Global COVID-19 Pandemic Impact on Confectionery Ingredients Market size is projected to reach USD 105.6 billion by 2024 and expand at a CAGR of 5.7% during the Forecast Period.
Confectionery ingredients are substances used in the manufacture of various confectioneries. These include gummies and GELLIES, chocolates, chewy candies, chewing gum, and hard candies. The change in consumer tastes and perception of sweets has led to producers turning to sweet alternatives for their formulations. The global confectionery ingredients market report by Market Research Future (MRFR) is collated with the assistance of market variables, product benchmarks, competitive intelligence, and opportunities and trends for the period of 2019 to 2024 (forecast period). The outbreak of the COVID-19 pandemic and its aftereffects on the industry have been recorded in high detail.
The penchant for sweets is the major driver of the market. But the elevating demand for sugar-free products owing to the rising wave of health consciousness has led confectionery manufacturers to develop new confectionery ingredients. This can provide an impetus to market growth. According to the Candy Industry Ingredients & Equipment Trends study, confectionery manufacturers are likely to increase their spending in 2020. The new ingredients to be purchased in the coming years include functional ingredients, flavor ingredients, and purchasing sweeteners.
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Replacement of sucrose and inclusion of inulin in novel formulations can bode well for the market. The huge market demand for naturally derived ingredients can create a market opportunity in the coming years. The demand for clean labels which promote transparency and new formulations for natural colors are drivers projected to fuel the market growth over the forecast period.
AAK AB, Arla Foods, Barry Callebaut, Olam International, Lactalis Ingredients, Koninklijke DSM N.V., Cargill, Incorporated, Kerry Group Plc, Archer Daniels Midland Company, Ingredion Incorporated, Brisan Group, DuPont, Tereos Starch & Sweeteners s.a.s., Döhler GmbH, and Tate & Lyle PLC are key players of the global Confectionery Ingredients Market. Mergers, acquisitions, and collaborations constitute the major strategies of players. Recently, IMPORTACO had acquired Besana, a nuts and chocolate Italian company, which can expand its presence in the region and improve its offerings in natural products.
Global COVID-19 Pandemic Impact on Confectionery Ingredients Market has been segmented based on ingredient type, source, and application.
Based on ingredient type, the global confectionery ingredients market has been segmented into emulsifiers, stabilizers, and thickeners (EST), cocoa & chocolate, dairy ingredients, malts, oils & shortenings, sweeteners, hydrocolloids, starch & derivatives, flavors, and others.
Based on source, the global market has been divided into natural and synthetic.
Based on application, the global market has been segmented into chewing gums, chocolate confectionery, sugar confectionery, and others.
The global market has been studied with regard to four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is anticipated to dominate the market till the end of the forecast period owing to the high consumption of sweets across all demographics. But the latest trend of natural sweeteners among the mass’s leaves room for innovation. The U.S. is one of the lucrative countries contributing to the regional confectionery ingredients market. Availability of confectionery in resealable pouches is likely to culminate in high sales. Clean labels for addressing health concerns of consumers can be a plus for the market.
APAC is expected to showcase the highest growth rate during the forecast period due to China and India and their penchant for candies. Special packaging formats and display in store windows are being used to influence customer decisions.
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