New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Global consumption of candied & semi-candied fruits is currently pegged at 147,487 MT and is projected to increase at a CAGR of 1.5% to reach 171,272 MT by 2032.
Over the years, candied & semi-candied fruits market have become a requisite ingredient in the foodservice industry. The market is thriving because of increased consumer demand for scrumptious candies and their usage as a value addition to culinary elaborations. Since pastry and bakery-based goods are seeing rising popularity for use in festivities and decorations, demand for candied and semi-candied fruits are also increasing.
Additionally, as consumers across regions such as Oceania and Latin America increasingly gravitate toward the consumption of flavored candied goods and are attracted to appealing presentations in the foodservice sector, the global market would experience significant growth over the course of the projection period.
Online retail sales of candied and semi-candied fruits are anticipated to grow steadily during the projected period. People are lured toward creative and delicious confectionery products, which is augmenting e-Commerce sales and positively influencing the target market. Top players in the global market are striving for product diversity and creating products that appeal to consumer tastes.
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Key Takeaways from Market Study
- Demand for candied & semi-candied fruits in North America is expected to increase at a volume CAGR of 0.8% during the forecast period (2022-2032).
- Latin America and Oceania collectively account for a market value share of 8%.
- Sales of candied & semi-candied fruits in bakery applications are anticipated to reach US$ 215.5 Mn by 2032.
- Based on distribution channel, sales of candied & semi-candied fruits in the foodservice segment hold market share of around 10% in 2022.
- Based on form, the whole/intact category is expected to register a value CAGR of 2.7% over the forecasted period (2022-2032).
“Growing foodservice industry penetration in developing nations such as China, India, and others is a potential growth factor for the candied & semi-candied fruits market. The market is also estimated to see increasing demand in the hospitality, institutional catering, and foodservice industries,” says a Persistence Market Research Analyst.
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Competitive Landscape
Companies are trying to expand their market presence and earn consumer loyalty for long-term benefits as the bakery ingredients market is highly competitive and ever-changing. The overall market approach of bakery ingredient manufacturers seems to be inclined toward expansion through acquisitions and the development of new and innovative products.
- In December 2021, Andros Chef announced a strategic partnership with Indoguna, a well-known Singapore-based fruit and vegetable supplier. This partnership is expected to enable the company to increase its international presence and widen its customer base.
- In March 2021, F.Moreno Candied Fruits S.L. partnered with Amazon for the distribution and sales of candied fruits. This online presence of the company is expected to allow it to increase its brand awareness and broaden its customer base.
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