Functional Confectionery Market - An Overview
The global functional confectionery market is anticipated to witness sluggish growth during the forecast period between 2021 and 2031.
The key functional confectionery items include candies, desserts, chocolates, and candies. A functional confectionery is a food item that has great taste along with nutrients and minerals.
The COVID-19 outbreak had a severe impact on the functional confectionery market and specifically, aspects such as raw ingredient sourcing, manufacturing, processing, packaging, and shipping of functional confectionery food products were dented hugely.
The functional confectionery market also faced logistical and other economic impacts, when the number of coronavirus cases were peaking, in various parts of the world. It is anticipated that the market will witness improved growth in future owing to easing of restrictions and vaccine availability.
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Functional Confectionery Market - Trends and Opportunities
Factors such as new product launches, with reduced fat content that are in line with changing consumer preferences are expected to be the key growth drivers for the global functional confectionery market.
Also, an increase in consumption of confectionery food products among individuals of all age groups in developed and developing economies is expected to propel the overall functional confectionery market, in the upcoming years.
A surge in demand for sugar-free products due to increased health awareness among consumers could help in the growth of the functional confectionery market in the coming years.
Rapid urbanization, particularly in developing economies, is also expected to help grow the functional confectionery market. Product innovations could also play a key role in the growth and development of the functional confectionery market, in years to come.
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Functional Confectionery Market - Competitive Landscape
The functional confectionery market is highly consolidated owing to the presence of several well-established players. Prominent players in the functional confectionery market are undertaking efforts to conduct research and development activities to produce improved quality of products.
These products could help meet the customer requirements and possibly, increase functional confectionery product demand as well. Well-established functional confectionery market players could also collaborate with other small players to launch new products and expand their market reach, to other parts of the world.
The functional confectionery market has witnessed the entry of new players in the last few years and this factor could fuel the growth in the overall functional confectionery market, in future. Some of the key players in the functional confectionery market include Mondelez International, Nestle S.A, The Hershey Company, Ferrero SpA, and Pladis Global.
Functional confectionery product manufacturers could look to reinforce their distribution networks and may implement cost-reduction techniques, in future as well.
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Functional Confectionery Market - Regional Assessment
In terms of region, Europe is anticipated to witness strong growth in the functional confectionery market in future, with the chocolate confectionery product segment expected to attract maximum demand in the functional confectionery market, in this region.
Asia Pacific is anticipated to witness significant growth as well, owing to factors such as rising population, rapid urbanization, increasing disposable income, and easy availability of functional confectioneries, in this region. Also, prominent market players are expected to build production facilities, which could also propel the functional confectionery market in this region.
North America is anticipated to witness substantial growth in the functional confectionery market, in future. A factor that could fuel market growth in the region is the increased sales for chocolate products in countries such as Canada and the U.S.
The presence of established players in North America could propel the functional confectionery market in North America.
Other regions such as Latin America, and Middle East and Africa are anticipated to witness moderate growth in the functional confectionery market, in future.