PUBLISHER: The Business Research Company | PRODUCT CODE: 1425345
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425345
Confectionery Ingredients 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 ingredients 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 ingredients? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The confectionery ingredients 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.
Confectionery ingredients are essential components used in the production of a wide range of sweet foods, including baked goods and various types of candies. These ingredients play a crucial role in determining the taste, texture, and overall quality of confectionery products.
Key categories of confectionery ingredients encompass dairy ingredients, cocoa and chocolate, emulsifiers, sweeteners, oil and shortening, flavoring ingredients, and others. Dairy ingredients, for instance, comprise milk-derived elements such as whole milk powder, skimmed milk powder, anhydrous milk fat, and whey powders. These components are employed to enhance thickness, impart texture, serve as bulking agents, and act as carriers of flavor in confectionery items. Available in both dry and liquid forms, dairy ingredients are sourced from natural and synthetic origins, finding applications in diverse confectionery products, including chocolate confectionery, sugar confectionery, chewing gums, and more.
The confectionery ingredients market research report is one of a series of new reports from The Business Research Company that provides confectionery ingredients market statistics, including confectionery ingredients industry global market size, regional shares, competitors with a confectionery ingredients market share, detailed confectionery ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the confectionery ingredients industry. These confectionery ingredients 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 ingredients market size has grown strongly in recent years. It will grow from $77.09 billion in 2023 to $82.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to the globalization of taste, expansion of retail channels, effective marketing and branding strategies, increased demand for novelty and specialty products, consumer preferences for a variety of textures, and the rise in disposable income.
The confectionery ingredients market size is expected to see strong growth in the next few years. It will grow to $107.31 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to packaging innovations, a focus on health and wellness, the demand for reduced sugar and sugar alternatives, expansion of premium and artisanal segments, globalization of flavor profiles, and preferences for clean labels. Major trends in the forecast period include innovation in product formulations, technological advancements in processing, digitalization in marketing, and customization and personalization, along with the introduction of innovative flavors and combinations.
The confectionery ingredients market is witnessing growth driven by the increasing consumption of confectionery goods, encompassing sweet foods like baked goods and sweets. A surge in demand for gourmet products, coupled with evolving food habits, contributes to the rise in confectionery product offerings. Notably, global retail sales of baked goods reached $425.7 billion in 2022, marking an increase from $407.2 billion in 2021, as reported by Agriculture and Agri-Food Canada in November 2022. This trend indicates a substantial boost in the confectionery ingredients market.
Furthermore, the confectionery ingredients market is experiencing growth due to the escalating demand for new and unique flavors. Consumer preferences for innovative taste experiences drive product innovation, introducing diverse flavor profiles and customization options. This trend fosters culinary exploration, enhances consumer engagement, and intensifies competition among brands. For instance, Simpsons Beverage Supply Co Ltd., a UK-based flavor manufacturing company, reported in September 2022 that about 80% of coffee enthusiasts personalize their beverages using flavored coffee syrups. This inclination towards novel flavors propels the growth of the confectionery ingredients market.
In a bid to gain a competitive advantage, major players in the confectionery ingredients market are strategically launching organic products. An example is the introduction of Organic Whole Milk Powder by Lactalis Ingredients, a France-based dairy products manufacturing company, in May 2021. This product, certified by Ecocert, is sourced exclusively from French dairy farms adhering to rigorous organic specifications. The spray-drying process preserves the milk's natural goodness, resulting in a product with a rich dairy taste. With a 26% fat content, the whole milk powder proves versatile and suitable for applications in chocolate, dairy, and baking.
Additionally, companies operating in the confectionery ingredients market are investing in the development of innovative whey proteins to maintain a competitive edge. Arla Foods Ingredients, a Denmark-based dairy products manufacturing company, introduced Nutrilac ProteinBoost in April 2023. This line of whey proteins incorporates patented microparticulation technology, catering to various applications within the dairy and sports nutrition sectors. The product addresses the growing consumer demand for protein quality, emphasizing nutritional excellence. Nutrilac ProteinBoost aligns with prevailing consumer trends centered around health, wellness, high protein, and snacking, offering complete proteins with essential amino acids, great taste, and texture. The ingredient ensures elevated protein levels while retaining control over texture, taste, and stability, making it suitable for a range of high-protein dairy products.
In July 2021, Orkla Food Ingredients, a Norway-based bakery ingredients company, strengthened its position in the confectionery and ice cream ingredients segment through the acquisition of Hans Kaspar, a Switzerland-based confectionery ingredients manufacturer, for an undisclosed amount. This strategic move bolsters Orkla's market presence in key segments within the confectionery ingredients industry.
Major companies operating in the confectionery ingredients market report are Cargill Incorporated, Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group PLC, Arla Foods amba, Tate & Lyle PLC, Olam International Ltd., Barry Callebaut AG, Ingredion Incorporated, Koninklijke DSM NV, AAK AB, Dohler GmbH, Brisan Group, Tereos Starch & Sweeteners SAS, Mars Incorporated, Mondelez International Inc., The Hershey Company, Nestle SA, Ferrero SpA, Chocoladefabriken Lindt & Sprungli AG, Perfetti Van Melle SpA, Haribo GmbH & Co. KG, The Kraft Heinz Company, General Mills Inc., The Kellogg Company, Mars Wrigley Confectionery US LLC, Ferrara Candy Company, Jelly Belly Candy Company, FrieslandCampina Kievit BV, Symrise AG, and Givaudan SA.
Europe was the largest region in the confectionery ingredients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the confectionery ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the confectionery ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The confectionery ingredients market consists of sales of malt, flour, citrates, starch and derivatives. 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.