Confections are high in calorie and low in nutrients. The confectionery market is divided into two broad categories such as bakers’ confectionery and sugar confectionery. Bakers’ confectionery includes pastries, doughnuts, cakes, and cookies. Sugar confectionery includes sweets, chocolates, candies, and chewing gum. These products are consumed by people of all age groups.
According to study, “Bakery & Confectionary Global Market Report 2019” includes the key companies operating in global bakery & confectionary market are Grupo Bimbo, McKee Foods, Finsbury Food Group, Lotte Confectionery Co. Ltd., BreadTalk Group, The Hershey Company, Lindt & sprngli AG, WM Wrigley JR Company, Yamazaki Baking, Mars Inc., Nestle S.A., Associated British Foods, JAB Holding Company, Ferrero SPA, Ezaki Glico Co. Ltd., Flowers Foods, Delfi Ltd., Mondelez International Inc., Arcor Group, Candy Tops (Pty) Ltd., Brookside Foods Ltd., Cloetta AB, Dongguan Hsu-Fu-Chi Food Co. Ltd., Crown Confectionery Co., Ltd. , DS Group, HARIBO Dunhills (Pontefract) PLC, Grupo Bimbo S.A.B. de C.V, Intercontinental Great Brands LLC, Kerr Bros. Ltd., ITC Limited, Meiji Co., Ltd. (Japan), Orion International Euro, LLC, Morinaga & Co., Ltd., Perfetti Van Melle, Parle Products Pvt. Ltd., Specialty Food Association, Inc., Unilever Plc, The Natural Confectionery Co. Pty Ltd. Many manufacturers & producers are widely adding to natural ingredients and have reduced the use of artificial flavors and colors.
Based on product type, global bakery & confectionary market is segmented into cakes & pastries, bread & roll, biscuits, organic & gluten-free products, chocolate, sweeteners and emulsifiers. Organic & gluten-free products are organic coconut flour, multigrain based products, whole-wheat, gluten-free sorghum bread and gluten-free banana bread. Based on form, market is segmented into liquid form and dry form. Based on processing equipment, market is segmented into mixers, bread slicer, bread systems, divider & rounder, pan greasers, ovens & proofers, moulder and depositors. Based on distribution channel, market is segmented into hypermarkets or supermarkets, specialty stores, convenience stores and online retailing. In addition, based on the end-use, market is segmented into wholesale baker and retail baker.
The bakery & confectionary market is driven by increase in consumption of biscuits & breads, surge in popularity of healthy organic and all natural baked goods, followed by increase in product innovation, rise in middle-class population, retail market expansion, followed by increase in economic growth & rise in disposable income. However, fluctuating cost & availability of raw materials and growing health awareness may impact the market over the forecast period. Moreover, growing demand for sugar free, organic and low calorie products is a major opportunity for market.
Based on geography, the Asia-Pacific region holds major market share in bakery and confectionary market, followed by Western Europe owing to increase in demand for bread coupled with production healthy bakery items in the region. The North American region is expected to witness higher CAGR, followed by European region due to incorporating healthy ingredients innovative new flavors, evolving taste palettes, and increase in consumption frequency over the forecast period. In near future, it is estimated that the global bakery & confectionary market to grow at significant pace on an account of rapidly westernized lifestyles, exponential population growth and increasing sophistication in flavor preferences.
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Ankur Gupta, Head Marketing & Communications