According to the findings of a research report available on Radiant Insights, Inc.; the global confectionery market is expected to reach a valuation of around USD 233 billion by 2022. Confectionery products contain high sugar content and are available in different types such as chocolates, gums, candies, cookies, and many more. The availability of a variety of products in different packaging, shapes, and flavors is expected to be the key factor driving the growth of the global market. Several other factors such as rapid expansion of retail market and strong marketing campaigns can further boost the market development over the forecast period (2018 to 2020).
On the other hand, fluctuating prices of raw materials along with rising health consciousness among people may negatively affect the global confectionery market. However, the rising trend of gifting chocolates and other confectionery products on special occasions is projected to drive the global product demand over the forecast period. In addition, economic growth and increased purchasing power of consumers due to increased disposable income levels are also likely to have a positive impact on the market expansion.
The report “Global Confectionery Market 2018-2022” is available now at https://www.radiantinsights.com/research/global-confectionery-market-2018-2022
Many leading manufacturers are expanding their product portfolio by including organic fillings, functional ingredients, and other such products to meet the changing consumer demand. This factor is also expected to contribute toward development of the global market for confectioneries. Furthermore, increased demand for sugar-free or low-calorie, functional, and organic products can offer huge growth opportunities for the market players. This factor is anticipated to bode well the market growth over the forecast period.
The global confectionery market is categorized on the basis of product type and region. On the basis of product type, the market is fragmented into chocolate, sugar, and gum confectionary. The chocolate confectionery segment is estimated to dominate the overall product type segment during the next few years. This growth can be attributed to the factors such as escalating demand and consumption of chocolate products across the globe. On the basis of geographies, the market is divided into Americas, Asia Pacific, and Europe, Middle East and Africa (EMEA).
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The EMEA region is expected to dominate the global confectionery market over the coming years on account of number of product innovations in the region in terms of formulations, taste, processing, etc. Moreover, the region witnesses maximum demand for such products, which is also projected to drive the regional growth during the forecast period. The Asia Pacific region is expected to experience a significant growth, especially in the emerging economies such as India and China owing toa steady rise inpurchasing power of consumers due to increasing disposable income. In addition, rising awareness, particularlyamong the consumer residing in rural areas regarding the availability of various confectionery products is also expected to drive the product demand in near future.
Some of the key companies operating in the global confectionery market are The Hershey Company; Nestlé S.A.; Meiji Holdings Co., Ltd.; Mondelēz International, Inc.; and Ferrero S.p.A. Novel product development is the popular marketing strategy among most market players. For instance, Nestlé UK recently launched a new product called MilkybarWowsomes. The new chocolate bar is cited to be the world’s first product to use the company’s sugar reduction technology. According to the company, this product is free ofartificial preservatives, flavors, colors, andsweeteners and has 30% less sugar than any other similar product.
Read more related reports by Radiant Insights:
• Alcopop Industry- https://www.radiantinsights.com/research/germany-alcopop-industry-2018
• Fruit Liqueur Industry- https://www.radiantinsights.com/research/china-fruit-liqueur-industry-2018
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