Sugar Confectionery Market Scenario
Sugar confectioneries include a series of products containing natural or artificial sugar. Pastilles, jellies, gums, and chews are some of the different types of sugar confectioneries, which are widely available in the sachets, boxes, and others. Increasing demand for the sugar confectioneries from various age groups for organoleptic properties and its taste, which is fueling growth of the global sugar confectionery market. Additionally, sugar confectioneries are identified as one of the key trends in the market, owing to increasing disposable affordability coupled with changing lifestyles. The factor is likely to benefit the growth of its global market in the coming years.
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The Sugar Confectionery Market is growing globally on the back of the introduction of low-sugared as well as nutritional and low-calorie confectioneries. Additionally, increasing demand for the low-sugared, nutrient-rich, and low-calorie confectioneries from the diabetic and health-conscious people are estimated to drive the global sugar confectionery market. Further, the innovation of new products by introducing several flavors is fueling growth of the market for sugar confectionery. Furthermore, inclination toward organic and natural confectionery is propelling growth of the global sugar confectionery market. Moreover, factors such as growing demand for privately labeled sugar confectioneries are driving growth of the global sugar confectionery market.
However, continuous efforts to reduce weight and cholesterol content and to increase health awareness among the consumers are hampering growth of the market and are likely to remain the same in the coming years. Additionally, the government and the governmental organizations are increasingly planning to restrict advertisements and sale of high calorie, and high-fat food, especially from children, are likely to limit the growth of the market to some extent.
Industry News:
In October 2019, Nestle’s Australian confectionery brand Allen’s introduced a 25% less sugar range of lollies as the demand for more healthy and natural ingredients. Also, in May this year, the company launched a new version of Milo with no cane sugar. Such product launches are likely to drive growth of the global Sugar Confectionery Market during the forecast period.
Competitive Analysis:
Some of the major companies in the global Sugar Confectionery Market include THE HERSHEY COMPANY (U.S.), Nestlé (Switzerland), Mars Incorporated (U.S.), Mondelez International (U.S.), HARIBO (Germany), Ferrero (Italy), Wrigley (U.S.). The key players are increasingly trying to introduce newer products to grab a strong foothold in the market, which is likely to benefit the market growth in the coming years.
Market Segmentation:
The Sugar Confectionery Market is segmented on type, packaging, distribution channel, and region.
Based on Type, the Sugar Confectionery Market report is segmented into pastilles, jellies, gums, chews, and others. Among these, the pastilles segment is estimated to be a dominant segment, followed by the gums segment.
Based on Packaging, the market report is segmented into boxes, sachets, and others. Among these segments, the sachet segment is anticipated to dominate the market and to hold a substantial share in the revenue during the forecast period. However, the boxes segment is estimated to display the fastest growth during the forecast period.
Based on The Distribution Channels, the Sugar Confectionery Market is segmented into non-store based and store based. Of these, the store-based segment is estimated to be dominant in the market during the forecast period. However, the non-store-based segment is estimated to display the fastest growth rate in the coming years.
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Regional Analysis:
Regionally, the Sugar Confectionery Market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America is estimated to remain dominant in the global sugar confectionery market, followed by Europe. This growth is majorly attributable to the huge consumption from the U.S., coupled with more extensive expansion of the retail sector in the region.
However, the market in the Asia Pacific region is likely to display growth with the fastest CAGR owing to the higher consumption of sugar confectionery across India. Additionally, sugar confectionery products are involved in the various traditional customs in the region. Additionally, continuous innovation by the prominent players in the market is likely to witness robust growth opportunities in the Sugar Confectionery Market during the forecast period.
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