The confectionery ingredients market is expected to reach $76.81 billion by 2021, according to a new report by India-based market research firm Markets and Markets.

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.