Confectionery ingredients market projected to reach $76.8 billion by 2021
Chocolate industry at the forefront of the confectionery ingredients market.
In “Confectionery Ingredients Market by Type, Application and Form,” Markets and Markets reports the overall confectionery ingredients market will see a compound annual growth rate (CAGR) of 6.2 percent from 2016 to 2021. The projected growth is based on increasing demand throughout several industries including chocolate, gums, sugar confectionery and other industries.
The reported divided the confectionery ingredients market into four main segments: chocolate, sugar confectionery, gums and other industries. Other industries include fillings, caramel, spreads, aerated confectionery, cereal bars and coatings.
The chocolate industry is expected to lead the confectionery ingredients market in value and volume, Markets and Market says, largely because it’s used in large quantities. Consumers’ changing lifestyles, particularly in the acknowledgement of chocolate’s potential health benefits, as wells new product innovations and giving confections as also play a role.
However, Markets and Markets estimates the sugar segment will see the greatest CAGR over the next five years, thanks to continued product innovations and gift giving.
Europe controlled the confectionery ingredients market in 2015, Markets and Markets says, but the Asian-Pacific market is expected to grow the fastest from 2016 to 2021. Markets in China and India are also booming because of growing urban population, greater disposable income among the population, changing lifestyles and eating habits, and increased opportunities for profit in developing countries. These factors indicate that China and India will play a large part in the future of the confectionery ingredients industry.
Leaders of the United States’ confectionery ingredients market include Cargill, Archer Daniels Midland and DuPont. In Europe, Barry Callebaut (Switzerland), DSM and Kerry Group (Ireland) are at the forefront. Olam International (Singapore) is another strong leader of the market.
For more information or to purchase the report, visit Markets and Markets’ website.