LONDON--(BUSINESS WIRE)--Technavio analysts forecast the cajeta market in North America to grow at a CAGR of over 8% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the surge in demand for private-labeled products as one of the key emerging trends in the cajeta market in North America. The market comprises of several key and small players. From the past five years, the competition among the players has intensified owing to the penetration of private-labeled brands that have gained popularity among consumers. These private-labeled brands are competing intensely with the leading brands. In countries such as the US, several private-label cajeta manufacturers market and sell their products with claims that their products comprises the same formulation as the branded products. Consequently, they are undercutting the branded label retail price and reducing the market share of major brands.
In retail outlets, private-labeled cajeta brands control the niche shelf space for both refrigerated and aseptic product variants. The rising popularity of private-labeled products is limiting the growth of the major cajeta brands and is acting as one of the challenges to the market. The entry of private-labeled players increases the availability of products, which is expected to fuel the demand for cajeta and drive the market growth during the forecast period.
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In this report, Technavio analysts highlight the expansion in the retail landscape as a key factor contributing to the growth of the cajeta market in North America:
Cajeta market in North America: Expansion in the retail landscape
The global organized retail sector is expanding significantly with the establishment of supermarkets, hypermarkets, and specialty stores. Large organized retailers primarily sell chocolate syrups. This implies that players in the market are operating in this market rely heavily on these retailers. They also compete for the limited shelf space in these large organized retail stores.
According to a senior analyst at Technavio for research on food, “Convenience and value for money are crucial parameters that influence the purchasing decision. This is attributed to their hectic lifestyle and work schedules, and organized retailers provide both by stocking a varied collection of products under one roof. The consumer buying patterns have also shifted toward supermarkets and hypermarkets, further increasing the significance of organized retailers for players. Supermarkets constitute a key distribution channel that offers affordable food products. The rising global population has been instrumental in increasing the number of supermarkets.”
Cajeta market in North America: Segmentation analysis
This market research report segments the cajeta market in North America into the following end users (bakery and confectionery and ice creams) and key regions (the US, Mexico, and Canada).
Of the two major end users, the bakery and confectionery segment held the largest market share in 2017, accounting for nearly 62% of the market. The market share for this end user is expected to decrease nearly 1% by 2022. The fastest growing end user is ice creams, which will account for nearly 39% of the total market share by 2022.
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