PUBLISHER: The Business Research Company | PRODUCT CODE: 1415633
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415633
“Confectionery Fillings Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on confectionery fillings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for confectionery fillings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The confectionery fillings market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Confectionery fillings encompass a variety of sweet and flavorful ingredients that contribute taste, texture, and decadence to a diverse array of baked goods and desserts. These fillings play a vital role in enhancing the flavor, texture, and overall visual appeal of numerous confectionery products.
The key categories of confectionery fillings consist of fruit fillings, non-fruit fillings, and nut-based fillings. Nut-based fillings, for instance, are crafted from finely ground nuts, including varieties like almonds. These fillings are available in various forms, such as solid, liquid, and semi-liquid, and are employed in a wide range of applications, including chocolate confections, gummies, baked goods, and more. They are distributed through diverse channels, including wholesale distributors, confectionery stores, hypermarkets or supermarkets, and e-commerce platforms.
The confectionery fillings market research report is one of a series of new reports from The Business Research Company that provides confectionery fillings market statistics, including confectionery fillings industry global market size, regional shares, competitors with a confectionery fillings market share, detailed confectionery fillings market segments, market trends and opportunities and any further data you may need to thrive in the confectionery fillings industry. This confectionery fillings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The confectionery fillings market size has grown strongly in recent years. It will grow from $1.15 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increasing consumer demand for sweet snacks, growth of the confectionery industry, rising disposable income, seasonal and festive demand for filled confections.
The confectionery fillings market size is expected to see strong growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising popularity of nut-based fillings, growing popularity of vegan and gluten-free confectionery fillings, growing demand for clean label confectionery fillings, demand for sustainable confectionery, e-commerce growth, . Major trends in the forecast period include clean label and transparency, packaging innovation, online retail expansion, plant-based and vegan options, 3d printing for the production of confectionery fillings, nanotechnology to improve confectionery fillings.
The confectionery fillings market is anticipated to experience significant growth, primarily driven by the expanding chocolate industry. The chocolate industry encompasses various activities related to the production, processing, distribution, and sale of chocolate and related products. Confectionery fillings play a pivotal role in enhancing the flavor and texture of confectionery items while contributing to their visual appeal. For example, data from the Center for the Promotion of Imports from developing countries in December 2022 revealed a notable 5.7% increase in global cocoa bean grinding activities, totaling approximately 4,973 thousand tons during the cocoa year 2020-2021 compared to the previous year. This growth in the chocolate industry is a key factor fueling the confectionery fillings market.
The growing demand for confectionery fillings is anticipated to drive the expansion of the confectionery fillings market in the foreseeable future. Confectionery fillings are specialized ingredients commonly used in a variety of bakery products to enhance their flavor, texture, and visual appeal, aligning with the evolving preferences of consumers. For instance, in November 2022, data from Agriculture and Agri-Food Canada, a governmental department in Canada, indicates that the global retail sales of baked goods reached $425.7 billion in 2022, marking an increase from the previous year's figure of $407.2 billion. Furthermore, it is projected that the global retail sales of baked goods will exhibit a compound annual growth rate (CAGR) of 5.1% from 2022 to 2026, ultimately reaching $518.9 billion by 2026. Hence, the surge in the demand for bakery products is serving as a driving force behind the growth of the confectionery fillings market.
The confectionery fillings market is anticipated to face challenges due to the fluctuating prices of raw materials. Variations in the costs of essential raw materials like sugar, cocoa, and dairy products can adversely affect market profitability and lead to an increase in the prices of confectionery fillings. For instance, as of March 2023, information from the Department of Agriculture, Fisheries, and Forestry, an Australian government department, suggests that global sugar prices are projected to have an average of approximately 20.7 US cents per pound during the 2023-24 period. This marks a 3% increase compared to the average in 2022-23. Hence, the volatility in raw material prices is posing a challenge to the growth of the confectionery fillings market.
To maintain their competitive positions in the market, leading confectionery fillings companies are introducing sweet fruit mix offerings. Sweet fruit mixes involve the blending or combining of various fruits to create flavorful and predominantly sweet fruit combinations. A case in point is British Bakels, a UK-based confectionery product manufacturer, which, in June 2023, unveiled a selection of fruit fillings designed for its Ta-Da home baking assortment featuring both sweet and savory mixes. These fruit fillings are enriched with whole fruit pieces, including a variety of fruits like wild blueberries, dark cherries, and strawberries. They are designed for easy home use, boasting versatility, stability during baking, and eco-friendly packaging options.
In December 2022, Ferrero SpA, an Italian confectionery manufacturing company, completed the acquisition of Wells Enterprises for an undisclosed sum. This strategic move is part of Ferrero SpA's expansion plan within the ice cream sector, where they aim to leverage the expertise of ice cream specialists and confectionery experts. By uniting these two strengths, Ferrero SpA aims to provide a wide range of high-quality products while benefiting from a rich heritage in both confectionery and ice cream. Wells Enterprises Inc., a US-based food company, is known for its expertise in manufacturing confectionery fillings.
Major players in the confectionery fillings market are Cargill Inc., Archer-Daniels-Midland Company, Tata and Lyle PLC, Parker Products LLC, FrieslandCampina Kievit N.V., Ferrero SpA, Kerry Group, Meiji Co., Barry Callebaut AG, Domson Ltd., Ingredion Incorporated, AGRANA Beteiligungs-AG, Danisco A/S, Dohler GmbH, Ashland Inc., AAK AB, Dawn Foods Products Inc., Royal Zeelandia Group BV, Zentis GmbH & Co. KG, Clasen Quality Chocolate Inc., Puratos Corporation, Clansen Quality Coating Inc., Taura Natural Ingredients, Fruit Fillings Inc., Alsiano A/S .
Europe was the largest region in the confectionery fillings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in confectionery filling report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the confectionery filling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The confectionery filling market consists of sales of creams, candy fillings, frosting, custard and ganache. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.