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1、 United States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 MarketLine Industry Profile Confectionery in the United States November 2012 Reference Code: 0072-0710 Publication Date: November 2012 WWW.MARKETLINE.COM MARKETLINE.
2、THIS PROFILE IS A LICENSED PRODUCT AND IS NO T TO BE PHOTOCO PIED United States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2 EXECUTIVE SUMMARY Market value The United States confectionery market grew by 2.8% in 2011 to reach a
3、 value of $35,648.1 million. Market value forecast In 2016, the United States confectionery market is forecast to have a value of $41,143.6 million, an increase of 15.4% since 2011. Market volume The United States confectionery market grew by 1.8% in 2011 to reach a volume of 3,821.9 million kg. Mar
4、ket volume forecast In 2016, the United States confectionery market is forecast to have a volume of 4,219.5 million kg, an increase of 10.4% since 2011. Category segmentation Chocolate is the largest segment of the confectionery market in the United States, accounting for 49.6% of the markets total
5、value. Geography segmentation The United States accounts for 22.6% of the global confectionery market value. Market share Mars, Inc. is the leading player in the United States confectionery market, generating a 30.8% share of the markets value. Market rivalry The US confectionery market is becoming
6、increasingly concentrated, with the top four players holding 71.4% of the total market value. United States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3 TABLE OF CONTENTS Executive Summary2 Market value 2 Market value forecast
7、.2 Market volume.2 Market volume forecast .2 Category segmentation2 Geography segmentation 2 Market share2 Market rivalry .2 Market Overview .7 Market definition7 Market analysis .7 Market Data8 Market value 8 Market volume.9 Market Segmentation .10 Category segmentation10 Geography segmentation 12
8、Market share13 Market distribution 14 Market Outlook 15 Market value forecast.15 Market volume forecast .16 Five Forces Analysis 17 Summary 17 Buyer power.18 Supplier power 19 New entrants .20 Threat of substitutes.21 Degree of rivalry22 Leading Companies23 United States - Confectionery 0072 - 0710
9、- 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4 Mars, Incorporated .23 Nestl SA .24 Kraft Foods Inc28 The Hershey Company 31 Macroeconomic Indicators.34 Country Data .34 Appendix.36 Methodology 36 Industry associations37 Related MarketLine research37 United
10、 States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5 LIST OF TABLES Table 1: United States confectionery market value: $ million, 200711 8 Table 2: United States confectionery market volume: million kg, 200711.9 Table 3: Unite
11、d States confectionery market category segmentation: % share, by value, 2007201110 Table 4: United States confectionery market category segmentation: $ million, 2007-201110 Table 5: United States confectionery market geography segmentation: $ million, 2011 12 Table 6: United States confectionery mar
12、ket share: % share, by value, 2011 .13 Table 7: United States confectionery market distribution: % share, by value, 2011 14 Table 8: United States confectionery market value forecast: $ million, 201116.15 Table 9: United States confectionery market volume forecast: million kg, 201116 .16 Table 10: M
13、ars, Incorporated: key facts 23 Table 11: Nestl SA: key facts24 Table 12: Nestl SA: key financials ($) .25 Table 13: Nestl SA: key financials (CHF) .26 Table 14: Nestl SA: key financial ratios.26 Table 15: Kraft Foods Inc.: key facts .28 Table 16: Kraft Foods Inc.: key financials ($) .29 Table 17: K
14、raft Foods Inc.: key financial ratios 29 Table 18: The Hershey Company: key facts 31 Table 19: The Hershey Company: key financials ($) 32 Table 20: The Hershey Company: key financial ratios .32 Table 21: United States size of population (million), 200711 34 Table 22: United States gdp (constant 2000
15、 prices, $ billion), 200711 .34 Table 23: United States gdp (current prices, $ billion), 200711 34 Table 24: United States inflation, 200711.35 Table 25: United States consumer price index (absolute), 20071135 Table 26: United States exchange rate, 200711 .35 United States - Confectionery 0072 - 071
16、0 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 6 LIST OF FIGURES Figure 1: United States confectionery market value: $ million, 200711.8 Figure 2: United States confectionery market volume: million kg, 200711 .9 Figure 3: United States confectionery market
17、 category segmentation: $ million, 2007-2011 11 Figure 4: United States confectionery market geography segmentation: % share, by value, 201112 Figure 5: United States confectionery market share: % share, by value, 2011 13 Figure 6: United States confectionery market distribution: % share, by value,
