LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global marzipan market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The rapidly changing consumption patterns, increasing demand for low-calorie and sugar-free confectionery products, rise in gifting trends, launch of new products, and wider accessibility to consumers through online retailing are driving the growth of the marzipan market.
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The top three emerging market trends driving the global marzipan market according to Technavio research analysts are:
- Growing trend of online retailing
- Gifting trend in marzipan products
- Growing demand for premium products
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Growing trend of online retailing
With the growth of e-commerce businesses worldwide, vendors have the potential to enhance their profitability. E-commerce accounts for nearly 12% of the world’s retail trade. Online and e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations.
The average amount of money spent online per transaction and the number of transactions that take place online are on the rise globally. The increase in the number of internet users and the "buy it now" attitude of these users is contributing to the growth of this retail channel. The rising number of online shoppers across the world will further translate into an increase in the sales of marzipan and other confectionery products through this channel. Customers nowadays prefer online shopping since it prevents them from time-consuming journeys and billing queues. Online shopping portals have also incorporated advanced security features to support efficient customer service and payments, along with user-friendly website designs which offer enhanced product visibility.
“This trend is encouraging several marzipan products' manufacturers to focus on the Internet-savvy customer segment. This mode of business also helps players in saving the overheads and operating costs, which are considerably lower in the online retail format as a comparison to the physical storage format,” says Manjunath Reddy, a lead analyst at Technavio for non-alcoholic beverages research.
Gifting trend in marzipan products
Consumers are purchasing marzipan products and other confectionery items not only for individual consumption but also for gifting purposes on occasions such as birthdays, anniversaries, and festivals such as Christmas and Easter. Also, the economic growth in developing nations like India, Indonesia, China, Australia, and others, which has brought with it a rise in the disposable income of consumers is also leading to the growth of the market.
“Exposure to global markets, easy accessibility of marzipan products through growing number of online web portals along with effective marketing strategies are further enhancing the popularity of marzipan as a gifting option. For example, Stockley's Sweets, a UK-based sweets manufacturer, offers a selection of gifting options that can be purchased through its website,” says Manjunath.
Growing demand for premium products
Consumers look for premium products because they are associated with higher quality, specific origin, fine flavors, and exotically and ethically sourced ingredients. The improving lifestyle of consumers because of the rising disposable income and growing health consciousness is driving the demand for premium marzipan candy. Many vendors in the market have started to launch their premium products' range exclusively made for elite customers.
Marzipan manufacturers around the world, especially in Europe, are experimenting with new flavors and ethnic ingredients to align themselves with consumer preferences. New premium marzipan products with reduced sugar and fat levels are gaining popularity among consumers.
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