Confectionary market in the US: Key market research findings
- Chocolates, the highest revenue generating segment among confectionary items
- Growing demand for low-fat and low-calorie products
Technavio has added a new market research report on the confectionary market in the US, to its food and beverage portfolio. The US confectionary market is expected to grow at a CAGR of around 2% between 2015 and 2019 owing to a growing demand for slimming and low-calorie products along with rising chocolate prices.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
The chocolate segment accounts for the largest share of the confectionery market in the US, with close to 61% of the total market. This segment is estimated to generate nearly US $24 billion during the forecast period. Continuous product innovations along with the rising prices of chocolates are the key growth drivers of this sector. Growing demand for premium chocolates among health-conscious consumers is also emerging as a major revenue contributing factor in the market. Hershey and Mars are the dominant players and account for 60% of the overall US chocolate market.
Source: Technavio Research
“Observing the swelling demand for low-fat and low-calorie products among health-conscious consumers, market vendors are focusing on manufacturing sugar-free, non-chocolate confections, and naturally flavored confectioneries. For instance, Hershey has replaced the sugar content in its various products with maltitol and polyglycitol, which contain 20% less calories than the original versions of the product. Skinny Cow candy brand from Nestle contains only 110-120 calories,” says Sriram Mohan, Lead Analyst, Food & Beverage, Technavio Research.
The top vendors in the confectionery market in the US are Mars, Hershey, Nestle, Lindt, and Mondelez. The market is highly competitive and fragmented. Plus, the small and medium-size players are gaining a foothold in the market and growing at an increasing rate. The market is also witnessing an increase in the number of private label brands that are selling innovative products at competitive prices.
A more detailed analysis is available in the Technavio report, Confectionery Market in the US 2015-2019 – Market Research Report.
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