Confectionery Ingredients Market Outlook
Confectionery ingredients are substances used in the preparation of confectionery. These include honey, sugar, and others. Confectioneries such as candies, gums, sweets, chocolates, and others are expected to induce demand for confectionery ingredients. The global confectionery ingredients market report by Market Research Future (MRFR) contains a compilation of the latest drivers, restraints, and trends which can spell success for the period between 2020 and 2028 (forecast period).
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The global confectionery ingredients market is poised to touch a value of USD 105.6 billion by 2024. It can exhibit a CAGR of 5.7% from 2019 to 2024. The high demand for sugar-free products due to large awareness levels among customers has driven the demand for confectionery ingredients. Sweeteners have been used as a substitute for sugars among confectionery manufacturers. The inclination towards natural ingredients can drive the demand for confectionery ingredients and innovations with new chemical compounds. Innovations and investments in research and development can bolster the global confectionery ingredients market demand.
The global confectionery ingredients industry has been segmented based on ingredient type, source, application, and region.
Based on ingredient type, the global confectionery ingredients market has been classified as flavors, cocoa & chocolate, emulsifiers, malts, sweeteners, dairy ingredients, hydrocolloids, stabilizers, and thickeners (EST), oils & shortenings, starch & derivatives, and others. The cocoa & chocolate segment can dominate the global market due to the various beneficial properties of chocolate and its appealing taste.
Based on the source, the global market has been divided into natural and synthetic.
Based on application, the global market is segmented into chewing gums, chocolate confectionery, sugar confectionery, and others. Chocolate confectionery can dominate the market due to the large consumption of chocolate globally and for gifting purposes on special occasions.
The global market has been studied about four key regions – North America, Europe, Asia-Pacific, and the Rest-of-the-World (RoW).
North America can dominate the global confectionery ingredients market during the forecast period due to innovations among key players and the large consumption of sweets in the U.S. Europe has captured a significant market share due to the high demand for sweets and the need for natural ingredients. The healthy lifestyles pursued by customers in Europe can have a positive impact on the market. Confectionery manufacturers have decided to stockpile ingredients in case of uncertain economic situations. Recently, Mondelēz International kept a significant share of confectionery ingredients considering the Brexit scenario.
APAC can exhibit a massive growth rate during the forecast period due to countries such as China and India driving the market growth. The addition of vegetables and fruits to confectionery to add to the taste, as well as appeal to customers, can bode well for the market. The trend of veganism can create scope for new growth opportunities.
Kerry Group Plc, Olam International, Ingredion Incorporated, Arla Foods, Brisan Group, Cargill, Incorporated, Barry Callebaut, Koninklijke DSM N.V., Tate & Lyle PLC, Döhler GmbH, Tereos Starch & Sweeteners s.a.s., DuPont, Archer Daniels Midland Company, Lactalis Ingredients, and AAK are prominent players of the global confectionery ingredients market. Various regulations and acquisitions rampant in the industry can have a profound influence on the market.
Mondelēz International has decided to launch the vegan version of its famous Cadbury chocolate bar. It has used dairy-free alternatives to meet the demand for dairy-free snacks and candy.
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