Functional Confectionery Market
Confectionery assumes a significant part in human eating regimen, and it by and large contains high measures of sugar and starches. The significant confectionery items are desserts, candies, confections, chocolates, and related sweet things and nibble food varieties. Functional confectionery is the sort of confectionery item that can supply fundamental filaments, nutrients, and minerals, to buyers, coupled with taste and fulfillment. Vital factors aiding in the expansion of the functional confectionery market are the expanding utilization of dietary enhancements, alongside the rising interest for good food things with added health benefits. Developing spending power and expanding the number of female professionals are some different elements that are advancing the development of the worldwide functional confectionery market in the coming years.
The popularity of snack times has influenced people in almost all parts of the world because of the high-speed way of life of the metropolitan populace. This is projected to spur a positive demand for functional confectionery items in the years to come. Region-wise, North America, is holding the dominant share of the functional confectionery market followed by Europe in close competition, on account of its solid buyer base for functional food varieties and refreshments. Further, the natural section is required to be the most rewarding one for producers.
Functional Confectionery Market Outlook
The global confectionery market is experiencing steady year-on-year growth and has a number of new players with innovative portfolios. The functional confectionery market is considered as one of the key segments that may overcome the slowing traditional confectionery market in Europe and North America. Snacking has increased in terms of consumption due to the fast-paced lifestyle of the urban population, which is estimated to creating a positive demand for functional confectionery over the forecast period. North America, followed by Europe, is pegged to dominate the functional confectionery market over the forecast period, owing to its strong consumer base for functional foods and beverages. Further, the organic segment is expected to be the most lucrative one for manufacturers.
Functional Confectionery Market: Reasons for Covering This Title
Fragmentation of a mature market such as confectionery is likely to result in manufacturers being able to increase the demand for novel offerings. Key market participants in the functional confectionery market are leveraging the rapid growth of functional food segment by introducing functional confectionery products targeting the healthy food preferring consumer base in major developed regions. Recent product launches in the confectionery market show the presence of some degree of functional ingredients in products that are low-sugar, low-calorie and clean label. A large number of regional functional confectionery players capture a majority of the market share whereas traditionally, in the confectionery market, global players occupy a high share.
Top Importing Country for Sugar Confectionery, by Value (US$ 1000) (2016)
Source: Trade Map, ITC; In-house Analysis
Global Functional Confectionery Market: Segmentation:
On the basis of nature, the global functional confectionery market can be segmented as:
On the basis of type, the global functional confectionery market can be segmented as:
- Sugar Confectionery
- Chewing Gums
- Hard Candy
- Boiled Candy
- Bakery Confectionery
- Chocolate Confectionery
- Dairy Bars
- Dark Chocolates
On the basis of function, the global functional confectionery market can be segmented as:
- Cognitive Wellness
- Performance Enhancers
- Wellness Enhancers
- Oral Care
On the basis of ingredients, the global functional confectionery market can be segmented as:
- Omega3 & Omega6
- Vitamins & Minerals
On the basis of the distribution channel, the global Functional confectionery market has been segmented as –
- Direct Sales (Gyms, Health Clubs, Institutions, etc.)
- Indirect Sales
- Modern Grocery Retailers
- Convenience Stores
- Discount Stores
- Traditional Grocery Retailers
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Modern Grocery Retailers
Global Functional Confectionery Market: Key Players:
Some of the key players operating in the global functional confectionery market are, The Wm. Wrigley Jr. Co., Functional Gums s.r.l, Mars, Inc., Perfetti Van Melle, Haribo, Yildiz Holding, Mount Franklin Foods, Llc., The Hershey Company, Hearthside Food Solutions LLC., Loacker USA Inc., Perfetti Van Melle, and Perta Foods Ltd.
Key Product Launches in Functional Confectionery Market
Key product launches in the functional confectionery market in the recent years are observed to be targeting ethical buyers and vegan populations:
- In 2018, the company Chewpod, a functional gum manufacturer, for the first time launched its product in the U.S. The company has previously faced a lot of traction in its regional market, i.e. Europe and is expected to get a head start over the U.S. functional confectionery market owing to its strong brand equity among functional confectionery users. The company offers product features such as instant energy and sleep enhancing properties in its functional confectionery line-up.
- In 2017, Truth Bar Company launched its probiotic-added functional confectionery bars for the masses to target the growing probiotic-added food segment. The functional confectionery bar carries 12 gm of protein and other macronutrients with billions of probiotics to carter to consumer gut health
Opportunities for Market Participants in Functional Confectionery Market
Developed regions, such as Europe and North America, are expected to generate majority of the revenue in the functional confectionery market. Functional confectionery, in this region, has mostly entered the mainstream confectionery market with a few products in the premium functional confectionery offerings. The functional confectionery market is expected to witness high growth rates in developing and rapidly urbanizing regions of Asia Pacific and Latin America. China is estimated to be a major market for functional confectionery over the forecast period. The Middle East and Africa region is estimated to capture a substantial volume share of the global functional confectionery market over the forecast period, which can be attributed to the increasing penetration of European food and beverage manufacturers.
Top Importing Countries for Chocolate Confectionery, by Value (US$ ‘000) (2016)
Source: Trade Map, ITC; In-house Analysis
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