LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global confectionery market to grow at a CAGR of above 3% during the period 2018-2022, according to their latest report.
This market research report segments the global confectionery market into the following products, including chocolate, sugar confectionery, and gums and key regions, including the Americas, APAC, and EMEA. The report includes latest trends, drivers, challenges, and the list of top players along with the latest developments in the market.
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In this report, Technavio analysts highlight the availability of a diverse range of products in new flavors as a key factor contributing to the growth of the global confectionery market:
Availability of a diverse range of products in new flavors
Consumers' preference for packaged food items, such as confectionery products, depends on the availability of the products in the market. When the number of products available is large, the better will be the chance of consumers opting for these multivariate products. A wide assortment of sugar confectionery products also drives the growth of the market.
A wide range of products allows consumers to change their preferences and their usual choice of food. Children are attracted to various shapes, flavors, and packaging used in the confectionery industry. Players in the market need to spend intensively on their research and development (R&D) and come up with product innovations in terms of shapes, flavors, and packaging.
According to a senior analyst at Technavio for food, “The rising importance given by consumers to the cocoa content in chocolates is another factor that plays an important role in driving the growth of the global confectionery market. Lately, consumers are getting more aware of the fact that high-quality cocoa plays an important role in determining the taste of chocolates. Consumers are also attracted towards chocolates that contain ingredients like caramel, fruits, and nuts as they enhance the taste of chocolate. In the case of gum and sugar confectionery items, the demand for various flavors drives market growth.”
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Global confectionery market segmentation
Of the three major products, the chocolate segment held the largest market share in 2017, accounting for nearly 55% of the market. The market share for this product is expected to decrease nearly 2% by 2022. The fastest growing product is gums, which will account for 15% of the total market share by 2022.
EMEA was the leading region for the global confectionery market in 2017, accounting for a market share of 45%. The rising number of new product launches that feature innovative flavors and attractive packaging has been the primary reason for the growing demand for confectionery products in all these regions.
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