Confectionery products are sweets with high carbohydrates and sugar levels. Today there is a wide variety of confectionery products available on the market due to technological and product innovations. These products are available in different shapes, colors, flavors, as well as attractive packaging. They include food items such as gums, chocolates, cookies, candies, and so on. Gums, chocolate, and sugar confectioneries are the major confectionery product categories.
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Chocolate Confectionery to Witness Maximum Demand
Gums, chocolate, and sugar confectionery are major types of confectioneries.
The chocolate confectionery segment led the confectionery product type segment in the past and is expected to maintain dominance during the forecast years i.e., from 2018 to 2022. Rising trend of gifting chocolate confectionery items of different shapes and sizes is the major growth driver for the segment development. In addition, constant innovations due to the advent of organic ingredients, alcohol-based flavors, exotic fruits such as cherry and raspberry and nuts such as hazelnut in chocolate confections are also expected to spur the segment growth.
Furthermore, many leading players focus on expanding their product line by including functional ingredients, organic fillings, etc. to cater to the changing customer demands. This factor is also projected to contribute toward the segment growth over the next few years. For instance, Nestlé UK launched a new chocolate bar called Milkybar Wowsomes, which is also the world’s first product made using the company’s proprietary sugar reduction method. The new chocolate bar contains no artificial preservatives, colors, sweeteners, or flavors and has 30% less sugar content than other similar products.
Based on the findings of a research report available on Radiant Insights, Inc., the worldwide confectionery market is projected to reach USD 233 billion by 2022. Increased purchasing power of consumers due to rapid economic growth and increased disposable income is expected to be one of the key growth drivers for the global market. In addition, rising demand for sugar-free functional products offers tremendous growth opportunities for the companies in this market. Meiji Holdings Co., Ltd.; The Hershey Company; Mondelēz International, Inc.; Ferrero S.p.A.; and Nestlé S.A. are some of the leading companies operating in the global confectionery market.
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