The "Confectionery Ingredients Global Market Report 2023" has been added to ResearchAndMarkets.com's offering.
The global confectionery ingredients market is expected to grow from $72.40 billion in 2022 to $77.26 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%, and is expected to grow to $98.34 billion in 2027 at a CAGR of 6.2%.
Product innovation has emerged as a key trend in the confectionery ingredients market. Major players in the shortenings market are innovating novel products with vegan, low calorie, and naturally obtained ingredients to sustain in the market.
The rising consumption of confectionery goods is driving the confectionery ingredients market. Confectionery goods include sweet foods and consumables, such as baked goods and sweets. The increasing demand for gourmet products and changing food habits are leading to a rise in confectionery products. For instance, according to a report published by the American Bakers Association, the sales in the bakery aisle increased by 62.3% in the week ending March 15, 2020. Additionally, according to Circana (formerly IRI), sales of cookies and crackers rose by 44.3%. Therefore, increasing consumption of confectionery goods will propel the confectionery ingredients market.
The report focuses on the confectionery ingredients market, which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
