Global Confectioneries(Sweets) Market: Overview
A wide variety of foods that are sweetened with sugar and other ingredients are referred to as confectionery. Stabilizers, emulsifiers, gelling, flavouring, and thickening agents are only a few of the substances used in their preparation. These ingredients help to improve the texture, flavour, appearance, and elasticity of the final product. Chocolates and non-chocolate candies, gum, ice cream, frozen desserts, sweet baked goods, etc. are examples of confectionery items. These goods are commonly offered in grocery stores, online marketplaces, retail establishments, bakeries, hypermarkets, etc.
One of the sectors with the fastest growth is the confectionery market. Confections typically have high calorie counts and little nutritional value. Due to factors like rising obesity rates, an increase in diabetes patients, growing nutritional and health concerns, and changing lifestyles, sugar-free confections have become more and more popular in recent years. Sugar candy and bakers’ confectionery are the two main broad categories into which the confectionery market can be split. Candy, chocolates, chewing gum, and other sweets are all considered sugar confectionery. Pastries, cakes, doughnuts, and cookies are all types of confectionery made by bakers.
Five categories can be used to segment the worldwide confectionery market: chocolate confectionery, sugar confectionery, gum, cereal bars, and others. Cocoa and sugar are the two main basic ingredients used in chocolate, and latex is a primary element in gum. Individuals of various ages consume confectionery products. Geographically speaking, Europe rules the world market for candies, followed by North America and Asia Pacific. The U.S., China, and the U.K. are the three countries with the largest worldwide confectionery markets, respectively. India is the largest and fastest-growing market for confectionary in the Asia Pacific region.
Some of the key drivers propelling the confectionery market are rising disposable income, expanding retail sales, an increase in the practise of giving confectionery items as gifts, rising urbanisation and population, a hectic lifestyle, and an increase in the number of women in the workforce. The population is predicted to grow along with disposable income in developing nations like China and India, which is expected to accelerate the growth of the confectionery market. Increased discretionary money enables the consumer to make larger purchases. The yearly per capita disposable income of urban Chinese families climbed from USD 2,271.0 in 2008 to USD 3408.5 in 2012, according to the National Bureau of Statistics China. The median household income in India rose from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013, representing the country’s total annual disposable income.
Global Confectioneries(Sweets) Market: Major Players
Perfetti Van Melle
Lindt & Sprungli
Global Confectioneries(Sweets) Market: Types
Biscuit & Cookie
Global Confectioneries(Sweets) Market: Applications
The Indian confectionery industry is primarily being driven by the new practise of giving confectionary products as gifts, particularly during holidays or special occasions like birthdays, anniversaries, social gatherings, etc. Other significant factors boosting the sales of confectionery goods in the nation include rising rates of urbanisation, rising consumer living standards, and rising demand of imported chocolates and sweets. In addition, a number of significant businesses are launching limited-edition, high-end confectionary items that are enriched with superior nuts, grains, and cereals. A bright outlook for the local market is being created by this along with rising consumer spending per capita.
Additionally, the demand for the product is being boosted by the increasing popularity of sugar-free confections as a result of growing health concerns about cardiovascular illnesses, obesity, diabetes, etc. In addition, the development of confectionary items with clean labels, no animal testing, veganism, organic farming, and sustainably produced ingredients is boosting the market’s expansion. Over the anticipated period, the India confectionery market is anticipated to be driven by a number of additional factors, including ongoing improvements in ambient storage conditions and the introduction of anti-microbial packaging solutions.