As we continue to observe to the effects on the confectionary market driven by millennial consumers’ demands, a report by Zion Market Research predicts that global confectionary ingredients will grow to a staggering $97.38 BN by 2025!
This is largely due to younger consumers urging confectionary manufacturers to provide healthier snack options than are currently available. As a result, industry leaders are investing in research and development which is helping stimulate the predicted growth.
What counts as confectionary ingredients? According to the report, “based on the type, the confectionary ingredients market is segmented into cocoa and chocolate, dairy ingredients, hydrocolloids, emulsifiers, malts, oils and shortenings, starch and derivatives, sweetness and flavors and others.”
Rise in consumer awareness will call for more chocolate products, due to its alleged health benefits such as antioxidants. Signs of rise in demand for chocolate have already manifested. Also according to the report, cocoa and chocolate contributed the highest share of revenue in 2018 due in part to growing industrialization, lifestyle changes and different food habits.
Currently, Europe is ahead of the trend and held the major share of the market in 2018. It appears Europe has been aware of the growing number of health-conscious consumers earliest. The US held the second largest share of the market due to similar reasons and the presence of major industry players.
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