New York — Confectionery ingredient sales are expected to grow 6.2 percent, compounded annually, between this year and 2021 to reach some $76 billion, according to researcher MarketsandMarkets.
Increasing demand from the heavily segmented confectionery industry as well as growing use in other categories, such as cereal bars and bakery, will drive much of this growth. In addition, changing consumer lifestyles impacted by growing awareness of natural ingredients and the health benefits of chocolate are anticipated to move the market.
Chocolate dominated the confectionery ingredient market, in terms of application, and this trend is expected to continue. MarketsandMarkets reports consumer preferences for convenience foods, the growing trend of giving candy as holiday gifts and new research around the benefits of chocolate will drive much of this demand.