18、2011.14 Figure 7: United States confectionery market value forecast: $ million, 201116 .15 Figure 8: United States confectionery market volume forecast: million kg, 201116 16 Figure 9: Forces driving competition in the confectionery market in the United States, 2011 .17 Figure 10: Drivers of buyer p
19、ower in the confectionery market in the United States, 201118 Figure 11: Drivers of supplier power in the confectionery market in the United States, 201119 Figure 12: Factors influencing the likelihood of new entrants in the confectionery market in the United States, 2011 .20 Figure 13: Factors infl
20、uencing the threat of substitutes in the confectionery market in the United States, 201121 Figure 14: Drivers of degree of rivalry in the confectionery market in the United States, 2011 .22 Figure 15: Nestl SA: revenues although maintaining inventories and engaging in practices such as hedging, can
21、reduce the effect of price volatility. Entry into this market is highly dependent on growth prospects and also on the size of existing players. Confectionery products are vulnerable to the threat of substitutes, such as savory snacks and fresh fruits, due to low switching costs and consumption patte
22、rns in different geographies. The competitive rivalry is deemed as moderate in this market, with branding contributing to a high level of customer loyalty. Price elasticity and product differentiation play a small part in terms of competitive rivalry in the confectionery market. United States - Conf
23、ectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 18 Buyer power Figure 10: Drivers of buyer power in the confectionery market in the United States, 2011 SOURCE: MARKETLINE M A R K E T L I N E In the US, the main distribution channels for
24、the confectionery market are supermarkets and hypermarkets, which account for 37.1% of the market value. Supermarket chains are often able to negotiate very strongly on price with confectionery producers; this boosts buyer power significantly. Confectionery includes a wide range of product categorie
25、s, and within each segment, manufacturers have many opportunities to create goods that stand out from the rest (for example, manufacturers may offer sugar free cereal bars especially for individuals with diabetes). An increasing number of products have been developed to create healthier alternatives
26、 to the existing lines, with substitute versions offering no artificial colors, low sugar, as well as the inclusion of additives such as vitamins. Along with the inherent differences (e.g. taste, ingredients, etc.) between products, manufacturers invest in advertising to build brand identities. Reta
27、ilers therefore need to respond to consumer demand and the presence of strong differentiation and brand loyalty among consumers leads to a weakening of buyer power. However, most retailers in this market offer a wide variety of foods. As confectionery is only a small part of the retailers total prod
28、uct range, buyer power is increased. Manufacturers and retailers generally exist in very different businesses, with little likelihood of vertical integration. Overall, buyer power is assessed as moderate. United States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT
29、AND IS NOT TO BE PHOTOCOPIED Page | 19 Supplier power Figure 11: Drivers of supplier power in the confectionery market in the United States, 2011 SOURCE: MARKETLINE M A R K E T L I N E The key inputs in the confectionery market are ingredients such as sugar, cocoa beans, and their derivatives (cocoa
30、 butter, cocoa liquor, or cocoa powder). Suppliers to this market are cocoa farmers and producers of various other raw materials. Cocoa products are differentiated to some extent, and are sold in several grades. Much of the cocoa-based raw material is sourced from countries, such as Cote dIvoire, Gh
31、ana, Indonesia and Brazil among others. Furthermore, supplies from other producers within Far Eastern, West African and South American equatorial regions, and existing inventory in consuming countries, act as an adequate supply buffer. Manufacturers may choose to adopt the fair trade policy, which e
32、nsures that farmers receive a fair price for their products, depending on their own organizations ethical policies. Raw materials like these are bought on commodity markets, and confectionery companies are unlikely to have much control over supplier prices; rather, they use financial techniques such
33、 as hedging, in order to reduce the impact of price rises on their own margins. Overall, supplier power is evaluated to be moderate. United States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 20 New entrants Figure 12: Factors i
