One of the most popular food items all around the world are usually sweet treats of any kind. Confectioneries are sweets that contain a lot of sugar and carbohydrates and come in the form of mints, gummies, cookies and chocolates. They are also presented to people as gifts on special occasions such as birthdays, anniversaries and even festivals such as Valentines, Halloween, and Christmas. Halloween is one of the popular occasions known for the tradition where children dress up in costumes and go door to door collecting a variety of candy.
Today, the options of confectionery are endless and continue to grow in terms of both flavour and variety.
COVID-19 Impact on the Global Confectionery Market
The pandemic that started in 2020 spelled disaster for many organizations and businesses which was mainly due to the disruption of the supply chain. The confectionery market was affected in terms of lower demand. With lockdowns all over the world, restaurants, coffee shops and entire industries has to shut down. This had a slight effect on the market, but the constant production and availability of stock, made it easier for the market to stay afloat in times of crisis.
Key Developments in the Industry
Every industry has experts who are working tirelessly to enhance the presence of the market by making research a primary part of their work. Many companies are constantly innovating to ensure the best in terms of customer satisfaction.
One such organization is the Cargill, a Minnesota bases global food organization. They are also known for their supply of cocoa and chocolate along with coatings, fillings, and butter. In June 2020, the company announced that they have planned to launch one of their first manufacture operations in India. They plan to produce over 10,000 tons of chocolate compounds which will assist in meeting the rising demand for more chocolate items in Asia.
Similarly in October 2020, two organizations came up with entirely new yet different products that are expected to boost their popularity even further. The globally renowned brand, Ferrero Group’s Indian base, Ferrero India recently launched a new product known as Ferrero Rocher Moments. This package contains a mix variety of chocolates belonging to the brand and is meant to be used for premium gifting purposes. The festive pack is especially created for the Indian consumers and works perfectly for moments of celebrations with loved ones.
Around the same time, Dream Pops, a Los Angeles bases dairy brand known for their desserts, launched Vegan Chocolate Bites to transform the frozen confectionery market. With many people looking for such options, Dreams Pops boasts of a variety of flavours in their frozen foods. They are also plant based, and free of dairy, soy based ingredients and gluten as well. The primary ingredient used in the making of their desserts is coconut milk, which also adds a distinctive flavour to their products. This is predicted to be a hit among consumers and many people have allergies triggered by some ingredients and many are also lactose intolerant.
Forecast Analysis of the Global Confectionery Market
The latest report published by Research Dive, states that the global confectionery market is set to garner a significant revenue of $227.4 million at a steady CAGR of 3.7% from 2020-2027. The Asia-Pacific Region has become of the fastest growing market for confectioneries in the world. This rise is due to production of innovative products as well as strategic initiatives between companies. This is expected to push the growth rate even further in the future. The only restricting factor in the market is that overconsumption of these sweets can be harmful to the human body in the long as higher sugar levels can adversely affect the body. Many globally known organizations such as Mars Incorporated, Mondelez International Inc, Meiji Co., Ltd, Pladis Globa, Haribo GmbH & Co. K.G, The Hershey Company, Ferrero Group, Chocoladefabriken Lindt & Sprungli AG, and Nestle S.A are working on even greater growth of the market by participating in mergers, product launches, and partnerships.
The confectionery market is one of those industries that is everlasting as people of every age group consume them. It remains in high demand all year and even more during festivities making one of the most popular markets among people.