Chocolate Consumption Drives the Confectionery Ingredient Market
The consumption of chocolate is driving the growth of the global confectionery ingredient market, according to a report recently launched by Transparency Market Research.
“Confectionery Ingredient Market (Type – Chocolate and Cocoa, Sugar, Dairy Ingredient, Emulsifier, and Sweeteners, Form – Dry and Liquid, Application – Chocolate, Sugar Confectionery and Bakery) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” report shows that the market, which accounted USD76.25bn in 2016, is expected to grow at a CAGR of 4.2% during the period from 2017 to 2025. The market is likely to reach USD 109.48bn by the end of the forecast period.
Consumer awareness regarding the health benefits associated with the consumption of chocolates is another major factor fueling the demand for confectionery ingredients. Consumers in affluent countries have developed the consumption of premium chocolates and bakery items, indirectly aiding in the sourcing of more cocoa and other ingredients to manufacture the product. The decrease in the price of cocoa has enabled the manufacturers and other sourcing companies to purchase it at a lower price and stock it for future use. Due to the increased growth of the confectionery industry, the use of cocoa to manufacture chocolate has also escalated. Amongst the variety of chocolates available, dark chocolate with 70% cocoa content is considered to be healthy. Europe is considered to be the biggest consumer of chocolate globally, followed by North America.
Some of the key players in the global confectionery ingredient market include Cargill Incorporated, Olam International Ltd., E. I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Barry Callebaut, Kerry Group, Tate and Lyle Plc, Koninklijke DSM N.V., ZuChem Inc. and Ingredion Incorporated.
Based on regions, the report categorizes the global market for confectionery ingredients into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Europe acquired highest market revenue share in 2016 accounting for more than 30% and is expected to retain its position throughout the forecast period. Implementation of confectionery ingredients in applications such as chocolate and bakery industry is driving the market in the European region.
In North America, the confectionery ingredient market is driven by the increasing demand of confectionery items and bakery products like bread, cakes, and crepes among others. The U.S population has experienced health issues like obesity due to overconsumption of sweetened products.
The confectionery ingredient market in the Middle East and Africa is driven by the rapid influence of western culture in terms of feeding habits and their tastes and preferences. Additionally, most of the countries in Middle East region are influenced by the culture of European countries and their food habits, thus, posing as one of the major factors fueling the market for confectionery ingredients in the Middle East and Africa.
The confectionery ingredients market in Latin America is primarily driven by the rising demand for cocoa and emulsifiers as they are sourced from the major countries like Brazil and Argentina.