34、nfluencing the likelihood of new entrants in the confectionery market in the United States, 2011 SOURCE: MARKETLINE M A R K E T L I N E In order to start operations within this market, reasonably high levels of capital are generally required to set up production facilities, as most confectionery pro
35、ducts are mass-marketed, and must be manufactured in significant volumes to be profitable. However, it is also possible to enter the market in a small way, for example, by making high- value, low-volume products in a craft process, rather than a mechanized process. There is a threat of entry from pr
36、ivate labels, mainly from the large supermarkets, which use their infrastructure and brand name to provide a similar, cheaper alternative to the existing brand names. However, these products are limited to the supermarkets own store chains and have limited brand recognition in the confectionery mark
37、et. Many of the existing brands are strong, and consumers may be unwilling to move away from their favorites - this means that it may be difficult to persuade retailers to add a new players product to their shelves. Existing players understand the significance of brands associated with the confectio
38、nery market and tend to focus on brand expansion for new products, rather than releasing products under new brand names. Kit Kat is one example, as it used its recognizable brand name to release similar lines such as Kit Kat Chunky, Kit Kat Cubes and Kit Kat Senses. New entrants must also consider t
39、he problems of establishing a good supply chain, if they choose to manufacture their products within the country. Stringent regulations regarding food ingredients and packaging in the US, imposed by the US Food and Drug Administration, may also discourage new entrants from joining the US confectiona
40、ry market. Overall, there is a moderate likelihood of new entrants. United States - Confectionery 0072 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 21 Threat of substitutes Figure 13: Factors influencing the threat of substitutes in the confectioner
41、y market in the United States, 2011 SOURCE: MARKETLINE M A R K E T L I N E Most confectionery products are purchased by end-users as snack food. Substitutes thus include savory snacks, fresh fruit, and similar items. For retail buyers, the substitutive goods have some disadvantages in terms of stora
42、ge: snacks, such as potato chips, require more shelf space per item than, for example, chocolate bars; fruit is perishable and may need expensive chilled display cabinets, if wastage is to be avoided. Increasing publicity of health hazards, which are linked to poor dietary lifestyles, associated wit
43、h confectionary products, may influence the consumers decision prompting them to switch to a more health conscious alternative. For most food retailers, there are negligible switching costs, as they will usually be selling these items in any case. Furthermore, some forms of confectionery are purchas
44、ed by consumers as luxury or gift items, rather than quick snacks for personal consumption - in these cases, the substitutes are more varied, and may include certain gift items of similar value. Overall, the threat of substitutes is moderate. United States - Confectionery 0072 - 0710 - 2011 MARKETLI
45、NE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 22 Degree of rivalry Figure 14: Drivers of degree of rivalry in the confectionery market in the United States, 2011 SOURCE: MARKETLINE M A R K E T L I N E The US confectionery market is concentrated, with the top four players
46、holding 71.4% of the total market value. Leading companies have diverse product lines, although food and drink products are central to their business. Such factors protect their margins against local fluctuations. Switching costs for consumers and retailers are low. The threat from private labels, o
47、ffering a cheaper alternative to branded products, increases during times of economic downturns or slowdowns, as consumers become increasingly price-conscious. However, product differentiation, both by inherent characteristics and by strong branding, should allow players to maintain their hold on co
48、nsumers, and thus weaken rivalry. In a business, where automated, high-volume manufacturing is the norm, capacity increases are relatively easy to implement and fixed costs are high, rivalry is enhanced. Overall, there is a moderate degree of rivalry in this market. United States - Confectionery 007
49、2 - 0710 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 23 LEADING COMPANIES Mars, Incorporated Table 10: Mars, Incorporated: key facts Head office: 6885 Elm Street, McLean, Virginia 22101, USA Telephone: 1 703 821 4900 Website: SOURCE: COMPANY WEBSITE M A R K E T L I N E Mars primarily produces and distributes food products worldwide. The company offers chocolates, candies, chewing gums, rice, entrees, sauces, and beverages. Additionally, it provides dog