San Jose / CA. (gia) Driven by the growing popularity of sugar-free confectioneries, the world confectionery market is projected to reach 159,6 billion USD by the year 2010, exhibiting a compounded annual rate of 3,95 percent for the period 2001 to 2010 – according to a new report by Global Industry Analysts Incorporated in San Jose (California | USA).
Demand for sugar-free confectioneries is forecast to grow appreciably buoyed by shifting preferences of people towards healthier low carbohydrate diets in majority of the developed countries. The trend is expected to catch up rapidly in developing countries as well. With obesity becoming a major concern among people in general and children in particular, sugarless and organic confectionery are poised to gain significantly in the upcoming years. Europe is the largest confectionery market in the world and is projected to account for a share of over 47 percent by the year 2010, as stated by Global Industry Analysts Inc. Latin America and Asia-Pacific, represent the fastest growing markets worldwide mirroring a projected CAGR of 5,67 percent, and 5,53 percent respectively, over the aforementioned period. Spurred by the growth of boxed/assorted chocolates, sales in the global Chocolate Confectionery market are forecasted to reach 106,4 billion USD by the year 2015. In the European Gums Confectionery market, sales are projected to reach 9,08 billion USD by the year 2010.
Strong economic growth, and growing disposable incomes are helping kindle the demand for value-goods in most countries worldwide. Confectionery, once regarded a value item, is now transcending traditional notions and gradually attaining the status of staple snack in most of the developing economies, a trend similar to that existing in the most developed countries of Europe and the Western world. Greater availability of value-goods through mushrooming super market chains and malls, changing consumer shopping and lifestyle patterns, and a growing presence of sophisticated gadgets to store confectionery items have all contributed to the sizzling sales of confectionery in the recent years. In the coming years, global market for confectionery is likely to be driven by product innovation, strong marketing, and a major revamp of supermarket display. New product innovations would include low fat products, functional sugar confectionery, and sugarless sweets. Estimates portend a bright future for the confectionery sector, with the majority of sales to be sourced from mature markets of developed countries. Developing nations are also expected to perform splendidly with stronger growth rates that outpace growth in industrialized economies. China, Mexico, Indonesia and Eastern Europe are some of the markets expected to bustle with loads of activity.
Growing interest in healthy diets is anticipated to more than compensate for the declining forte of chocolate and sugar in mature markets. Rising per capita consumption and spend is presenting profuse opportunities for growth. Private labels are also projected to gain impetus with rapidly expanding retail chain stores. Ageing and revolutionary changes in eating habits and tastes play key roles in determining the leading confectionery segment.
Heightening competition with high-value impulse items and snack foods, hastening pace of lifestyle, maturity of major markets, growing health awareness, intensifying intra-industry competition, escalating demands of consumers and mushrooming product innovations and launches are driving up the costs of promotion and innovation in the industry. Confectionery makers are investing huge, never-before sums of money into product development and promotion. Also, the industry is channeling investment into research to develop newer confectionery mixes that are «healthful» and delicious. Promotional expenditure is escalating due to heightened ad counts per year and growing number of distribution outlets per area. Advertisements are getting subliminal and are highlighting the positive, health-giving aspects of consuming confectionery, rather than promoting the product as a mere indulgence.
