(Entertainment-NewsWire.com, March 30, 2020 ) Market Overview 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 Cider Market is expected to grow at a CAGR of 3 - 4% during the forecast period (2019-2026) 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 Indiacider 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. By geography, the study is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. Confectionery is a well-established market since decades in most of the American and European countries. The availability of cocoa and other confectionery ingredients made them the early adopters of sugar and chocolate confectionery products. Europe is the largest confectionery market with a share of over 35% in 2018 and it is estimated to hold its dominance over the forecast period. The large per-capita consumption of chocolate in countries such as Switzerland, the U.K., Sweden, Germany, and Ireland is supporting the growth of confectionery market in Europe. However, Asia Pacific evolved as the fastest growing market for confectionery products owing to the rising consumer spending and growing adoption of confectionery in countries such as India and China. The India Cider Market is highly fragmented with large number of players involved in wide array of confectionery products. However, companies such as Nestlι S.A., Cadbury, Mondelez, and The Hershey Company evolved as market leaders with consumer loyalty and brand reputation. The market turned further competitive by the footprints of many Asian and Middle East companies entering the market with local confectionery flavours. The companies in the market are leveraging on acquisitions, mergers and new product formulations to increase their market share. For instance, in 2018, Ferrero SpA, an Italian chocolate and confectionery products manufacturer had acquired the confectionery business of Nestle in U.S., thus boosting its portfolio of confectionery products in North America market. Other key players in the market are Delfi Limited, Mars, Incorporated, Lotte Confectionery, Parle Products Pvt. Ltd., and Grupo Arcor.
Key Takeaways from the Report The chocolate confectionery products market in Western Europe region is well-established with high per-capita consumption. According to DataM analysis, Western Europe is the largest market for chocolate confectionery products, followed by North America and Asia Pacific region Changing eating preferences and rising trend of gifting confectionery products led to the rise in confectionery market in Asia Pacific region
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