ID: MRFR/F-B & N/3889-CR | December 2020 | Region: Global | 100 pages
Medicated Confectionery Market Research Report - Global Forecast till 2026
Medicated confectionery Industry overview:
The Global Medicinal Confectionery Market is segmented by type of confectionery (candy, chocolate, mint, snack bar, and confectionery with sugar and starch); and by distribution channel (pharmacies, supermarket , online retail, convenience stores and other channels); and geography
Preferences, consumer habits and tastes are constantly evolving. This has led to innovation in the confectionery industry, which is driving market growth. Producers are expanding their product range, including functional ingredients, organic herbal fillings, tropical fruits and nuts and exotic flavors in product formulas to meet changing consumer demands. In addition, the trend of presenting sweets, such as cookies, chocolates, bakeries, among others, has allowed to accelerate the growth of the market in recent years. Brands are constantly creating unique engagement techniques to alert the consumer, as sweets are bought significantly on impulse. These factors have allowed, cumulatively, to accelerate the confectionery market. However, the unstable nature of raw material prices for sugar and cocoa can hamper market growth.
Medicated confectionery application market:
The global medicated confectionery market is growing at a growth rate of 4.51% compared to the forecast (2020-2026).
The market is driven mainly by the growing consumer preference for a healthy lifestyle, along with a change in consumer preference and higher spending on sweets. In addition, the increase in the prevalence of cough, cold, throat irritation and other drugs in the form of functional sweetness in recent years. In addition, investments made by several sectors High innovations in products from major players, such as sugar and organic chocolates, further contribute to the growth of the global market. In addition, frequent product launches play a vital role in the growth of the market. For example, in April 2017, Mondelēz International, owner of the popular medical candy brand Halls, launched Halls XS Honey Lemon, a new flavor to reinforce the presence of its Halls XS variant in Singapore.
However, the decline in the availability of sugar substitutes and the development of artificial sweeteners have changed consumer preferences for artificial sweeteners and therefore limit the market.
Medicated confectionery market forecast and scope of the report:
According to the analysis of the confectionery market, the market is segmented according to the type of age group, product, price range, region and distribution channel .
According to the type of product, the market is classified into gums and jellies, baked sweets, candies and caramels, chocolates, good bakery, medicinal candies and others.
By age group, the market is classified into youths, children and adults.
Based on price, the market is divided into luxury, economic and medium.
According to the distribution channel, the market is divided into convenience stores, supermarket , e-commerce, pharmacies and drugstores, duty free, food services and others.
In regional terms, the market is being studied in Europe, North America and Asia-Pacific.
By product type, the chocolate category was the dominant segment in 2019, with 35.2% of the market. Consumers of all ages consume chocolate candies to satisfy their taste buds. The growth of economic prosperity, especially in emerging countries, has driven the market for the chocolate segment. In addition, chocolate is the per capita confectionery product (kg) with the highest consumption in several countries. However, the medical candy segment will grow faster during the forecast. The increased frequency of minor illnesses and over-the-counter medications or dietary supplements requires active ingredients such as antacids, vitamins and herbal extracts. These products mainly cause the growth of the medical confectionery segment. In addition, the rapid growth of the geriatric population over the next 10 years is expected to motivate the growth of the market for the pharmaceutical confectionery segment.
Medicated confectionery market growth:
Based on the age group, the adult category was the dominant segment in 2019, with a 58.1% market share. The majority of the population that consumes sweets in general falls into the adult age group, consisting (16 to 60 years). It is especially driven by the millennial generation, as they are the largest consumers of chocolate products. In addition, brands are targeting their products specifically for this demographic group, adopting trends such as unusual colors, chocolates, hot and spicy options, refreshing effects and more interactive and personalized packages. However, the geriatric segment will grow with a higher growth rate during the forecast. In the next decade, the majority of the population, especially in developed economies, will be 60 years of age or older. In addition, it is required that demand for confectionery products differs from the existing standard. This demographic change will create vast confectionery market opportunities for the geriatric segment during the forecast.
Based on price, the economic category was the dominant segment in 2019, with a 44.6% market share. Confectionery products in the economic category are aimed at mass consumption. It includes the cheapest goods and is generally accessible to consumers in all economies. Consumers are looking for good value, especially when choosing chocolates. However, the mid-range is expected to grow at a higher growth rate during the forecast. It is expected that the increase in disposable income and factors such as product innovation, changes in consumer tastes , lifestyles and market, advertising activities will accelerate the growth of the confectionery market for the mid-sized product segment.
