Global
Confectionery Ingredient Market: Snapshot
The
significant rise in the consumption of confectionery and bakery items
has been influencing the growth of the confectionery
ingredients market at the global level. The heavy demand for
chocolate, sugar confectionery, and bakery products is likely to
accelerate the progress of this market in the next few years. The
influence of the western culture on the food habits of consumers in
developing economies is also expected to boost the demand for
confectionery in the near future, reflecting substantially on the
sales of confectionery ingredients.
The
increasing demand for better food, fueled by the frequent changes in
consumers’ lifestyle, have made it very difficult for food product
manufacturers to meet the tastes and requirements of consumers, which
has prompted confectionery producers to explore the market scope with
the use of ingredients. This, as a result, is anticipated to open new
growth avenues for the worldwide market for confectionery ingredients
over the forthcoming years. The opportunity in this market is likely
to rise at a CAGR of 4.20% between 2017 and 2025, progressing from a
value of US$76.25 bn in 2016 to US$109.48 bn by the end of 2025.
Europe
to Continue Leading Global Confectionery Ingredient Market
On
the basis of the geography, the global market for confectionery
ingredients has been categorized into North America, the Middle East
and Africa, Europe, Asia Pacific, and Latin America. North America
and Europe have emerged as the leading regional markets for
confectionery ingredients. They collectively accounted for a share of
more than 60% in the overall market in 2016. Europe is the dominant
region in this market and is reported to have shown a higher
consumption of confectionery products such as chocolates and gums.
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The
confectionery ingredients market in Europe is majorly driven by the
growing demand of sweetened items, bread and ice cream in domestic
regions, such as the U.K., Germany, France and the Rest of Europe.
However, the demand for confectionery ingredients in this region is
expected to exhibit a moderate growth rate over the forthcoming
years, owing to its maturation.
Asia
Pacific, on the other hand, is anticipated to register a higher
growth rate as compared to the other regions between 2017 and 2025,
especially in countries such as India, Japan, and China. The
continual research on the consumption of chocolate and procurement of
good quality confectionery ingredients from reliable sources are
expected to complement the rise of the market for confectionery
ingredients in this region in the near future.
Chocolate
and Bakery Expected to Exhibit Fair Growth
Confectionery
ingredients are widely utilized in chocolates, sugar confectionery,
and bakery products. With a high consumption rate, the usage of these
ingredients is significantly high in chocolates. Over the coming
years, this trend is likely to remain so on the grounds of the
growing awareness among consumers regarding the health benefits of
dark chocolates. Bakery products and sugar confectionery are also
projected to witness a considerable rise in the usage of
confectionary ingredients in the near future due to the western
influence in emerging economies and the changing palate of consumers
across the world.
Cargill
Inc., Olam International Ltd., E. I. Du Pont De Nemours and Co.,
Archer Daniels Midland Co., Ingredion Inc., Barry Callebaut, Tate &
Lyle Plc, Koninklijke DSM N.V., and Kerry Group Plc are some of the
key vendors of confectionery ingredients across the world.
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