According to a new market report published by Credence Research “Confectionery Ingredients Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the confectionery ingredients market has been estimated to be valued at US$ 60.0 Bn by the end of 2016, and is expected to reach US$ 88.2 Bn by 2023, expanding at a CAGR of 5.7% from 2016 to 2023.
Browse the full Confectionery Ingredients Market by Form, Application, and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/confectionery-ingredients-market
Confectionery items comprises of toffees, chocolates, candies, lollipops, bakery products and other sugar items that are rich in sweet and sugar content. The escalation in the consumption of these items has impelled the demand for confectionery ingredients over the past few years. Changing preferences of consumers related to consumption of confectionery items has impacted the market for confectionery ingredients as well. Besides this, it has been noticed that urbanization has led to rapid growth of confectionery goods as the population in tier 1 and 2 cities prefer to have food which is easily and conveniently available. The market for confectionery ingredients have also been strengthen due to rising number of diabetic patients which compelled the manufacturers to go for sugar free cupcakes, candies and others. Besides this, sugar free confectioneries are gaining momentum due to factors such as escalating number of obese population, rising health consciousness and nutritional concerns among people and as well as change in eating habits along with change in lifestyle. Rising population along with intensifying personal disposable income in developing countries such as China and India is anticipated to create the demand for confectioneries and will bolster the growth of confectionery ingredients market during the forecast period 2016-2023.
Rising application of confectionery ingredients for coatings, fillings, spreads and in cereal bars is anticipated to expand the growth of confectionery ingredients market growth till 2023. Besides this, increasing population growth, GDP growth, higher consumer spending and industrialization all across the globe is likely to impel the growth of confectionery ingredients market from 2016 to 2023.
Confectionery ingredients market is segmented on the basis of form such as dry and liquid form. In 2015, dry form segment contributed the highest revenue share in the total confectionery ingredients market. The dry form segment contributed the highest share due to its various functional advantages and its operational efficiencies linked to it. Thus the dry form segment is anticipated to expand at a robust CAGR over the forecast period. Increasing consumption of chocolates, candies and cakes is expected to intensify the growth for confectionery ingredients market. Besides this, rising adoption of confectionery ingredients for different applications in industries such as in gums, sugar confectionery, candies and chocolates and other is further impel the market growth in the next few years.
- Innovation in product development
- Significant research and development activities