A key factor driving the growth of the market is the availability of a diverse range of products in new flavors. The availability of a wide and diverse range of products provide consumers the liberty to change their preferences from their usual choice of food. The various shapes, flavors, and packaging used by confectionery manufacturers attract children consumers. Thus, it has become imperative for the vendors operating in this space to spend intensively on their research and development (R&D) and come up with product innovations in terms of shapes, flavors, and packaging. The availability of a diverse range of products will thus propel the growth of the confectionery market size.
As per Technavio, the rising influence of promotional activities and social media marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global confectionery market 2018-2022 research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Confectionery Market: Rising Influence of Promotional Activities and Social Media Marketing
Major confectionery companies in countries such as Brazil, Mexico, China, and Germany have increased their investment in product promotional activities and adopted social media marketing. Confectioners are increasingly creating brand-specific identities that target a specific age group. While confectioners have historically been successful in catering to consumer needs, in recent years companies have started to promote their products for consumption throughout the year rather than limiting themselves to major occasions. The confectionery market predicts that fueled by these factors, the confectionery market will grow significantly during the forecast period.
“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. Moreover, consumers becoming 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 such as caramel, fruits, and nuts as they enhance the taste of chocolate. In the case of gum and sugar confectionery items, the demand for varied flavors drives market growth,” says a senior analyst at Technavio.
Global Confectionery Market: Segmentation Analysis
This market research report segments the global confectionery market by product (chocolate, sugar confectionery, and gums) and geography (Americas, APAC, and EMEA).
The EMEA region led the market in 2017, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of organized retailing outlets in the region.
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Some of the key topics covered in the report include:
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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