The health benefits associated with chocolate products is driving the growth of overall confectionery market. Dark chocolate is considered as a healthy snack owing to its nutrient content and its potential in lowering the risk of heart disease. Furthermore, innovations in the market in terms of flavor and nutritional content is driving the market growth. Global confectionery manufacturers are focusing on development of confectionery products with flavours such as coffee, fruits, cinnamon, and different ingredients. The evolution of sugar-free, low calorie products is likely to provide immense growth potential to confectionery market across the globe.
However, the rising consciousness among consumers towards sugar intake is the primary factor hindering the growth of confectionery market. Sugar present in confectionery products is considered as a leading cause for diseases such as Obesity and Diabetes. The rising prevalence of obesity and diabetes is limiting the consumer base for confectionery across the globe. According to International Diabetes Federation (IDF), the global prevalence of diabetes among adult population reached 425 million in 2017 and this number is likely to grow to 629 million by 2045.
The India Cider Market has been segmented by Source into sugar confectionery, chocolate confectionery, and bakers confectionery. The large market for hard candies across the globe made sugar confectionery as the largest segment of India Cider Market. Sugar confectionery is widely accepted and preferred by population of almost all groups and this segment is likely to hold its dominance on the market over the forecast period. The United States Department of Agriculture in its recent press release stated that millennials and generation X accounted for nearly 50% of the candy sales in U.S. in 2017.
However, the growing demand for chocolate products owing to its low-sugar content and health benefits resulted in chocolate confectionery as the fastest growing segment. Chocolate confectionery is likely to grow at a lucrative CAGR of over 6% during the forecast period. Supermarkets and hypermarkets evolved as the largest sales channel for confectionery products with a share of nearly 40% in terms of sales value in 2018. Bakeries and restaurants, convenience stores, and e-commerce are also holding significant share in the sales of convenience products.
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