Global Confectioneries Market to Reach US$186.3 Billion by 2015, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Confectioneries market. The global market for confectioneries is forecast to reach US$186.3 billion by the year 2015, driven by the growing popularity of sugar-free categories, exotic flavors and region-specific products. Value-addition portrays vibrant opportunities, while premiumization emerges as the best revenue earning strategy. Rapidly emerging Asian countries with increasing disposable incomes and propensity to experiment with new flavors hold promise for future expansion.
San Jose, CA (Vocus/PRWEB) January 10, 2011
Confectionery, which was once considered as a value item, is transcending traditional notions and gradually attaining the status of staple snack in households in most of the developing markets akin to developed countries such as the US and Europe. Growing disposable incomes in emerging nations such as in China, India, Indonesia, Mexico and Eastern European countries is helping kindle the demand for confectioneries. Availability of value-goods increased as super market chains and malls mushroomed, contributing to rising sales of confectionery.
In the coming years, the global market for confectionery is forecast to be driven by value-added product innovation, strong marketing and promotion strategies by manufactures and innovative and elegant packaging of products. Sugarless confectionery, low fat products and functional confectionery would dominate product innovations in the near term. While mature markets would retain their position as the largest markets for confectionery, growth rates in developing nations are expected to be stronger and even outpace industrialized economies. World over, the rising per capita consumption of chocolate coupled with growing interest towards healthy diets is representing ample opportunities for growth. Besides markets leaders, private labels are also projected to gain impetus with rapidly mushrooming retain chain stores. Latest findings that brought to light the possible health benefits of consuming dark chocolates resulted in increased sales in the segment. Fortified chocolate bars are trying to grab their share in the nutrition and energy bars market. In the gum category, functional, fortified gums are fast replacing conventional breath freshening chewing gums. While many producers continue to boast dental advantages of chewing gums, few others are trying to take advantage of the ability of the gum to offer full-body benefits - energy boosting gums for instance.
The global confectionery market is witnessing huge investments from producers towards product development and promotion. Heightening competition with high-value impulse items, hastening pace of lifestyle, maturity of major markets, growing health awareness and mushrooming product innovations and launches are driving up the costs of promotion and innovation in the industry. Advertisements of confectionery products are becoming more creative and focusing on the positive, health-giving aspects of consuming confectionery, rather than promoting the product as a mere indulgence. Confectioners are also investing huge amounts in research and new product development.
The global economic recession that surfaced in 2008 resulted in sluggish growth in the following two years with many segments witnessing decline in sales. In addition, a broad range of snacks and drinks introduced in the period ate into confectionery sales. In comparison to the rest of the confectionary groups, the chocolate confectionary market, specifically the boxed/assorted category fared relatively well during the recession period, showing only a mild decline. The number of new chocolate products launched in 2009 was the same or even higher in comparison to 2008, in some countries such as Middle East, Asia, Africa and Latin America. However, market shares of leading players in the chewing gum market declined due to the impact of the economic slowdown. Competitive landscape in the industry shrank further with the acquisition of Cadbury by Kraft Foods in early 2010 and Wrigley by Mars Inc. in 2008.
The market started recovery only by mid 2010 and the impetus of growth was attributed to expansion in large regional markets of Western Europe, US and the emerging markets of China and Brazil. In many of the matured markets and in few developing countries, premium products came to the market’s rescue and revived the slack in pace. Despite decline in demand due to recession, sales of premium chocolates grew by 5.0% during 2008, owing mainly to perceived health benefits.
Europe is the largest regional market for confectionary products, specifically chocolates and gums, as stated by the new research report on Confectioneries. The US and Asia-Pacific markets trail behind as the other two major confectionary markets worldwide. Asia-pacific is also forecast to expand at the overall fastest CAGR of 6.6% through 2015. In terms of products, Chocolate Confectionery constitutes the largest market. Chocolate segments such as Bars/Blocks/Slabs and Boxed/Assorted are highly popular with the consumers. In terms of overall growth potential however, the Gums category is slated to grow at the fastest compounded annual rate of 4.2% over the analysis period.
Key market participants in the report include Ferrero S. P.A., The Hershey Company, Kraft Foods Inc., Cadbury Schweppes PLC, Cadbury Adams USA LLC, Lindt & Sprüngli, Mars Inc, WM. Wrigley JR. Company, Nestlé SA, Orkla ASA, Perfetti Van Melle SpA and Chupa Chups S. A.
The research report titled “Confectioneries: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, key industry drivers/restraints, packaging/distribution, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America and the Middle East. Market analytics are provided in terms of value (US$) for product Group/segments including Sugar Confectionery (Sweetmeats, Boiled Sweets, Caramel & Toffees, Mint Sweets, Lozenges and Other Sugar Confectionery), Chocolate Confectionery (Bars/Blocks/Slabs, Boxed/Assorted and Other Chocolate Confectionery) and Gums and Other Confectionery. The study also provides historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Confectioneries_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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