Confectionary Ingredients Market: Widespread Usage of Chocolate Ingredients to Flavor Food Drives Sales
The competitive landscape in the global confectionery ingredients market is consolidated with a few big shot players, namely Olam International Ltd., Cargill Corp., Kerry Group, E. I. DuPont de Nemours and Co., and Tate and Lyle holding most of the share. In fact, in 2016, together they commanded over a whopping 80.0% share in the market. The holding pattern is expected to change little in the near term.
These prominent players in the global confectionary ingredients market mostly compete on the basis of product development and diversification. They are also seen deploying innovative marketing strategies to outsmart one another vis-à-vis sales.
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In the forecast period beginning from 2017 and ending in 2025, the global market for confectionery ingredients is predicted to rise at a steady CAGR of 4.2%. The market, which was worth US$76.25 bn in 2016, will likely clock a value of US$109.5 bn by the close of the forecast period in 2025-end.
The various types of confectionary ingredients available in the market are chocolate and cocoa, diary ingredients, sugar, sweeteners, emulsifiers, and others. At present, chocolate leads the pack due to its roaring popularity and widespread use in flavoring in a range of other food and beverage products. Other key product segments of the global confectionery ingredients market include sugar, emulsifiers, dairy ingredients, and other sweeteners.
The chief geographic regions of the market for confectionery ingredients studied in the TMR report are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe, among them, holds maximum market share owing to the unabated rise in demand for sweetened items, bread, and ice creams. Germany, the U.K., and France are at the forefront of driving demand in Europe. The market in the region was worth US$25.4 bn in 2016. However, due to the market getting saturated in the region in the next couple of years, it will witness a slower growth rate.
With globalization and unprecedented proliferation of the media, the benefits of dark chocolate is known worldwide. Elaborates the lead analyst of the TMR report, “Dark chocolate is comprised of flavonoids and different other compounds that have potent antioxidant properties which help in protecting against cardiovascular and circulatory diseases.” This has resulted in the soaring demand of dark chocolate in various confectionery products and with globalization and better trade and commerce channels their sales have managed to increase in tandem. This, in turn has benefitted the global market for confectionery ingredients.
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In addition to that, the increasing uptake of western food habits, particularly in the emerging economies of Asia Pacific and the Middle East, has also led to rising demand for confectionary ingredients. This is because of the widespread popularity of bakery products such as cakes, biscuits, buns, and pastry, among others, which has led to the soaring usage of confectionary products. The increasing disposable incomes of the people has led them to buy more of such products instead of cooking traditional snacks at home.
This review is based on the findings of a TMR report, titled, “Confectionery Ingredient Market (Type – Chocolate & Cocoa, Sugar, Dairy Ingredient, Emulsifier, and Sweeteners, Form – Dry and Liquid, Application – Chocolate, Sugar Confectionery, and Bakery) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”