New York, NY -- (SBWIRE) -- 11/21/2014 -- Confectionery market is one of the growing sectors globally. Usually confections are low in nutrients and high in calorie. However, sugar free confections are gaining popularity in the recent year due to increasing obesity rate and increasing number of diabetic patients, increasing nutritional and health concerns, and changing lifestyle. Basically confectionery can be divided into two broad categories: sugar confectionery and bakers’ confectionary. Sugar confectionery includes sweets, candy, chocolates, chewing gum, and others. Baker’s confectionery includes pastries, cakes, doughnuts, cookies, and others.

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The global confectionery market can be segmented into five categories: chocolate confectionary, sugar confectionery, gum, cereal bars and others. Major raw materials used for chocolates are cocoa and sugar and the raw material used for gum is latex. confectioneryproducts are consumed by all age groups of people.

In terms of geographic, Europe dominates the global confectionery market, followed by North America and Asia Pacific. The U.S. represents the largest confectionery market globally, followed by China and the U.K. India is a key market in Asia Pacific region and the world’s fastest growing confectionery market.

Rising disposable income, growing retail market, increasing trend of gifting confectionery items, increasing population, increasing urbanization, hectic lifestyle and more women in the workforce are some of the major driving force for confectionerymarket. Increasing population coupled with increasing disposable income in the developing countries such as India and China is expected to trigger the growth rate of confectionery market. Increasing disposable income allow the customer to spend more. According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India medium household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. Hectic life schedule have forced the consumers to demand more of confectioneryitems. confectioneryhelps the customer to fulfill their demand of tasty eating with less time consumption. Additionally, increasing number of working women is driving the global confectionery market as it is resulting in higher disposable income for the family. According to U.S. Department of Labor in 2013, there were 127.1 million working women in the U.S. which is expected to grow at 5.4% by 2022. Urban population is more inclined towards consumption of confectionery as compared to with their rural counterparts. According to United Nations, Department of Economic and Social Affairs (UN DESA) in 2013, largest urban population growth took place in Asian countries such as India and China. By 2050, India is expected to add 404 million urban dwellers while China 292 million. Some of the major restraints for the global confectionerymarket are rising health issues, increasing government regulation and increasing raw materials cost.

Some of the major companies operating in the global confectionerymarket are The Hershey Company, Ferrero Group, Mars, Incorporated, Mondel?z International, Nestlé S.A., Parle Products Pvt. Ltd., Kraft Foods, Cadbury, HARIBO Dunhills (Pontefract) PLC, United confectionery Manufacturers, Perfetti Van Melle, Kegg's Candies, Petra Foods, Yildiz Holding, Crown Confectionery and Brookside Foods.

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