Latin America Confectionery Ingredients Market

Latin America Confectionery Ingredients Market Growth and Forecast (2023 - 2028):

Latin America Confectionery Ingredients Market has been estimated at USD 6.5 Billion in 2022 and is projected to reach USD 9.08 Billion by 2028, at a CAGR of 6.93% during the forecast period from 2023 to 2028.

Market Overview:

Confectioneries are food products that involve products like chocolate and non-chocolate candy; gum; ice cream and frozen desserts; cookies, cakes, and pastries; and other sweet goods such as jams, jellies, and preserves. They are sold through broad retail chain which includes super markets, gourmet and specialty stores, and grocery stores.

Drivers and Restraints:

The factors that are driving the market for Confectionery ingredients in Latin America are increasing demand for confectionery ingredients in diverse industries, and increasing consumer awareness about the health benefits of chocolate, with chocolate being one of the most famous confectionery ingredients. But, the market growth can be constrained due to ill effects of confectionaries on health like diabetes and obesity, with increasing health awareness among people.

Latin America Confectionery Ingredients Market Segmentation Analysis:

Latin America market for Confectionery Ingredients is segmented based on type, form, source and application. By type, the market is further sub-segmented into Cocoa & chocolate, Dairy ingredients, Hydrocolloids, Emulsifiers, Malts, Oils & shortenings, Starches & derivatives, Sweeteners, Flavors, Others (food color additives & flavors, functional systems, fruits & vegetables). By form, the market is further sub-segmented into Dry and Liquid. By source, the market is further sub-segmented into Synthetic and Natural. By application, the market is further sub-segmented into Chocolate, Sugar confectionery, Gum, Others (fillings, coatings, caramel, aerated confectionery, spreads, and cereal bars). Cocoa & chocolate is the most widely used type of confectionery ingredients. Sugar confectionery application of the confectionery ingredients market is growing at the highest CAGR.

Region Analysis:

Geographically the Latin America Confectionery Ingredients Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. With increasing retail stores, along with increasing disposable income, more and more companies are willing to exploit the markets of Latin America, as they envisage a great potential.

Key Players in the Market:

Major Key Players in the Latin America Confectionery Ingredients Market are

• Barry Callebaut
• Olam International
• Cargill, Incorporated
• Archer Daniels Midland Company
• Ingredion Incorporated
• E. I. du Pont de Nemours and Company
• Koninklijke DSM N.V
• Kerry Group plc
• Arla Foods
• Tate & Lyle PLC