Confectionery equipment market projected to rise over next five years
Findings from the MarketsandMarkets group have valued the confectionery equipment market at $4.38 billion last year, with a 6.9% compound annual rise forecast by 2023, to $6.5 billion.
The report examined a broad range of market segments including specific machinery for hard candies, chewing gums, gummies and jellies, with extrusion equipment identified as having the highest area of expansion.
According to the research firm, the increased performance has been driven by a growth in retail and confectionery sectors, which it said had been support by an upturn in market presence of confectionery companies across the globe.
One of its key trends was the promience of economies including China, India and South America as significant areas of growth within the confectionery sector.The results follow in the wake of the organisation’s previous studies that have projected a similar level of annual growth (6.1%) for confectionery ingredients, which it projected to reach a total of $76.8 billion by 2021.
The equipment study from MarketsandMarkets has mirrored further research from the Statistica group, which demonstrated a corresponding rise in confectionery goods.
According to its studies, international sales of confectionery have grown from just under 7 million tonnes recorded in 2012, to 7.69 million tonnes by next year.
While pressure remains on some global markets, a number of recent prominent confectionery launches including Barry Callebaut’s ruby chocolate, heralded as the fourth type of chocolate, has gained significant media attention.
For more information on the equipment report’s full findings, visit www.marketsandmarkets.com