Confectionery Market Outlook by 2021 : PMR
The global confectionery market can be segmented into five categories: chocolate confectionery, sugar confectionery, gum, cereal bars, and others. Major raw materials used in chocolates are cocoa and sugar, and raw materials used in gum include latex. Confectionery products are consumed by people of all age groups.
In terms of geography, Europe dominates the global confectionery market, followed by North America and Asia Pacific . The U.S. represents the largest confectionery market globally , followed by China and the U.K. India is the key market in Asia Pacific and the fastest-growing confectionery market in the world.Rising disposable income, growing retail market, increasing trend of gifting confectionery items, increasing population , increasing urbanization, hectic lifestyle, and more women in the workforce are some of the major driving factors of the confectionery market. Increasing population along with increasing disposable income in developing countries such as India and China is expected to increase the growth rate of the confectionery market. Increasing disposable income allow the customer to spend more.
According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India median household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. Consumers with hectic schedule tend be more inclined toward confections, as these items are tasty and consume less time. Additionally, increasing number of working women is driving the global confectionery market as it is resulting in higher disposable income for the family .
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According to the U.S. Department of Labor in 2013, there were 127.1 million working women in the U.S. which is expected to grow at 5.4% by 2022. The urban population is more inclined toward consumption of confectionery compared to its rural counterparts. According to the United Nations Department of Economic and Social Affairs (UN DESA), in 2013 the largest urban population growth took place in the Asian countries such as India and China. By 2050, India is expected to have 404 million urban dwellers while China is likely to stand at 292 million. Some of the major restraints for the global confectionery market are rising health issues, increasing government regulations , and increasing raw material cost.
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Some of the major companies operating in the global confectionery market are The Hershey Company, the Ferrero Group, Mars, Incorporated., MondelÄ“z International, Nestlé S.A., Parle Products Pvt. Ltd., Kraft Foods, Cadbury, HARIBO Dunhills (Pontefract) PLC, United Confectionery Manufacturers, Perfetti Van Melle, Kegg's Candies, Petra Foods, Yildiz Holding, Crown Confectionery, and Brookside Foods.
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