Confectionery ingredients are matters used in the preparation of confectionery products. They are rich in carbohydrates and sugar. The confectionery is mainly categorized into two types: sugar confectionery and baker confectionery. Sugar confectionery includes sweetmeats, chocolates, chewing gum, and many more. Baker confectionery includes sweet pastries, cakes, and others. To produce confectionery products, several ingredients are used which can be synthetically or naturally sourced. They are also produced with whey ingredients for instance lactose and whey powder. The lactose has an individual property that provides various functional benefits in confectionery products. Whey powder helps in reducing proteins, sugar, and replaces other milk products. Additionally, other confectionery ingredients include glucose, water, sucrose, syrup, icing sugar, skimmed milk, and much more.
According to study, “Global Confectionery Ingredient Market Status (2015-2019) and Forecast (2020-2024) by The region, Product Type & End-Use” the key companies operating in the global confectionery ingredient market is Barry Callebaut, Archer Daniels Midland Company, Arla Foods, E. I. du Pont de Nemours and Company, Olam International, Kerry Group, Koninklijke DSM N.V., Cargill Inc., Ingredion Incorporated.
Based on the type, confectionery ingredient market is segmented into Emulsifiers, Stabilizers, and Thickeners (EST), cocoa & chocolate, hydrocolloids, dairy ingredients, starch & derivatives, malts, flavors, oils & shortenings, sweeteners and others (functional systems, food color additives & flavors and fruits & vegetables). The cocoa & chocolate segment is expected to witness higher growth rate owing to a change in lifestyle among the consumers during the forecast period. Based on source type, the market is segmented into natural and synthetic. The synthetic segment holds the major share in the market due to its functional benefits and cost-efficiency. Based on the form type, the market is segmented into liquid form and dry form. The dry form segment is projected to grow significantly in the future, owing to its functional advantages and operational efficiencies. In addition, based on application, the market is segmented into chocolate confectionery, gum, sugar confectionery, and others (coatings, caramel, fillings, spreads, aerated confectionery, and cereal bars). The chocolate segment dominates the market because of the rise in demand for chocolates caused by health benefits attached to it, an increase in preference for convenience food and a rise in the purchasing power of consumers. Additionally, the sugar confectionery segment is likely to grow at the highest rate as a result of low production costs and growth in applications in soft chews, marshmallows, candies, and other confectionery products during the forecast period.
The confectionery ingredient market is driven by a large number of confectionery applications, followed by a rise in awareness about the health benefits of chocolates, an increase in demand for natural ingredients, change in consumer lifestyles, rise in research & development (R&D)or innovations, growth in industrialization, increase in demand for sugar-free products for instance candies and cakes for obese and diabetic patients. However, volatile cocoa prices, strict Food and Drug Administration (FDA) regulations for private labels and the harmful effects of synthetic color may impact the market. Moreover, the rise in consumption of confectionery goods in developed & developing countries, growth in product innovation to reflect changes in consumer behavior, increase in applications of confectionery ingredient and the rise in demand for seasonal & festive goods are key opportunities for the market.
Based on geography, the North-American region holds the major share in the confectionery ingredient market owing to continuous innovation in confectionery ingredients and the high presence of major key players in the U.S. in the region. Whereas, the European and Asian-Pacific regions are anticipated to witness higher CAGR due to a rise in government initiatives for the development of the region’s food the sector, rise in urban population and increase in private companies in the food industry over the forecast period. In the upcoming years, it is projected that the future of the market will be bright as a result of the rise in investments made by government organizations during the forecast period.
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Ankur Gupta, Head Marketing & Communications