Global confectionery sector growth predicted
As we move into 2019, there’s plenty to reflect upon after another exceptionally eventful twelve months within the confectionery sector.
There have been some significant finished product launches, as well as equipment within the packaging and wrapping segments of the market that have pushed the boundaries of technical achievement.
There have of course been a number of challenges impacting on the industry. Among them are concerning rises in key ingredients costs, Brexit logistics worries, as well as handling greater consumer demand for healthier ranges and meeting major sustainability and environmental targets.
Despite such factors, the level of interest in product ranges – particularly those offering luxury and premium choices across confectionery and bakery segments, appears to be showing a pattern of continued growth.
This is underpinned by research from ResearchandMarkets.com that forecast the international confectionery market will rise to $237.4 billion by 2023, growing at a healthy annual rate of 3.9%.
While none of us has a crystal ball, it would appear the severe headwinds predicted by some observers may not be quite as onerous as they would have you believe.
However, there’s little room for complacency within a sector that has faced a significant challenge in the form of growing consumer backlash against products with comparatively higher levels of sugar and salt.
In response, the industry is now starting to unveil its response in terms of reformulated products, such as those from Nestle, with its Wowsome bars featuring 30% less sugar, which has required extensive additional product development time.
Other major manufacturers are following in the company’s footsteps, including Mars Wrigley, which has just launched sugar-reduced versions of its Mars and Snickers bars within the past few weeks.
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