Optimism for confectionery market growth to 2022
With reports forecasting growth for the confectionery sector of more than 3% per year until 2022, there appears to be revived optimism within the industry.
The recent analysis from groups such as Technavio and Indian-based KBV offer encouraging signs, though global economic turbulence affecting a number of markets amid tariffs being imposed by the US and China, could yet play its part in reversing those positive projections.
According to research group Statistica, global consumption of chocolate has risen from 7.3 million tonnes in 2015, to a projected figure of 7.9 million tonnes for 2019, showing a comparatively small, yet significant increase.
This has been reflected in the manufacturing sector, with major players in the packaging and processing segments of the industry rolling out new technology this year.
While there may be an increasing shift towards healthier options within ranges of confectionery, there have been a raft of new products making their way to market during 2018.
The likes of Ferrero, Barry Callebaut, Nestle and Mondelēz International have all made investments for new series over the past few months, with the KBV research group citing increased levels of product development being at the heart of its projections for an upturn in the market.
It is fair to say that a good deal of that innovation has been driven by a greater range of healthier options, as we have previously reported. This has been reflected in the fact recent studies have shown that 80% of consumers are actively looking to try products perceived as representing healthier choices.
As many within the industry have consistently asserted – chocolate and confectionery should be regarded as a luxury treat, yet it is one that is now increasingly under the spotlight as the industry continues to respond in terms of reformulating to meet demand for options with less sugar and volume.
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