According to the latest market study released by Technavio, the confectionery market in the US is expected to grow at a CAGR of close to 2% through 2021.
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Technavio has published a new report on the confectionery market in the US from 2017-2021. (Graphic: Business Wire)
This research report titled 'Confectionery Market in the US 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The factors that will be responsible for the growth of the confectionery market in the US are the increased demand for premium chocolates, wide product portfolio offered by many manufacturers, and confectioneries infused with healthy ingredients. With the advent of low-fat and low-calorie chocolates in the market, consumers can now choose different types of chocolates based on their liking.
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Technavio's analysts categorize the confectionery market in the US into three major segments by product type. They are:
- Chocolate confectionery
- Sugar confectionery
- Gums
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Chocolate confectionery market in the US
The US consumers partake copious amounts of chocolates as a way of upholding the food indulgence trend. Consumers are purchasing healthy better-for-you products under all the food segments. The demand for chocolate confectionery is majorly driven by the consumer inclination toward splurging on luxury gourmet chocolates.
According to Akash Pandey, a lead food research analyst from Technavio, "A large number of manufacturers in the US offers a variety of luxury chocolates. As these chocolates are optimally priced, they are an easy and affordable indulgence for consumers. Along with luxury chocolates, the demand for artisanal chocolates is also increasing. The easy availability of artisanal chocolates has made consumers to purchase them more often than before."
Sugar confectionery market in the US
Sugar confectionery market is majorly driven by seasonal candies sold during important festivals. Another important driver is the increase in demand for chewy and sour candies. Innovative new products, marketing, and promotions attract consumers who purchase sugar confectioneries.
"Despite the brewing concerns regarding high-sugar contents in candies, consumers continue to buy candies as an impulse purchase. The demand for gums and jellies are also on the rise owing to the newer variety of flavors. Gums and jellies are often considered as small snacking items in the US," says Akash
Gums market in the US
The gums market majorly includes breath fresheners, regular chewing gums, and sugar-free gums. The market is driven by the high consumer demand for mint chewing gums. Though the segment is declining, new product launches and the high demand for sugar-free gums is likely to cause a spur in the market.
Many consumers purchase chewing gums on a regular basis. Coffee drinkers follow it up with gum after their coffee to maintain stain-free teeth. Hence, many cafes in the US offer chewing gum at billing sections also. Smokers are another section of gum consumers.
The top vendors highlighted by Technavio's research analysts in this report are:
- Hershey
- Mars
- Mondelez International
- Nestlé
- Lindt Sprüngli
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