The significant rise in the consumption of confectionery and bakery items has been influencing the growth of the confectionery ingredients market at the global level. The heavy demand for chocolate, sugar confectionery, and bakery products is likely to accelerate the progress of this market in the next few years. The influence of the western culture on the food habits of consumers in developing economies is also expected to boost the demand for confectionery in the near future, reflecting substantially on the sales of confectionery ingredients.
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The increasing demand for better food, fueled by the frequent changes in consumers’ lifestyle, have made it very difficult for food product manufacturers to meet the tastes and requirements of consumers, which has prompted confectionery producers to explore the market scope with the use of ingredients. This, as a result, is anticipated to open new growth avenues for the worldwide market for confectionery ingredients over the forthcoming years. The opportunity in this market is likely to rise at a CAGR of 4.20% between 2017 and 2025, progressing from a value of US$76.25 bn in 2016 to US$109.48 bn by the end of 2025.
Europe to Continue Leading Global Confectionery Ingredient Market
On the basis of the geography, the global market for confectionery ingredients has been categorized into North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America. North America and Europe have emerged as the leading regional markets for confectionery ingredients. They collectively accounted for a share of more than 60% in the overall market in 2016. Europe is the dominant region in this market and is reported to have shown a higher consumption of confectionery products such as chocolates and gums.
The confectionery ingredients market in Europe is majorly driven by the growing demand of sweetened items, bread and ice cream in domestic regions, such as the U.K., Germany, France and the Rest of Europe. However, the demand for confectionery ingredients in this region is expected to exhibit a moderate growth rate over the forthcoming years, owing to its maturation.
Asia Pacific, on the other hand, is anticipated to register a higher growth rate as compared to the other regions between 2017 and 2025, especially in countries such as India, Japan, and China. The continual research on the consumption of chocolate and procurement of good quality confectionery ingredients from reliable sources are expected to complement the rise of the market for confectionery ingredients in this region in the near future.
Chocolate and Bakery Expected to Exhibit Fair Growth
Confectionery ingredients are widely utilized in chocolates, sugar confectionery, and bakery products. With a high consumption rate, the usage of these ingredients is significantly high in chocolates. Over the coming years, this trend is likely to remain so on the grounds of the growing awareness among consumers regarding the health benefits of dark chocolates. Bakery products and sugar confectionery are also projected to witness a considerable rise in the usage of confectionary ingredients in the near future due to the western influence in emerging economies and the changing palate of consumers across the world.
Cargill Inc., Olam International Ltd., E. I. Du Pont De Nemours and Co., Archer Daniels Midland Co., Ingredion Inc., Barry Callebaut, Tate & Lyle Plc, Koninklijke DSM N.V., and Kerry Group Plc are some of the key vendors of confectionery ingredients across the world.