It’s the time of year when costumed children take to the streets in sugar-induced euphoria, on a relentless hunt for more candy, while adults bide their time, waiting for the post-Halloween price drop on everything sweet.
Yes, as much fun as it is to dress up as whatever your heart desires, Halloween is and will always be, brought to you by the fine folks at Nestle, Mars and Hershey.
In the spirit of the holiday, TechNavio analysts have taken a look at what is keeping the Global Confectionery Market not only alive but also kicking, and growing at a 5.06 percent CAGR from 2014-2018.
Introduction of New Products
Have you ever taken a wander down the candy aisle searching for an old favorite, only to spot an updated version or even a whole new candy bar trying to tempt you with its sugary goodness? The companies that make these sweet treats know that consumers are fickle, and so they flood the market with every variety imaginable, hoping to be the ones to grab your dollar.
Health Benefit Claims
A lot of candy vendors have started to offer products with low sugar content and added nutritional benefits, in order reclaim revenue amidst health concerns and the growing obesity epidemic.
For example, American Wild Ophelia is claiming that its new Wild Ophelia All Natural Southern Hibiscus Peach Milk Chocolate Bar is high in potassium and vitamins and offers healthy protein and dietary fiber. And recently, stevia-based confectionery products have been quite successful at capturing the more health conscious candy connoisseur.
Additionally, since many research studies have indicated that dark chocolate can improve cognitive function and blood flow, a lot of chocolate manufacturers are clamoring to publicize the ‘health benefits’ of their product.
Better Packaging
Many innovations have taken place in the packaging industry, which has had a positive effect on the Global Confectionery Market. New packaging enables longer shelf life, and reduces transportation risks. Additionally, holiday specific packaging helps push sales around holidays like Christmas, Valentine’s day and (of course) Halloween.
Demand from Developing Countries
The Global Confectionery Market is expected to derive a lot of growth from developing countries thanks to increased populations, rapid urbanization, growth in GDP, a rise in the middle-class population, and increases in disposable income.
Many people in these countries have switched from traditional homemade snacks to packaged confectionery products, and the demand for confectionery has far exceeded the supply in these countries. This is making developing countries the next big destination for international confectionery vendors, with many vendors opening production units in these areas to exploit cheap labor and raw materials, and reduce transportation costs.
