The Marzipan Market is expected to cross-market value of USD 1708.5 million in 2027 from USD 1408.2 million in 2020. It is expected to grow at a CAGR of over 2.6% during the forecast period.
Key Market Drivers and Restraints
Increasing demand for marzipan among consumers due to the rising popularity of to-go cake products is one of the factors expected to drive the growth of the global market in the near future. Furthermore, rising demand for protein-enrichment and sweets with organic colors and growing consumers’ inclination for multivariate confectionery products are expected to fuel the growth of the global market. In addition, increasing demand for custom cakes such as wedding cakes, Christmas cakes, and innovative-decorated cakes for occasions is expected to drive the growth of the global market. Furthermore, there is an increasing demand for gluten-free food in the market with the rising number of celiac patients coupled with growing health consciousness among consumers.
However, high prices of dry fruits, including walnuts, almonds, and pistachios, are restraints that may hamper the growth of the global marzipan market.
Impact of COVID 19
The marzipan market will show considerable growth due to the global pandemic. However, due to the COVID-19 outburst, marzipan manufacturing, and advertising companies are facing issues in the production function. Because of COVID-19, the supply chain is disrupted, factories are shut down, and companies are facing complexity about the accessibility of the raw material and lack of resources and staff in the coronavirus outbreak, which has slowed down the marzipan market at the global level.
North America to Dominate the global Marzipan Market.
The global Marzipan Market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. However, the North American market is dominated by the global market and accounts for more than 58.0% of the total market. This is attributed to the popularity of marzipan and its products and vast disposable income.
The Direct leads the global Marzipan Market.
Direct, cake and others are the key Application in the Marzipan Market. In 2020, the direct segment accounted for the largest share of the Marzipan Market. However, the cake segment is anticipated to grow at the fastest CAGR during the forecast period.
The finished product would continue to dominate the global marzipan Market in terms of Product Type.
The finished product, Semi-finished products are some of the major types of Products Type. The finished product segment accounted for the largest share 2020 of the Marzipan Market 2020. The demand for the finished product is increased due to the consumer and functional properties of marzipan pastes.
Frequently asked questions
The market for Wireless Electric Vehicle (EV) Charging System is expected to reach USD 1708.5 million in 2027.
The Marzipan Market is expected to see significant CAGR growth over the coming years, at 2.6%.
The report is forcasted from 2015-2027
The base year of this report is 2021.
Niederegger, Zentis, Moll Marzipan, Georg Lemke, Carstens, JF Renshaw Ltd., Atlanta Poland S.A., Lubeca, Marzipan Specialities Inc., TEHMAG FOODS CORPORATION are some of the major players in the global market.
