Confectioneries: A Global Strategic Business Report
San Jose, California (PRWEB) March 07, 2012
Follow us on LinkedIn – Encompassing products from the humble sugar candies and lozenges, to the seductive compositions of rich brown chocolate, nuts, and wafers, confectionery represents a burgeoning sector today, acquiring new dimensions every day. Confectionery manufacturers currently are dealing with very tough customers, be it the connoisseur or just a kid on the block. Customers in the present scenario are looking for more than quality, value, economy, and appeal in the products. Given this backdrop, manufacturers are constantly making advancements in product development, quality assurance, and product testing, in a bid to offset the effects of intense competition coupled with the need to create a larger market base. In order to exploit the lucrative opportunities in the marketplace, several companies transcended local frontiers to establish large multinational enterprises that currently hold a major share of the global confectionery market. Presently, the top 10 companies account for a share of about 54% in the global confectionery market. Mars, Nestlé, and Cadbury have the widest exposure in key worldwide markets. Ferrero, Perfetti, and other renowned European confectionery makers are aggressively entering the developing markets to leverage substantial profits from the rapid rates of growth experienced by these economies.
The global confectionery market, including chocolate confectionery and non-chocolate confectionery segments, registered sluggish growth in 2008 & 2009. Several segments, including sugar confectionery and gums, recorded decline in sales, except in certain premium product segments. A major reason for the sluggish performance of the marketplace, was the onslaught of broad array of drinks and snacks, which to a large extent eroded the market share of confectioneries. Additionally, focused efforts on reducing intake of junk food world over, mainly due to increasing instances of childhood obesity, also contributed towards the declining candy sales during the period. However, in comparison to the rest of the confectionery groups, the chocolate confectionary market, particularly the boxed confectioneries category, fared relatively well during the recession period, showing only a mild decline.
Europe represents the largest regional market for confectionery products, specifically chocolates and gums, as stated by the new research report on Confectioneries. The US and Asia-Pacific markets trail behind as the other two major confectionery markets worldwide. Asia-Pacific is also forecast to expand at the overall fastest CAGR of 7.1% through 2017. In terms of products, Chocolate Confectionery constitutes the largest market. Chocolate segments, such as Bars/Blocks/Slabs and Boxed/Assorted, are highly popular with the consumers.
Post recession, the global market for confectionery is expected to be driven by product innovation, strong marketing, and a major revamp of supermarket display. New product innovations are expected to incorporate low fat products, functional sugar confectionery (for example vitamin fortification), and sugarless sweets. Developing nations are also expected to perform impressively with stronger growth rates than the industrialized economies. China, Mexico, Indonesia, and Eastern Europe are some of the markets expected to bustle with loads of activity. The ongoing and forthcoming waves of consolidation are purported to strengthen the hold of multinationals in the global confectionery market, thereby outdistancing competition from small and shrinking numbers of domestic players.
Segment-wise, impulse food items are showcasing huge potential in the confectionery market. Demand for impulse food items, particularly in developed markets, has been increasing lately, due to the widespread availability of organic food items, particularly in the departmental stores. Impulse food items incorporate certain functional properties with natural ingredients, nutritional elements, or medicinal ingredients. Therefore, the segment reflects huge potential, in terms of innovation and new product development. In the developed countries, impulse food companies are looking at maximizing their respective product offering, in order to further exploit the market. Demand for products, such as energized breakfast bars, gum, and other sugar confectionery items, is expected to continue over the next few years.
Key market players analyzed in the report include Ferrero S.P.A., The Hershey Company, Kraft Foods Inc., Cadbury PLC, Lindt & Sprüngli, Mars Inc., WM. Wrigley JR. Company, Nestlé SA, Orkla ASA, Perfetti Van Melle SpA, Chupa Chups S.A, among others.
The research report titled “Confectioneries: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, key industry drivers/restraints, packaging/distribution, product innovations, recent industry activity, and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America, and The Middle East. Market analytics are provided in terms of value (US$) for product Group/segments including Sugar Confectionery (Sweetmeats, Boiled Sweets, Caramel & Toffees, Mint Sweets, Lozenges, and Other Sugar Confectionery), Chocolate Confectionery (Bars/Blocks/Slabs, Boxed/Assorted, and Other Chocolate Confectionery), Gums, and Other Confectionery.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Confectioneries_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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