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United States candy production market: $8.0 billion industry by 2018
Candy Production in the US - Industry Market Research Report - a new market research report on 2014-04-16 08:36:04
America´s sweet tooth kept the United States Candy Production market resilient during the past five years despite high unemployment and volatile commodity prices throughout the past five years.
During the past five years, demand from confectionery wholesaling experienced steady growth and drove industry revenue. Also, exports grew during the past five years as the dollar depreciated during 2010 and 2011, which made domestic goods relatively less expensive, driving demand abroad. Also, the price of sugar increased during the past five years. Major players such as Mars, Inc.
and The Hershey Company passed off the rising cost to consumers in the form of higher prices. They were able to do this because of their loyal consumer base, compared to small and medium-sized companies that produce generic brands.
These trends are expected to keep annualized growth at 1.9% to $7.3 billion in the five years to 2013 as well as a 1.2% revenue increase in 2013.
During the past five years, per capita sugar and sweetener consumption has declined because the media has continued to link sugar consumption to diseases such as diabetes. As consumers become more health-conscious, they reduce their consumption of confectionery products. While this has hampered revenue growth and potential profitability, producers in the industry have responded to this trend by finding ways to appeal to health-conscious consumers. For example, candy producers such as Mars and Hershey´s started producing sugar-free gums. This boosted their industry-specific revenue.
During the past decade, the Candy Production industry has consolidated. As the price of sugar increased, larger companies, such as Mars and Hershey´s, acquired smaller companies to achieve lower per unit costs of production, while expanding their consumer base.
Consequently, the number of enterprises is expected to fall at an average annual rate of 1.6% during the five years to 2013.
Throughout the next five years, product innovation will foster industry growth as producers launch more products enhanced with vitamins and with less sugar to address consumer health concerns. Major players such as Mars and Hershey´s are expected to continue innovating sugar-free gums and candies that appeal to health-conscious consumers. Consequently, revenue is projected to grow at an annualized rate of 1.7% to $8.0 billion during the five years to 2018.
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