The confectionery market is steadily expanding, with sales in emerging markets increasing. Confectionery items are usually heavy in calories and lacking in nutrition. With the rising incidence of lifestyle diseases such as diabetes, hypertension, and heart disease, as well as increased health consciousness, new product niches such as sugar-free confectionery items have emerged. The market is expected to develop due to an increase in demand for sugar-free, low-calorie, and organic products. Confectionery uses sugar alternatives such as sorbitol, mannitol, maltitol, and lactitol, among others. Sugar-free chocolates, mints, toffees, sweets, and jellies are available from companies including Lindt & Sprüngli A.G. and The Hershey Company.
The most significant impediment to the confectionery sector is the rising cost of raw materials. Cocoa prices, for example, have been volatile in recent years due to unpredictable production and a supply-demand imbalance. Since 2014, prices have varied between US$ 2000/tonne and US$ 3000/tonne, according to the International Cocoa Organization (ICCO). In such market conditions, the ICCO recommends that producers either cut the volume of chocolate goods or boost prices to ensure profitability.
Perspectives on the Global Confectionery Market:
North America is the world's largest confectionery market, with the United States being a major candy consumer. The seasonal demand for confectioneries is one of the primary drivers of this market. Candy and chocolates are in high demand since they are an important feature of American festivities. Chocolate consumption is associated with a variety of events and festivals throughout the year, including Valentine's Day, Halloween, Easter, Thanksgiving, and Christmas.
Important Developments:
In October of this year, an American licorice company joined with Aprati Foods, a Cambodian candy company, to develop a line of coffee and fruit-flavored hard candies for the US market. Locati (caramel macchiato, espresso, and mocha mint) and Frutti (caramel macchiato, espresso, and mocha mint) are two names for these non-GMO chocolates that will be marketed online (offers dual fruit flavors including blueberry yuzu, green apple mango, and pineapple passionfruit).
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