ID: MRFR/F-B & N/4008-HCR | February 2021 | Region: Global | 110 pages
Sugar confectionery is a food product that includes varieties of boiled sweets, toffees, marshmallows, and fondant. These food items may contain artificial or natural sugar. Sugar confectionery is ready for consumption without the requirement of further preparation. The key ingredient of this product is carbohydrate sweetening matter; it doesn’t include any chocolate products. Sugar confectioneries food products are trending due to their high rate of consumption among every age group. Candies, gums, jellies, and chews are available in various shapes and sizes packed in a different format which attracts sugar-loving customers. Therefore, the increased consumption of these products has largely driven the Sugar Confectionery Market.
Sugar Confectionery products are rising in trends among other food products because of their attractive packaging and varieties. Hence, the market is rising worldwide. The people living in a developed nation have brought certain lifestyle changes because of increasing disposable income, which simultaneously drives the Sugar Confectionery Market Outlook. The increase in demand for premium products also influences the market to grow at a higher rate. People prefer confectionery items such as candies and sweet jellies, gums as a gifting material which is rising the demand of the market.
The industries and the key players are upgrading their products by adding new flavors and additives, resulting in innovative products. The players are considering health problems and replacing the sugar with other sweet additives to meet the customer’s demand. These factors are highly developing the Sugar Confectionery Market Size.
Growth opportunities such as the rising trends for the usage of organic and natural confectionery will drive the market value as players are trying to use natural ingredients in the products. Therefore, concerning these growth factors and opportunities.
The outbreak of the virus had resulted in global economic loss when it started affecting the major industrial sectors. The Sugar Confectionery Market Analysis even faced an economic crisis when the manufacturing and production units halted their process due to the lockdown guidelines. The store-based segments, including supermarkets, retail stores, etc., had faced huge financial loss when the stores remained closed for a long period. The manufacturers have gone through a tough situation due to these difficulties.
But the market to soon come out of these difficulties and continue to grow with a good growth rate. Hence, it will successfully reach its estimated CAGR value in the forecast period.
Chief Factors Existing in The Market
The high consumption and love for sugar candies and gums are one of the major driving factors of the market and increase the Sugar Confectionery Market Share. The retail sectors act as the major driver because the sugar confectioneries reach the customers through this sector; therefore, the growth of retail sectors in various regions drives the market.
Another major driving factor is a lifestyle and disposable income change, which prominently accelerates the market.
The Sugar Confectionery Market is noticing challenging factors that make the market face a challenging situation. The rise in concern among the people to reduce the sugar content in their diet to reduce calories is one of the challenging factors. But the market players are upgrading their products by replacing sugar with other sweet additives to reduce calorie content.
The Sugar Confectionery Market is receiving huge opportunities worldwide among every age group. Candies and gums are used widely, and this consumption to continue in the future generation.
The rise in concern about health and diabetes has become a major restraining factor for the Sugar Confectionery Market. Today’s generation has become more health-conscious, and they are lowering the intake of sugar content in their diet, which is another restraining factor of the market.
Cumulative Evaluation of The Market
The evaluated report shows the Sugar Confectionery Market Growth since the recent years, and it even stated the further development of the market. The market dynamics include the drivers and the opportunities to represent the market at the global level. Growth limiting factors are hampering the market, but the efforts of the key players to help the market tackle these factors. Hence, the market will successfully reach its CAGR value in the review period.
The Sugar Confectionery Market is segmented into major types, packaging, and distribution channels. These segments are further segmented into various categories, and the different sub-segments show the progress and market value according to their preference.
The market is comprised of pastilles, gums, jellies, chews, and others. Among all these types of a segment, the pastilles are considered the dominating segment due to its wide preference among the customers. The retail sectors are even contributing to supplying this product in bulk as per the market’s demand. Due to this factor, the pastilles segment will notice a significant growth rate and reach its CAGR. Followed by pastilles, the gum segment also notices sheer growth because of its high consumption rate between the teenage and young age groups.
The packaging segment of the market is divided into sachets, boxes, and others. The sachet segment is accounted as the leading segment of the market. The customers prefer sachet packaging because it's more reliable than others. The boxes segment is noticed to grow rapidly in the future years.
This segment verifies the distribution of sugar confectionery products to the market. Through different channels, these food products reach the customers. The distribution channel is consisting of store-based and non-store-based channels due to the customer’s preference to purchase through store-based channels such as retail stores, supermarkets, and hypermarkets. Compared to the store-based segment, the non-store-based segment shows a moderate growth rate in the future days.
The geographical report states the major regions covered by the Sugar Confectionery Market. The market’s remarkable growth was noticed in North America, Europe, Asia Pacific, and the rest of the world. Among these above geographical regions, the North American region is the dominating region of the Sugar Confectionery Market. Due to the presence of chief players in the US region, the regional market of the North American region is flourishing.
The European market is noticing a high growth rate compared to its past years due to the region's huge growth and development of retail sectors. Therefore, the sale of sugar confectionery products is increasing in greater demand. The Asia Pacific region is emerging due to the presence of India, which is a major consumer region of the Sugar Confectionery Market Forecast. This is because of the increased involvement of confectioneries in different traditional customs in this region. The rest of the world's regions will be likely to show significant growth states due to the involvement of key players and their strategies to uplift the business. Therefore, all these major regions contribute to the global Sugar Confectionery Market Growth.
Competitive Intensity within the Industry
The key players of the market are raising its demand at the global level with their core involvement in the business. The planned marketing strategies to surge the business are empowering the Sugar Confectionery Market Size. The market is definite to reach its goal with tremendous growth during the forecast period. The presence of key players and their competition in the global market will emerge to prove its worth. Here is the list of major plants of the Sugar Confectionery Market Outlook.
Recent Market Development
The overview report of the Sugar Confectionery Market states the market scenario and its development in the current situation. The role of chief factors is stated with their effective measures and impact on the market.
The COVID-19 analysis shows the impact of the pandemic on the Sugar Confectionery Market Growth. Further, the segmentation report has briefly displayed the major segments and the influence of sub-segments on the market. The geographical report of the Sugar Confectionery Market shows its widespread growth in major regions of the world. The recent developments by the key players will help the market shine at the global level—the Sugar Confectionery Market to notice a consistent growth with good share value.
Key Industrial Segments
By Distribution Channel
Frequently Asked Questions (FAQ) :
Increasing disposable income levels of consumers and trend of gifting sweets are main growth engines of the global sugar confectionery market.
Inclusion of organic ingredients in confectioneries can drive the global sugar confectionery market.
In the ‘type’ segment, pastilles can lead the global sugar confectionery market till 2027.
North America is projected to lead the global sugar confectionery market till 2027.
Wrigley, HARIBO, Mars Incorporated, Nestlé, Mondelez International, Ferrero, and THE HERSHEY COMPANY are major players of the global sugar confectionery market.