The report says the sector — which includes chocolate and cocoa, sugar, dairy ingredients, emulsifiers and sweeteners — is projected to see a compound annual growth rate of 4.2 percent over the next eight years from $76.25 billion in 2016.
Transparency Market research pointed to greater interest in chocolate’s health benefits and the influence of Western culture on global diets and food consumption as factors in the growth of the confectionery ingredients market.
“Confectionery items have become a necessary food item in recent times,” the report overview reads. “The consumer’s lifestyle, along with their demand changes with time and in order to meet their requirements, manufacturers of confectionery products — including bakery — are exploring with ingredients, which is also backed by huge investments in research and development.”
Chocolate and cocoa accounted for the largest market share in 2016, while the dry form of confectionery ingredients was the most widely used. Europe accounted for the largest market for confectionery ingredients last year, with North America taking the No. 2 spot with 25 percent. The Asia-Pacific region has been identified to see the fastest growth during the forecasted period.
The report discusses major players in the global confectionery ingredients market, including Cargill Corp., Olam International Ltd., E. I. Du Pont De Nemours and Co., Archer Daniels Midland, Barry Callebaut, Kerry Group, Tate and Lyle Plc, Koninklijke DSM N.V., ZuChem Inc., and Ingredion Inc.