Confectionary Ingredients Market Size to Grow at a CAGR of 6.3% During the Forecast Period 2021-2026
Increasing Demand for Sugar Free Products Driving the Growth of Confectionary Ingredients Market.
Hyderabad, India – July 22, 2021 /MarketersMedia/ —
Confectionary Ingredients Market size was estimated at $73.6 billion in 2020, projected to grow at a CAGR of 6.3% during the forecast period 2021-2026. Confectionary Ingredients industry has witnessed huge demand owing to the increasing demand for ready-to-eat food in the market. Confectionery ingredients are the ingredients used in making confectionery items like hard candies, chocolates, cookies, and chewing gum. Cocoa powder, dairy ingredients, emulsifiers, stabilizers and thickeners (EST), malts, oils & shortenings, sweeteners, starch & derivatives, and flavors are among the most popular confectionery ingredients. Moreover, in order to improve the texture, mouthfeel and stability of the product hydrocolloids are used as the gelling agent, thickening agent and stabilizers in confectionery. Increased demand for sugar-free products as a result of rising consumer health consciousness has compelled confectionery manufacturers to research and develop new confectionery ingredients, which has aided the global confectionery ingredients industry’s development. Furthermore, the increasing preference for natural ingredients among confectionery manufacturers has provided an advantageous demand for confectionery ingredient suppliers. Continuous R&D and advances in confectionery ingredients are driving forces behind the global market’s expansion.
Confectionary Ingredients Market Segment Analysis – By Product Type:
Based on Product Type, Confectionary Ingredients Market is segmented into Cocoa powder & Chocolate, Hydrocolloids, Dairy Ingredients, Malts, Emulsifiers, Sweeteners, Starches & Derivatives, Flavoring ingredients, Oils & Shortenings and Others. Cocoa powder & Chocolate segment is accounted for the largest revenue market share in 2020. This is majorly attributed to its diverse applications, not just on confectionary but also in baking, food processing and food technology. Moreover, the antioxidant property of cocoa helps in control cholesterol and sugar levels. As cocoa is rich in polyphenols, it helps in improving blood pressure, minimizing the risk of heart strokes and therefore appeal to customers who prefer wholesome foods. Sweeteners predicted to grow with the fastest CAGR of 6.9% in the forecast period 2021-2026.
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Confectionary Ingredients Market Segment Analysis – By Application:
Based on Application, Confectionary Ingredients Market is segmented into Sugar Confectionery, Chocolate, Gum, Others. Chocolate segment has accounted for largest revenue market share in the year 2020 owing to the increasing chocolate consumption globally associated by its health benefits, rich flavor and mouthfeel. It contains high levels of antioxidants, some studies have indicated that chocolate can decrease cholesterol and prevent deterioration in memory. Sugar confectionery is anticipated to grow with the fastest CAGR of 7.2% in the forecast period 2021-2026. This is mainly attributed to the rising demand for various forms and colors of candies globally.
Confectionary Ingredients Market Segment Analysis – By Geography:
Based on Geography, Europe Confectionary Ingredients Market accounted for the 42% revenue share in 2020. This is majorly attributed to the established industries in this region, moreover it offers top quality of confectionery globally. According to the Ministry of Foreign Affairs, Europe is a very diverse market for cocoa, which makes it very interesting. It has a thriving chocolate processing and manufacturing industry that needs large quantities of cocoa beans. Although the industry processes a lot of bulk cocoa, demand for specialty cocoa is on the rise. For the European cocoa industry and European chocolate consumers, sustainability is a critical problem. The Asia-Pacific is projected to be a fastest-growing area because of the constant increase in demand for candy products owing to increased disposable income, growth in procurement power and industrialization in China and India, owing to the appropriate weather and operating benefits. Ease of business and wide range of application are also prominent factors in the Asia-Pacific economy which drive demand for confectionery ingredients.
Confectionary Ingredients Market Segment Analysis-Drivers
Increasing Demand for Sugar Free Products
The growth of the global market in Confectionery ingredients is expected to drive the rising demand for sugar free products such as obese and diabetic cakes, the industrialisation, increased purchasing power per capita, the use of color naturally derived from specific color emulsion technology. Moreover, the growth of the world’s cakes market will be fuelled by increased health awareness, evolving eating habits, lifestyle and innovation in products. Moreover, diabetic cases have also provided a huge chance for sugar-free products. The U.S. Department of Health and Human Services reported that in 2018, in the United States 34.2 million people had diabetes. It was also found that the proportion of diabetes adults is increasing with age. Unlike 26.8% of the population aged 65 years or over, 21.4% of all US adults 18 years old or older suffered from diabetes.
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Confectionary Ingredients Market Segment Landscape:
Confectionary Ingredients Market top 10 companies are Arla Foods, Cargill, Inc., Archer Daniels Midland Company, Olam International, Ingredion Inc., E.I. du Pont de Nemours and Co, Kerry Group plc, Barry Callebaut, Tate & Lyle plc, Koninklijke DSM N.V.
Key Takeaways
The increasing demand for sugar free products, ready-to-eat products are driving the confectionery Ingredients Market.
The demand for items such as bread, cake, and biscuits is rising rapidly, and the confectionery ingredients market is expected to rise as a result.
However, regulations for the use of confectionery products in order to maintain international quality standards, volatile cocoa costs, and uncertainty about use due to health concerns are all holding the industry back.
According to the Ministry of Foreign Affairs, the European chocolate demand has altered in first half of 2020 owing to the COVID-19 that has disrupted the cocoa value chain.
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Source: MarketersMedia
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