The global confectionery industry is featured, with multiple established industry players constantly launching moderately priced confectionery brands. Worldwide, the market is growing rapidly as consumers demand for sophisticated yet affordable confectionery products. The growth of the confectionery market is also rising due to the demand for high productivity, and quality and ethically sourced products.
Ethically sourced confectionery products will be launched in the next five years as major companies in the confectionery market are continuously attempting to meet the increasing consumer demands. Besides growth in the developed countries, the confectionery market growth has now advanced in developing markets. Every confectionery company operating in the developed and emerging regions of the world desires to grow quickly and become a leading vendor in the global market. Some small companies and OEMs are also developing strong partnerships with leading key players in order to become a successful vendor to a large confectionery firm.
Majority of Growth in Confectionery Market is due to the Launch of New Products
Innovation, processing, and packaging are the three main factors of the confectionery market. Among these factors, the innovation aspect remains prominent in this industry. As growth rates keep changing due to weak consumer spending and high health concerns in terms of sugar intake in many parts of the world, the need for innovation and new product development remains fairly high.
Globally, confectioners are increasingly experimenting with new ingredients and flavors to meet changing consumer needs. They are also innovating new confectionery products, which have reduced sugar and fat levels for health-conscious people. Innovation in the confectionery market has eliminated the addition of ingredients and additives containing high sugar. Instead, sugar-free products have been introduced in a bid to improve the health of the consumers.
Key Drivers and Trends Fueling Growth in Confectionery Market
Rising disposable income is the major driving factor in the confectionery market. The rising disposable income among consumers allows them to spend more on quality confectionery products. Driven by a strong desire for a variety of products, including premium and affordable products, consumers belonging to both developed and emerging markets increasingly prefer chocolate confectioneries, gum, cereal bars, and sugar confectioneries.
Today, a variety of confectionery products are sold through several modern retail channels such as supermarkets, hypermarkets, grocery stores, and convenience stores. The stores also act as a marketing tool that helps increase brand exposure and build an impressive premium image of various confectionery products across the globe. Hence, the growing retail market is another vital factor propelling the confectionery market.
In addition, the increasing global population in developing countries such as China and India, their hectic lifestyle, increasing urbanization in emerging regions, the growing market trend of gifting confectionery items, and increasing number of the female workforce in confectionery factories around the world are key drivers of the global confectionery market.
Asia Pacific is the Fastest Growing Confectionery Market
In the past few years, an increase in population and urbanization has been witnessed in Asia, especially in countries such as India and China, says the United Nations Department of Economic and Social Affairs (UN DESA).
The annual per capita disposable income of urban households in China has grown from US$2,271.0 in 2008 to US$3408.5 in 2012, says the National Bureau of Statistics China. This has affected the purchasing rate in China. Consumers with a hectic schedule are more inclined toward confectioneries, as they are easily available and tasty. Hence, China’s confectionery market is expected to increase rapidly in the next five years.
Moreover, India is expected to bear 404 million urban dwellers by 2050, while China may stand at 292 million during that same time.
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