Confectionery Ingredients Market to grow at a CAGR of 5.7%, forecast 2019-2024: Market Research Future

Confectionery ingredients mainly include chocolate, cocoa, emulsifier, sweeteners. Each confectionery ingredient has a unique property. These ingredients are mixed in required quantity during the preparation of confectionery products such as candy, chocolates, sweets, chewing gum, and others. Manufacturers are exploring the applications of confectionery ingredients in their manufacturing process owing to the benefits they provide. In confectionery ingredients, chocolate is used as a flavoring agent- improves blood vessels and reduce the risk of heart related diseases. Moreover, sweeteners are used as a healthy additive instead of sugar, which is attracting diabetic patients and obese population towards products.

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Market Forecast

Confectionery ingredients are used in a wide range of application such as sweets, candy, candy nuts, chocolates, and others. Escalating demand for sugar free products owing to growing health awareness among consumers is driving the growth of the sweeteners market. Sweeteners are low in calories and provide the same taste as sugar does. Moreover, rapid consumption of chocolates is driving the growth of chocolate market, which, in turn, is accelerating the growth of the confectionery ingredients market across the globe.

Furthermore, huge investment in R&D is adding fuel to the growth of the confectionery ingredients market. However, confectionery manufacturers need to follow various regulations set by the Global Food Safety Initiatives (GFSI), which may impact new entrants in the market. Together, all these factors are projected to contribute to the estimated CAGR of 5.8% of the confectionery ingredients market during the forecast period 2019-2024.

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Downstream Analysis

Confectionery ingredients are segmented on the basis of product type such as chocolates and cocoa, dairy ingredients, emulsifier, stabilizers and thickeners, sweeteners and others. Among all, chocolate is dominating in the market. Apart from being a flavoring agent, it also holds various health beneficial properties which is driving the growth of the chocolates in the confectionery ingredients.

On the basis of form, the confectionery ingredients are segmented as dry, liquid, and others. The dry form of confectionery ingredients is dominating the market based on its operational excellence as well as functional benefits.

Based on the application, the confectionery ingredients are segmented into sweets, candy, candy nuts, chocolates, chewing gum, and others. Among all, chocolate segment is dominating others. Rapidly increasing consumption of chocolates followed by increasing awareness about health benefits from chocolate consumption is driving the growth of the chocolate market, which, in turns, leads the growth of the confectionery ingredients.

Competitive Analysis

The major players in the confectionery ingredients market

Cargill Incorporated (U.S.)
Archer Daniels Midland Company (U.S.)
I. du Pont de Nemours and Company (U.S.)
Olam International (Singapore)
Kerry Group plc (Ireland)
Barry Callebaut (Switzerland)
Tate & Lyle PLC (U.K.)

Confectionery ingredient market is expected to grow substantially during the the forecast period. Huge investment in R&D and technological surge are driving the growth of the global confectionery ingredients market. However, the various regulations which the confectionery manufactures need to abide of may hamper the growth of the market over the review period.

Market Segmentation

Confectionery Ingredients Market is segmented on the basis of product type, form, application, and region.

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Regional Analysis

The global confectionery ingredients market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is projected to dominate the market followed by North America. High consumption of confectionery products and rising concern towards healthy lifestyle have supported the confectionery ingredients market. High focus on R&D has also contributed to the growth of confectionery ingredients in this region.

Moreover, Asia Pacific is expected to grow rapidly during the forecast period. Growing industrialization, increasing disposable income, and increasing consumption of confectionery products are driving the growth of confectionery products in this region. In Asia Pacific, China is the major contributor to the regional growth. Furthermore, the Middle East and Africa are assumed to grow over the forecast period owing to increasing demand for confectionery products and and growing concern towards healthy lifestyle.

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This release was published on openPR.