Market studies project confectionery sector growth to 2022
The global confectionery market has been forecast to rise to a total of $230.9 billion by 2022, at a rate of 3.7% annual growth, according to industry analysis.
KBV Research, an international research organisation, has examined the sector, including chocolate and baked goods, and projected improved fortunes for the sector.
Its studies claimed the key drivers for growth in the market were an expansion in retailing operations, product innovation, as well as a corresponding rise in disposable income.
However, it highlighted public health concerns and an increase in costs for many ingredients as being potential barriers for further growth within the sector.
The group’s findings come in the wake of figures from Euromonitor that had previously shown a market revealing declining sales volumes during 2015 and 2016, as consumers increasingly move towards healthier product ranges. This in turn has prompted manufacturer to respond through delivering a raft of new products with reduced sugar content.
Earlier this year, Barry Callebaut reported that its sales volumes of chocolate had risen 8% over a six-month period, which had been aided by a drop in the price of cocoa.
The company has subsequently placed considerable research and development into creating confectionery series with reduced sugar – which the company said was in response to market analysis showing that 49% of consumers were actively trying to reduce their intake of sugars within their overall diet.
Other major manufacturers have also moved to bring out reduced sugar options, including Mondelēz International, which recently announced plans for a 30% reduced sugar Cadbury Dairy Milk bar.
In March this year, Nestlé confirmed its research teams had made a significant breakthrough with its 30% reduced sugar in its latest Wowsome bars that had been possible through a scientific restructuring process.
The findings from the KBV market report supported the wider drive for reduced sugar within the food market, with the organisation noting a definite trend for consumers seeking options perceived as healthier choices of confectionery.