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Confectionery Ingredients Global Market Projected to Experience a Growth Rate of 6.8% CAGR, Reaching over $107.31 Billion By 2028
Confectionery Ingredients Global Market
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According to The Business Research Company's, The confectionery ingredients market size has grown strongly in recent years. It will grow from $77.09 billion in 2023 to $82.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to globalization of taste, expansion of retail channels, marketing and branding strategies, demand for novelty and specialty products, consumer desire for texture varieties, rise in disposable income.
The confectionery ingredients market size is expected to see strong growth in the next few years. It will grow to $107.31 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to packaging innovations, focus on health and wellness, reduced sugar and sugar alternatives, expansion of premium and artisanal segments, globalization of flavor profiles, clean label preferences. Major trends in the forecast period include innovation in product formulations, technological advancements in processing, digitalization in marketing, customization and personalization, innovative flavors and combinations.
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Market Drivers and Trends:
The increasing demand for new and unique flavors is expected to propel the growth of confectionery ingredients market. Consumers interest in novel taste experiences encourages product innovation, the introduction of diverse flavor profiles, and customization. It fosters culinary exploration, engagement, and competitiveness among brands, ultimately expanding the market as consumers seek exciting and distinctive flavor options in their food and beverages. For instance, in September 2022, according to Simpsons Beverage Supply Co Ltd, a UK-based flavor manufacturing company, approximately 80% of coffee enthusiasts personalize their beverages, often employing flavored coffee syrups for this purpose. Therefore, the increasing demand for new and unique flavors is driving the growth of confectionery ingredients market.
Major companies operating in the confectionery ingredients market are launching organic products such as Organic Whole Milk Powder to gain a competitive edge in the market. The product is Ecocert certified, sourced exclusively from French dairy farms adhering to strict organic specifications. For instance, in May 2021, Lactalis Ingredients, a France-based dairy products manufacturing company launched Organic Whole Milk Powder. The spray-drying process retains the milk's natural goodness, resulting in a product with a rich dairy taste. With 26% fat content, the whole milk powder is versatile and suitable for applications such as chocolate, dairy, and baking.
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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group plc, Arla Foods amba, Tate & Lyle plc, Olam International Ltd., Barry Callebaut AG, Ingredion Incorporated, Koninklijke DSM NV, AAK AB, Döhler GmbH, Brisan Group, Tereos Starch & Sweeteners SAS, Mars Incorporated, Mondelez International Inc., The Hershey Company, Nestlé SA, Ferrero SpA, Chocoladefabriken Lindt & Sprüngli AG, Perfetti Van Melle SpA, Haribo GmbH & Co. KG, The Kraft Heinz Company, General Mills Inc., The Kellogg Company, Mars Wrigley Confectionery US LLC, Ferrara Candy Company, Jelly Belly Candy Company, FrieslandCampina Kievit BV, Symrise AG, Givaudan SA
Confectionery Ingredients Market 2024 Key Insights:
• The confectionery ingredients market size is expected to see strong growth in the next few years. It will grow to $107.31 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rising Demand For Bakery And Confectionery Products To Drive Market Growth
• Emerging Trend Of Organic Products Transforming The Confectionery Ingredients Market
• Europe was the largest region in the confectionery ingredients market in 2023
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