Sugar Confectionery Market size was estimated at USD 56.2 billion in 2023 and is projected to reach USD 79.9 billion in 2030 at a CAGR of 4.5% during the forecast period 2023-2030.
Sugar Confectionery Market, by Product Type (Hard-Boiled Sweets, Toffees, Caramels, & Nougat, Pastilles & Jellies, Mints, and Other Product Types) and Distribution Channel (Offline Stores, Online Platforms) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. As a result, the sugar confectionery market is experiencing a steady pace of growth resulting from a high demand among middle-class consumers. It is expected that the introduction of new products with innovative flavors and healthy ingredients, the increase in gifting trends, and the growth of the retail market will drive the demand in the near future.
North America to Dominate the Sugar Confectionery Market:
North America is estimated to account for the largest market share during the forecast period owing to the rising disposable income and expanding youth population.
Moreover, the strong focus on retail chain expansion projects, will escalate the manufacturing of sugar confectioneries to cater to regional consumers.
The prominent players in the Sugar Confectionery market are
· Anthony-Thomas Candy Co
· August Storck KG
· Barry Callebaut
· Blommer Chocolate Company
· Cadbury PLC.
· Chupa Chups SA.
· Cloetta AB
· Ferrero SPA.
· Foley's Candies LP
· Haribo Dunhills (Pontefract) PLC
· Ingredion
· Kraft Foods Inc
· Lindt
· Lotte Confectionery Co Ltd,
· Mars, Incorporated
· Nestle SA
· Perfetti Van Melle S.P.A.
· Sprungli
· Tate & Lyle
· The Hershey Company,
· Wm Wrigley Jr Company and More
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Recent Developments
In February, 2022, Hershey's created a sugar bar to commemorate All Women and Girls. The "Celebrate SHE" bars are a limited edition. SHE was highlighted in the centre of the milk sugar bar by the brand.
In January, 2022, Cadbury, a brand of Mondelez International, introduced the Twist Wrap packaging solution for its Duos range, allowing consumers to snack in small portions by twisting and sealing the package after consuming half of the sugar bar.
Key Findings
· The Product Type segment is further fragmented into Hard-Boiled Sweets, Toffees, Caramels, & Nougat, Pastilles & Jellies, Mints, and Other Product Types. The Hard-boiled Sweets segment is expected to account for a larger market size during the forecast period. The production of these confections is relatively cost-effective, providing a broad spectrum of consumers with the opportunity to indulge in a delectable treat. Their extended shelf life, which endures for several months without compromising quality or taste, renders them an optimal selection for manufacturers and vendors. The diverse assortment of fruit, mint, and floral flavors of hard candies caters to varied taste preferences. The convenience of individually packaged hard-boiled sweets, which are effortless to carry and consume while on the move, renders them a popular choice for consumers who lead busy lives.
· The Distribution Channel segment is further bifurcated into Offline Stores and Online Platforms. The offline store is the largest market during the forecast period. The ubiquitous existence of these commodities and their palpable retail experience are notable. Patrons have the opportunity to physically examine and procure these goods. Additionally, they may reap the advantages of insights and endorsements provided by store staff. Conversely, the digital domain is rapidly expanding owing to the surging prevalence of e-commerce and the expediency it provides.
· The packaging segment is further bifurcated into sachet, box, and others. The Sachet packaging is the largest market during the forecast period. Sachet packaging is commonly utilized for dispensing individual or small portions of confectionery, thereby providing an expedient option for on-the-go consumption. In contrast, box packaging is frequently associated with high-end or gift-worthy sweets, affording a visually captivating and methodical presentation.
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
Key Features of Global Market Report:
· Analyze competitive developments like expansions, deployments, new product launches, and acquisitions.
· Identify growth opportunities for stakeholders by pinpointing high-growth segments.
· Study global industries status and forecast, focusing on key regions.
· Conduct an in-depth analysis of product segments and applications, offering strategic recommendations for competitive advantage.
· Provide a comprehensive analysis of key regions, including SWOT and Porter's Five Forces analyses.
· Assist in making strategic business decisions and investment plans.
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