Exclusive: The Good, the Premium, and the Sugar-free – Technavio Talks Confectionery Trends
Asian consumers’ preferences for confectionery products are similar to those of consumers from other continents. They are looking now for sugar-free goods, for natural-based ingredients and for premium products, as the Manjunath J, senior industry analyst, Technavio, has revealed for WorldBakers.com.
The major health trend in confectionery embraces sugar-free and less sugar sweets. Furthermore, diabetic-friendly confectionery products are also rising across the developed and developing countries, while natural ingredients-based confectionery products are driving the traction, according to the analyst. “Sugar-free confectionery is driving the market. The sugar-free gums have taken over the gums category in the recent years. Stevia and other alternative sweeteners are used as ingredients and becoming popular slowly,” Manjunath J tells us.
Bakery, ice creams, biscuits, confectionery, extruded snacks, crisps, savory snacks are the few of the leading snacking categories. The health and wellness trends are now important for the Asian consumers. Along with on-the-go snacking, brunch and short teatime parties are driving the market. The availability of snacks with online retailers will also boost the forecast growth and demand.
More than that, premiumization, smaller stock keeping units (SKU), improved distribution, and health are trends driving the sector. Another type of product seeing an increased popularity is the confectionery bar, as an option for on-the-go breakfasts.
Smaller SKUs with small individual packaging, along with territory packaging, becomes also relevant. The eco-friendly, reusable packaging will be the forecast directions in this market, he anticipates.
Furthermore, the increased usage of confectionery bars as breakfast and on-the-go trend is driving this market. On the other hand, vegetarians and vegans will avoid confectionery products that contains gelatin, as it is an animal derived ingredient.
“Vegetarian and vegan consumers are increasingly looking for gelatin free confectionery. Also, various companies are looking forward to sweeten the chocolates with dates instead of sugar, as it doesn’t change the texture or flavor of the chocolate. However, regulatory challenge can be a problem for the companies,” Technavio’s analyst adds.
The Asian confectionery segment is driven by China, Japan, and India, while the most important players are Mondelēz International, Mars and Nestlé.
Read more about Asia’s non-chocolate confectionery trends, in Asia Pacific Baker & Biscuit, Summer, out soon, courtesy of Persistence Market Research!