steep rise during the forecast years and exhibit an impressive CAGR, owing to the growing food industry across the globe, coupled with increasing demand for confectionery products. Rising per capita income of people, especially across developing economies is projected to aid the growth of confectionery ingredients market during the foreseeable years.
Key companies operating in the global confectionery ingredients market are focusing on expanding their product portfolio by launching novel and innovative products, along with expanding their global reach to maintain their significance in the global market. McCormick & Company, Cargill Incorporated, Ingredion Incorporated, and Koninklijke DSM N.V. are some of the key companies operating in the global confectionery ingredients market.
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Confectionery products majorly comprise of sweet confectioneries, chocolate confectioneries, and gum confectioneries. Confectionery ingredients include all those products that play major roles in offering the desirable texture, taste, appearance, and flavor to a confectionery item. Along with the food industry, confectionery ingredients have applications across various industries, such as beverages, cosmetics, pharmaceuticals, and others.
The global confectionery ingredients market is anticipated to increase at a rapid pace during the forecast years, owing to escalating demand for convenience food, coupled with rising urbanization and increasing consumer inclination towards indulgence products. The rise in demand for clean-label ingredients is expected to fuel the growth of organic and natural confectionery ingredients.
Growing diabetic population across the globe and increasing consumer inclination towards sugar-free confectionery is expected to aid the demand for healthy confectionery ingredients market. Furthermore, product innovation by market players is predicted to fuel the growth of confectionery ingredients market during the forecast years.
However, increasing consumer resistance towards confectionery products made up of sugar is expected to hinder the sugar-based confectionery ingredients market. Strict regulations by the FDA on the use of synthetic food ingredients is expected to further restrain the growth of global confectionery ingredients market during the upcoming years.
Some of the major companies that are present in the global confectionery ingredients market are Cargill Incorporated (U.S.), Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle Plc., Koninklijke DSM N.V., Kerry Group Plc., Barry Callebaut, McCormick & Company, Mars Incorporated, and Concord Foods among the other players operating in the global confectionery ingredients market.
On the basis of type, the global confectionery ingredients market has been segmented into dairy ingredients, cocoa & chocolate, emulsifiers, sweeteners, oil & shortenings, flavoring ingredients, and others. The cocoa & Chocolate segment is expected to witness significant growth during the forecast years, owing to the increasing demand for indulgence products among consumers. Increasing demand for premium chocolates and increase in chocolate-gifting culture across developed and developing economies is further projected to aid the growth of the segment. The demand for flavoring ingredients is expected to rise during the foreseeable years, due to increased innovation in food products.
On the basis of application, the global confectionery market has been segmented into chocolate confectionery, sugar confectionery, and gum products. Considerable growth in chocolate confectionery segment is anticipated during the forecast years, owing to the rising consumption of chocolate across the globe, attributed by its rich flavor and associated health benefits. Increasing number of chocolate confectionery manufacturer, coupled with the adoption of unique marketing and advertisement techniques by them is expected to further propel the segment growth.
North America holds the major market share in the global confectionery ingredients market, followed by Europe. North America is projected to dominate the global confectionery market during the forecast years, owing to high consumption of confectionery products across prominent countries of North America, especially in U.S. Presence of numerous significant key players in North America is expected to further augment the growth confectionery ingredients market in North America. In Europe, increasing demand for confectionery products, especially in countries such as U.K., Germany, and Netherlands is projected to propel the growth of confectionery ingredients market of the region. Asia Pacific is anticipated to witness a significant rise in the demand for confectionery ingredients, due to growing demand for confectioneries in emerging economies, such as China and India. Rapid growth in the population of prominent Asian countries is further expected to augment the Asia Pacific confectionery ingredients market.
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