According to a distribution channel, the supermarket category was the dominant segment in 2019 with a 37.9% market share. The growth of the supermarket / hypermarket segment in the confectionery market is attributed to the increased adoption of supermarkets in the mature and emerging markets. The complete solution provided by these retail formats makes them a very popular choice for purchase among consumers. However, the e-commerce segment is expected to grow at a higher growth rate during the forecast. The establishment of online portals for confectionery products especially in developing countries with a large population that uses the internet is driving market growth. This platform offers several discounts when buying candy products online to attract more customers. The advent of advanced technology is driving the growth of internet companies globally.
By region, Europe occupies a large part of the confectionery market with a predominance in the chocolate confectionery segment. However, the Asia-Pacific region expects a major growth rate during the forecast of the sugar market, following the increase in disposable income, the population and the launch of new brands by established participants.
Sales of medicated confectionery company profiles:
The report deeply explores recent significant developments by leading suppliers and innovative profiles in the global pharmaceutical confectionery market, including Meda AB, Mondelez International, Inc., Herbion International Inc., Nestl? SA, Perfetti Van Melle Group B.V., Hershey Company, Procter & Gamble Co., Ricola Ltd and Wm. Reckitt Benckiser Group plc and Wrigley Jr. Company
Cumulative effect of COVID-19:
The explosion of COVID-19 strongly affected the confectionery market. The rigid rules and the blockade through 2020 generated repercussions in the confectionery sector, which had a divergent impact on the supply of raw materials (agricultural products, food ingredients and medium foods), trade and logistics, volatility of supply and demand, consumer demand. uncertainties and affected the workforce at the industrial level. One of the main factors that affected the confectionery industry during the blockade was the decline in sales as a result of reduced donations and impulse purchases among consumers worldwide.
Main Market Trends:
Increased demand for a robust and functional confectionery the demand for strong and functional sweeteners has been attested with a growing trend due to the demand for the presence of active ingredients such as antacids, vitamins and herbal extracts that are used to prevent diseases. Herbal confectionery, which includes ingredients such as guarana and ginseng, transmits energy, while extracts such as green tea, superfruits provide antioxidants that enhance the immune system and attract because of the natural and organic nature and its health. In addition, the increase in seasonal allergic rhinitis - hay fever causes 400 million people worldwide to become ill, and about 40-60 million Americans suffer from the disease, which can be cured by these methods, is in high demand.
Asia-Pacific will boost global candy market
China dominates the market for medical confectionery in Asia-Pacific, then Japan. The size of the market for medical confectionery in Asia-Pacific is growing faster. The increased demand for herbal infused products due to their health benefits is driving the market. Medicated confectionery is highly demanded mainly during winters due to the increased influence of the cold and cough. Despite the economic slowdown in consumer goods in China, medicated confectionery products have performed well. In addition, with the growing penetration of the internet, the online market for the purchase of sweets, including medical confectionery, has rapidly grown in global growth in the past 3-4 years. This category has attracted some vertical experts like Amazon, Walmart, Carrefour, etc., who have benefited from the growth of electronic retailing and are competing for a significant share in the online marketplace.
The global market for medicinal confectionery is fragmented, due to the presence of national players in several countries. Emphasis is given to the merger, expansion, acquisition and partnership of companies and the development of new products as strategic approaches adopted by leading companies to expand the brand’s presence with consumers. For example, in September 2017, Baker Perkins, a company that provides confectionery equipment for confectioneries, developed a new technology for the functional and medical confectionery sector in the form of ServoForm Mini. It has easier and tastier methods to develop formats of gum, gelatin, lollipop and hard candies for vitamins, minerals and supplements. With this machine, the company can increase its production capacity from 200 to 2,000 kg per hour without changing the process.
The report provides information on the following indicators:
The report answers questions such as:
|Market Size||2026: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Category, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Procter & Gamble Co. (US), Reckitt Benckiser Group PLC (UK), Mondelēz International, Inc. (US), Mars, Incorporated (US), Perfetti Van Mell (Netherlands), Herbion International Inc. (US), LanesHealth (UK), Ricola (Switzerland), Lofthouse of Fleetwood Ltd. (UK), Baker Perkins(UK), and UHA Mikakuto (Japan)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||consumer habits and tastes are constantly evolving|
Frequently Asked Questions (FAQ) :
Medicated confectionery market is projected to grow at a 4.15% CAGR between 2019- 2024.
Europe is expected to dominate the medicated confectionery market.
Medicated confectionery market is predicted to touch USD 8.01 billion by 2024.
Demand for organic medicated confectionery and preference of consumers towards healthy lifestyles are the key factors driving the medicated confectionery market.
Eminent players profiled in the medicated confectionery market include Wrigley Jr. Company (U.S.), Perfetti Van Melle (Italy), Ricola (Switzerland), Mondelez International (U.S.), Procter & Gamble Co (U.S.), Nestle (Switzerland), and Reckitt Benckiser (U.K).