Confectionery Ingredients Market Overview
The global Confectionery Ingredients Market is projected to reach USD 127.37 Bn by 2030 and grow at a CAGR of 6.7% during the forecast period, 2023–2030.
Market Dynamics
The primary driver driving growth in the confectionery ingredients market is the increased demand for natural ingredients as consumer awareness grows. The primary element driving demand for confectionery ingredients is the high level of RD and innovation required to maintain the market's strength. Additionally, the huge range of confectionery applications, the numerous health benefits associated with chocolate, and changing consumer lifestyles are all contributing to the total demand for confectionery ingredients over the projection period.
Increased consumer demand for sugar-free goods has compelled confectionery makers to discover and develop new confectionery ingredients, which has fueled the worldwide confectionery ingredients industry's rise. Sweeteners, for example, are used in place of sugar and are gaining appeal among candy manufacturers. Additionally, the increased preference among confectionery producers for natural ingredients has created an attractive market for providers of confectionery ingredients. Continuous research and development, as well as innovation in confectionary ingredients, are the primary drivers of the global market's growth.
However, volatile cocoa prices, as well as compliance with international quality standards and regulations for confectionery ingredient products, are expected to act as a restraint on the confectionery ingredients market's growth, whereas increasing substitution of confectionery goods and consumer demand for clean label products could pose a threat to the market's growth.
Competitive Dynamics
Cargill, Incorporated (US), Archer Daniels Midland Company (US), DuPont (US), Kerry Group Plc (Ireland), Arla Foods (Denmark), Tate Lyle PLC (UK), Olam International (Singapore), Barry Callebaut (Switzerland), Ingredion Incorporated (US), Koninklijke DSM N.V. (Netherlands), AAK AB (Sweden), Brisan Group (US), Tereos Starch Sweeteners s.a.s. (France), Lactalis Ingredients (France), Döhler GmbH (Germany) are some of the global confectionery ingredients key market players.
Segmental Analysis
The global market for confectionery ingredients has been categorized by ingredient type, source, application, and region.
The global confectionery ingredients market has been segmented according to ingredient type into cocoa chocolate, dairy ingredients, hydrocolloids, emulsifiers, stabilizers, and thickeners (EST), malts, oils shortenings, sweeteners, starch derivatives, and flavors.
The global market has been classified as natural or synthetic, depending on the source.
The global market has been segmented by application into chocolate confectionery, sugar confectionery, chewing gums, and others.
Region Overview
Throughout the projected period, North America is expected to dominate the market for confectionary ingredients. The market's expansion is being fueled in large part by the presence of significant important players in the United States and constant innovation in confectionary ingredients.
Europe also accounts for a sizable portion of the global market for confectionery ingredients. The region's high consumption of confectionery goods, combined with growing demand for a healthy lifestyle, has fueled the expansion of the confectionery ingredients industry.
However, the Asia-Pacific market is expected to develop at the fastest rate throughout the forecast period. Asia-Pacific is predicted to rise at a rapid pace throughout the forecast period, owing to rising desire for a healthy lifestyle and the region's high consumption of confectionary goods. Asia-Pacific is also expected to expand due to the continuous increase in demand for confectionery ingredients, owing to the favorable climate and operational benefits associated with confectionery ingredients, as well as increased disposable income, purchasing power, and industrialization, particularly in countries such as China and India. China and India are likely to be the largest contributors, owing to the rise of their confectionery markets. Additionally, ease of doing business and a broad application range are significant factors driving demand for confectionery ingredients in Asia-Pacific economies.
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