|By Marketwired .||
|August 5, 2014 07:03 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 08/05/14 -- Global market research company Euromonitor International released today new data on the global confectionery industry. The latest research indicates another solid year's performance for 2014, with global retail value sales of confectionery expected to reach an all-time high of US$198 billion, an increase of nearly $4 billion over 2013.
Key findings from Euromonitor International's newly published data:
-- The US remains the largest confectionery market globally with 2014 retail value sales of US$31.6 billion, double that of second placed China, which sent the UK into third place -- India is the fastest growing confectionery market globally with a forecast compound annual growth rate (CAGR) of 9% between 2014-2019 -- Western Europe and North America are expected to account for just 18% of global growth between 2014-2019, despite being two of the largest markets
"Innovation has been key over the last twelve months with an increasing number of product launches featuring new flavours, colours, and sour and bite size varieties. Despite this, value growth fell by US$1.5 billion in Western Europe since 2009," says Euromonitor Packaged Food Analyst, Lauren Bandy. Bagged selflines/softlines is one notable success story as consumers looked to re-sealable share and snack bags to help with portion control. Chocolate tablets have also done very well, with a combined CAGR of 3% in North America and Western Europe.
Bandy added: "One of the most talked about topics in the chocolate industry is the price of cocoa, which is expected to continue to rise. Unit prices of chocolate confectionery have risen from a global average of US$15.2.kg in 2009 to US$15.6/kg in 2014, and are expected to hit US$15.8/kg by 2019. With manufacturers including Hershey, Nestle and Mars citing the cost of cocoa as a reason to raise unit prices, this will no doubt be an increasingly important theme over the next five years."
To learn more about our confectionery data and reports, please visit: http://www.euromonitor.com/confectionery
About Euromonitor International
Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have over 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.
Euromonitor International is headquartered in London, with regional offices in Chicago, Singapore, Shanghai, Vilnius, Sao Paulo, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.
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