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.
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.
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