"Market Intelligence that Adds Flavour to Your Success"
Region : Global | Published Date: Upcoming | Report ID: FBI100542| Status : Upcoming
Confectionery can be defined as snack food and can be broadly classified as chocolate-based, sugar-based, and gum-based confectionery. To prepare confectionery products, along with the prime aforementioned ingredients, sweeteners, adhesives, molding agents, glazing agents, texture stabilizers, foam stabilizers, and others play significant role. World Health Organization (WHO), recommends to reduce the free sugar intake to less than 10% of the total energy intake, which is encouraging consumers to opt for sugar-free or healthier confectionery products. To meet consumer’s expectations, major market players are coming up with innovative products that are a balance of indulgence and health. For instance, in April 2018, Mentos, a leading UK based confectionery brand launched Mentos Stay Free, a sugar-free candy that is naturally sweetened by stevia.
The growth in demand of premium chocolate products, coupled with rising consumption of dark chocolate due to the potential health benefits offered by it, is expected to drive the growth of confectionery market during the forecast period. Furthermore, increased product launches by key players will help in boosting the growth of the market. For instance, in 2018, Nestle launched three new dark chocolate products, under its Crunch chocolate portfolio. The product claims to be made up from 100% real dark chocolate and contains no artificial colors and flavours.
Raw materials price fluctuation is a major restraint that can negatively impact the growth of global confectionery market during the forecast period. For instance, according to ICCO, since 2014 price fluctuations of cocoa beans have ranged between USD 2000/ton and USD 3000/ton.
Some of the major companies that are present in the global confectionery market are Ferrero Group, The Hershey Company, Elmer Chocolate, Nestle S.A., Unilever Plc., Ezaki Glico Co., Ltd., Meiji Company Ltd., Mars Inc., Mondelez International, and Grupo Arcor.
By Product Type
· Chocolate Confectionery
· Sugar Confectionery
· Gum Products
By Distribution Channel
· Specialty Stores
· Online Channels
· Convenient Stores
· North America (U.S. Canada, and Mexico)
· Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, and Rest of Asia Pacific)
· South America (Brazil, Mexico and Rest of South America)
· Middle East & Africa (South Africa, UAE, and Rest of Middle East & Africa)
At present, chocolate confectionery accounts for the largest share in the global confectionery market and is expected to expand at a significant pace during the forecast years, owing to rising demand of premiumised chocolate. Increased consumer expenditure on healthy indulgence is expected to propel the growth of organic chocolates in the upcoming years. Adoption of strong marketing and advertising activities by key players is further projected to augment the growth of chocolate sales across the world.
Europe is expected to continue holding the major market share in the global confectionery market during the forecast years, due to presence of huge consumer base across the region. Presence of significant market players such as Nestle S.A., The Hershey Company, Ferrero, and others, along with regular product launches by them is expected to fuel the growth of Europe confectionery market in the forthcoming years.
Asia Pacific is anticipated to be the fastest growing region over the forecast years, owing to rapidly rising population in prime economies, such as China and India, coupled with increasing per capita income of Asian population, that is encouraging them to invest in indulgence products. According to research finding, chocolate confectionery sales of India grew by 13% between year 2015 and 2016. Increase in number of local market players in significant Asian countries is further expected to escalate the confectionery market growth of Asia Pacific.