The Key Trends in the Global Confectionery Market
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The global confectionery industry is constantly evolving to meet the requirements of modern-day consumers. With global health concerns as a result of Covid-19, there has been a considerable increase in the consumption of confectionery. More and more consumers are shifting away from the traditional three meals a day to small portions. Indulgence in confectionary continues to be a growing trend with all its health benefits.
The Changing Trend in the Confectionery Market
The global confectionery market is predicted to grow at a CAGR of 3.45% in the next few years till 2024. The busy lifestyles of people have replaced meals with snacks. The changing consumer eating patterns are an indication of convenience food that reflects the growth seen in the confectionery industry. Chocolate remains the most popular subcategory item, with the Middle East and the Asia Pacific as strong markets of exotic confectionery products. Low calorie, high cocoa and ingredient-based confectionery remains the natural choice of consumers due to health reasons. Sugar confectionary is the other popular segment.
Preference for Dark Chocolate
In a recent forecast by Euromonitor, sales of dark chocolate are projected to surpass those of regular chocolate. This shift will be the result of consumers' increasing inclination towards a healthy lifestyle with indulgence, and dark chocolate with its nutritional benefits perfectly fits the bill. Manufacturers are also noticing the shift and bringing out chocolates that have sweetened fruits and nuts instead of sugar.
There is an increasing popularity of snack bars with plant-based ingredients in recent years with consumers who are in favour of natural, healthy products.
Focus on Sustainability
Sustainability is now the thrust area of the confectionery industry as well as consumers who are ready to pay extra for the investment made towards the cause with an environmentally-friendly focus.
Going for Snacks with Nutritional Value
Consumers are considering ingredients, calorie levels, flavours in snacks before making a purchase. They are ready to make up for wholesome meals with nutrient-rich snacks, though some cultural influence on flavours is region-specific.
Growing Demand for Sugar-free Confectionery
There is a growing demand for sugar-free confectionery among health-conscious consumers like the popular sugar-free boiled sweets. These items contain numerous health benefits including boosting energy and a feeling of well-being.
Sticking to Dietary Guidelines
Dietary guidelines are significantly influencing the food industry. The growing popularity of keto diets and the adoption of a low-carb lifestyle have led to dairy products becoming the preferred snacking option. There is an increasing demand for single-serve options on cottage cheese, sour cream and cheese cubes as part of a healthy snacking.
A Sweet Future
The world snack food market is estimated to grow by $217.2 billion (source: PR Newswire). With the growing number of health-conscious consumers worldwide, there will be a marked shift to healthy snacks. To keep up with this changing need, the confectionary industry is developing itself gradually.
Even with the health crisis and recession seen worldwide due to Covid-19, the snacks and confectionery industry has a steady economic growth. Consumers are ready to pay more for healthy snacks without giving up on flavours. Consumers are looking for convenience food, and having healthy snacks while on the go remains an excellent choice as a source of energy. To survive in the food industry, it is vital for businesses to understand the changing needs of consumers and act accordingly.
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