Confectionary Market Size Estimated to Reach $232 Billion by 2024 Radiant Insights, Inc.
SAN FRANCISCO, March 7, 2019 /PRNewswire/ -- Global Confectionary Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are rising enormously across the globe. Confectionary is termed as an art of creating confections of food items rich in carbohydrates and sugar. It covers the wide spectrum of products like candies, cakes, and other sweet foods. Growing number of diabetic patients, increasing health and nutritional concerns among clinicians, and growing obesity related issues across the world are documented as major factors of Confectionary Market that are estimated to enhance the growth in the years to come. Confectionary Market is segmented based on type, product type, raw material, ingredients, and region. Bakers' confectionary, sugar confectionary, and chocolate confectionary are the types that could be explored in Confectionary in the forecast period. The chocolate confectionery sector may account for the significant market share of Confectionary and is estimated to continue its dominance in the coming years.
Gelatin, chewing gum, chocolate, sweets, sugar, pastries, cookies, cakes, doughnuts, and candy are the product types that could be explored in Confectionary in the forecast period. Raw material comprises latex, cocoa, and sugar that may be explored in Confectionary in the forecast period. Flours, sugars, glucose syrup, and sweeteners; confectionary fats, milk and milk products, egg albumen, gelatin agents, starches, preserved fruits, and dry fruits are the ingredients that could be explored in Confectionary in the forecast period. Confectionary Market is segmented geographically into Americas (North America, South America, and Latin America), Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa. Globally, Europe may account for the substantial market share of Confectionary and is estimated to lead the overall market in the coming years. Instead, North America and the Asia Pacific are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise growing population and high demand. The developing countries like India and China are the major consumers of Confectionary in this region.
The key players of Confectionary Market are Yildiz Holding, Alfred Ritter GmbH & Co. KG, Wrigley, Amul, Uniconf, Arcor, Roshen Confectionery, Barry Callebaut, Ferrero, Hershey, Lotte Confectionery, Mondelez International, Perfetti Van Melle, and Nestle. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position. Worldwide markets are poised to achieve continuing growth as Confectionary Markets types include Chocolate, Sugar, and Candy, Gum and Gelatin.
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An increasing number of diabetic patients, terrible obesity issues worldwide, and increasing nutritional and health concerns among clinicians are having an impact on the confectionary markets. Changing lifestyle impact the market. The confectionery market can be primarily divided into two broad categories: sugar confectionery and bakers' confectionery. Sugar confectionery includes sweets, candies, chocolates, and chewing gum. Bakers' confectionery includes pastries, cakes, doughnuts, and cookies. The global confectionery market can be segmented into five categories: chocolate confectionery, sugar confectionery, gum, cereal bars, and others. Major raw materials used in chocolates are cocoa and sugar, and raw materials used in gum include latex. Confectionery products are consumed by people of all age groups. A $194.8 billion market worldwide in 2017, the Confectionary Markets market has evolved steadily. It is expected to reach $232 billion by 2024, growing in sugar confectionery and bakers' confectionery segments as a result of the universal appeal of sweets. Demand prospects remain positive. Emerging markets continue to play a role. Activating new markets in Argentina and Russia is being achieved. China is evolving as a market, the global market demand for confectionaries is expected to increase by 2.4%.
- Market Leaders
o Mars / Wrigley
o Mondelēz International
o Barry Callebaut
o Meiji Holdings
o Perfetti Van Melle