Confectionery Market to Reap Excessive Revenues by 2025
The confectionery market is expected to foresee expansion over the years to follow, globally. Generally, confections are high in calorie and low in nutrients, however, the sugar-free confections are gaining recognition in the ongoing years because of aspects, for example, changing lifestyle, increasing health and nutritional concerns, rising obesity rate and growing number of diabetic patients. To address health worries, better-for-you products have been foreseen a rise. On account of the requirement for organic or naturally sourced colors, the trend for the clean label has to strike the confectionery market too. With the aim of fulfilling this rising requirement, several food companies have declared their plans to redevelop their products to replace artificial ingredients as well as modify the ingredients lists.
The confectionery market is supposed to perform better in Europe particularly in the Western European region trailed by the Asia Pacific and North America, on the basis of generated sales. The U.S. has always been a lucrative confectionery market worldwide, trailed by the U.K. and China. In the Asia Pacific market, India is believed to show the maximum growing market for confectionery in the world. Increasing population, growing trend of gifting confectionery items, rising retail market, and rising disposable income are a few of the prominent driving aspects of the overall market for confectionery. Growing populace in addition to rising disposable income in emerging nations such as China and India is likely to swell the expansion rate of the market for confectionery. Rising disposable income let the consumer expend more.
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Customers with a hectic schedule have a tendency be more leaning in the direction of confections since these items are consumed less time and moreover are tasty. In addition, a growing number of working women is fuelling the overall market it is, in addition, ensuing in the family’s higher disposable income.
As per to the U.S. Department of Labor during 2013, in the U.S. the working women were about XX million that is likely to increase at XX% CAGR towards 2025 end. The urban populace is more leaning in the direction towards the consumption of confectionery in contrast to the rural counterparts. The most important constraints for the worldwide market for confectionery are rising raw material price, growing government regulations as well as increasing health issues. Moreover, in the U.S. market, the sale of confectionery based on retail was primarily led by two big confectionery manufacturers, namely the Mars and Hershey Company. The chocolate products produced by Hershey comprise the well-known brands such as Reese’s and Kisses Peanut Butter Cups. In the year 2017, a consumer survey discovered that more or less 49.41 million U.S. customers showed that they, for the most part, eat Snickers.
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During the year 2017, Ferrero Group had been an active player in terms of merger and acquisitions, by acquiring the Fannie May assets of 1-800-Flowers, Inc and Ferrara Candy Co. Furthermore, the company also started 2018 with an even larger acquisition by successfully taking on another confectionary giant Nestlé’s U.S. confectionery business. On the other hand, Another confectionary giant Hershey had previously taken on snacking chocolate brand barkTHINs in addition to Amplify Snack Brands, Mars taking a marginal venture in KIND as well as Campbell Soup Co.’s planned acquirement of Snyder’s Lance. A few of the other prominent market players active in the worldwide market for confectionery are MondelÄ“z International, Mars Incorporated., Parle Products Pvt. Ltd., Nestlé S.A., Cadbury, Kraft Foods, United Confectionery Manufacturers, HARIBO Dunhills (Pontefract) PLC, Kegg's Candies, Perfetti Van Melle, Brookside Foods, Yildiz Holding, Crown Confectionery and Petra Foods.
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