The global confectionery market is anticipated to register growth over the forecast period. Rapid urbanization and changing dietary habits is expected to drive the global market. Rising disposable income, increasing population, and innovative products are projected to positively influence the market. Innovative products with superior qualities such as low sugar, fat, and cholesterol content are slated to further aid in market growth over the next six years. The surge in general health problems such as obesity, breathlessness, and stomach disorders among the younger population can be attributed to irregular eating habits and unhealthy food consumption.
Rising health awareness and consciousness regarding the high-calorie food consumption is expected to retard the market growth. Increasing raw material prices along with the varying consumer spending habits are anticipated to hinder market growth over the next six years. Different confectionery products have different market characteristics pertaining to different geographies. Chocolate confectionery dominated the confectionery product market over recent years, followed by gum and sugar confectionery. Chocolate market is segmented on the basis of regional tastes, where as the sugar confectionery market is fragmented due to the availability of multiple local producers.
Such variation in the market poses financial and logistical challenges for the industry participants. However, chocolate and gum confectionery industries are fairly consolidated, with global key producers accounting for a major market share. Innovative product positioning coupled with attractive packaging and creative advertising is presumed to open up lucrative opportunities for the industry participants in the near future. R&D activities on manufacturing confectionery products with natural ingredients and low negative health impacts promise abundant opportunities for the established as well as new entrants in the market. In addition, functional confectionery products such as cough drops, nutritional tablets, and premium sweets promise rapid market growth and related opportunities for the participants.
Europe dominated the global market in the recent past, followed by North America and Asia Pacific. Emerging economies such as China, Brazil, and India are slated to witness significant growth in the confectionery market owing to rising demand and rapid population growth. Key confectionery market participants include Ferrero Group, Nestle SA, Hershey Food Corp, Amul, Lotte, Petra Foods, Parle Products, Cadbury Plc, Mars Inc., Lindt & Sprungli, Cupa Chups SA, Kraft Foods Co., and Perfetti Van Meller.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.