The Confectionery market is divided between the bakers and sugar items. The former includes doughnuts, pastries, cookies and cakes and the later consists of chocolates, chewing gum, sweets and candies. The nutrition value may be less. However, their popularity has increased globally. The revenue for the industry worldwide by 2018 is said to climb at $176 billion at 3.0% CAGR in 2013-2018. Europe has the largest consumer ratio followed by Asia-Pacific and North American regions. The U.S., India and China are growing their consumption’s for these edibles.
The Popularity of Key Segments
The main ingredients for these food items are sugar, cocoa, latex, dough making raw materials etc. According to the Industry Analysis reports, among children the share for consumerism is seen more in cereal bars, gums and chocolates while adults prefer baked items and sugary concoctions. The sales reaches a high during celebrations, events and special occasions, as found by the Food and Beverages Market Research. The corresponding industry of advertising, public relations and digital promotion is backing the confectionery market in actualizing expansion across several regions.
Industry Analysis Reports the Major Challenges
The love for urbanization, gifting baked and sugary items, population growth, greater disposable income, busy lifestyle, retail markets, multiplied workforce are the key factors in booming confectionery market. People are opting confections as these consume lesser preparation time than other cuisines and are delicious. These edibles are making their presence in urban regions than rural areas, as per the Food and Beverages Market Research. Families prefer to dine out or replace meals with confections. The fallbacks on people are for health concerns related to diabetes and obesity.
Key Competitors Providing Confections
Working population boom in China, India and developing nations with that in U.S. has left scope for consumerism and services in this sector. The largest operating brands in confections, worldwide are Mars, Nestlé, The Hershey Company, Parle Products Pvt. Ltd, the Ferrero Group, Kraft Foods, MondelÄ“z International, HARIBO Dunhills (Pontefract) PLC, Yildiz Holding, Perfetti Van Melle, Cadbury, United Confectionery Manufacturers, Petra Foods, Brookside Foods, Kegg’s Candies, and Crown Confectionery.