As per TMR’s estimations, the global market for confectionery ingredient, which accounted US$ 76.25 bn in 2016, is expected to grow at a healthy CAGR of 4.2% during the period from 2017 to 2025. The market is likely to reach US$ 109.48bn by the end of the forecast period.
Rising consumer interest towards confectionery and bakery consumption, ensures Asia Pacific’s Dominance
Based on regions, the report categorizes the global market for confectionery ingredients into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. It further presents a complete analysis of the global market based on types, forms and applications of confectionery ingredients, and across regions as well. Europe acquired highest market revenue share in 2016 accounting for more than 30% and is expected to retain its position throughout the forecast period. Implementation of confectionery ingredients in applications such as chocolate and bakery industry is driving the market in European region.
In North America, the confectionery ingredient market is driven by the increasing demand of confectionery items and bakery products like bread, cakes, and crepes among others. The U.S population has experienced health issues like obesity due to overconsumption of sweetened products. This has highlighted the rapid consumption of low calorie sweeteners in these products in order to maintain the strong inclination towards chocolates and bakery items.
European confectionery ingredient market is primarily driven by increasing demand of the dark chocolate and bakery products. Moreover, increasing application of confectionery ingredients in various end use items such as cakes, gums, jellies, beverages and other dessert items is one of the major drivers fueling the market for the Europe confectionery ingredient market. Germany and U.K is the leading country for confectionery consumption in Europe.
The confectionery ingredient market in Middle East and Africa is driven by the rapid influence of western culture in terms of feeding habits and their tastes and preferences. Additionally, most of the countries in Middle East region are influenced by the culture of European countries and their food habits, thus, posing as one of the major factors fueling the market for confectionery ingredients in Middle East and Africa.
The confectionery ingredients market in Latin America is primarily driven by the rising demand for cocoa and emulsifiers as they are sourced from the major countries like Brazil and Argentina. Moreover, use of cocoa offers relief from illnesses such as high blood pressure, cholesterol, and other neurodegenerative diseases, is fueling the demand of confectionery ingredient market in this region.
The increasing consumption of chocolates is primary driving the global confectionery ingredient market
The consumption of chocolate is driving the growth of the chocolate market which is in turn fueling the demand for confectionery ingredients. Consumer awareness regarding the health benefits associated with the consumption of chocolates is another major factor fueling the demand for confectionery ingredients. Consumers in affluent countries have developed the consumption of premium chocolates and bakery items, indirectly aiding in the sourcing of more cocoa and other ingredients to manufacture the product. The sudden decrease in the price of cocoa has enabled the manufacturers and other sourcing companies to purchase it at a lower price and stock it for future use. Due to the increased growth of the confectionery industry, the use of cocoa to manufacture chocolate has also escalated. Amongst the variety of chocolates available, dark chocolate with 70% cocoa content is considered to be healthy. Health experts claim that this type of chocolate is good for the heart, brain, and for blood circulation. Europe is considered to be the biggest consumer of chocolate globally, followed by North America. These countries consume chocolate as a therapy, more than for pleasure.
Some of the key players in the global confectionery ingredient market include Cargill Incorporated, Olam International Ltd., E. I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Barry Callebaut, Kerry Group, Tate and Lyle Plc, Koninklijke DSM N.V., ZuChem Inc. and Ingredion Incorporated.