The Sugar Confectionery Market size is estimated to reach $62.74bn by 2025 with a CAGR of 3.7% during the forecast period 2020-2025. Sugar confectioneries are products that contain artificial or natural sugar (extracted from sugarcane). Sugar confectioneries also have carbohydrates and are helpful in preparing sugar sculpture. Sugar Confectioneries offer a wide range of product variety, ranging from individually wrapped sweets and sophisticated packaging for a wide range of products. The preferred type of confectioneries often differs according to the geographical region, owing to the difference in regulatory norms and other factors such as economy and taste & preference of customers.
By Packaging – Segment Analysis
The Global Sugar Confectionery market based on the Packaging has the following segments, sachet, box, and others. The Sachet Sugar Confectionery accounted for the highest revenue share in the year 2019 and is set to continue for the forecast period (2020-2025). Sachet packaging accounted for the highest market share owing to the following factors; sachet packaging is affordable, customizable, and eco-friendly. Further, the rising demand for convenience and “on-the-go” compatibility of products is driving the “miniaturization” trend in packaging, thus creating a rise in demand for sachet sugar confectionery packaging in the global market.
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By Distribution Channel – Segment Analysis
The Global Sugar Confectionery market based on the Distribution channel has the following segments, independent retailers, supermarkets/ hypermarkets, online, and others. Supermarkets accounted for the highest revenue and market share in the year 2019 and are set to continue for the forecast period 2020-2025, owing to the increase in per capita income across all the countries. The change in consumer behavior and the rising trends of e-commerce are set to accelerate the growth of the sugar confectionery industry in the forecast period 2020-2025.
By Geography – Segment Analysis
The global Sugar Confectionery Market by geography has the dominant share in the Asia Pacific, in terms of revenue in 2019, and is set to continue for the forecast period 2020-2025. The increasing population in the region coupled with rising disposable income by growth in countries such as China, Japan, and India are driving the market. The development in the retail market, improvement in economic growth, and growing trend of using sugar confectionery as gifts for children drive the market growth in the region. On the other hand, North America is set to follow the Asia-Pacific and witness steady growth throughout the forecast period 2020-2025, owing to the rising disposable income of consumers and advanced technologies and infrastructure that is available to run the industry.
Drivers – Sugar Confectionery Market
Increase in Disposable Income
Countries all over the world have seen a sharp rise in disposable income owing to developmental activities. Growth in the disposable income of individuals is set to attract the adoption of confectionery products for self-consumption as well as for gifting purposes to the near and dear. Besides, with the growth in the marketing expenditure by companies to promote their product, and strong publicity activities is set to drive the market over the forecast period 2020-2025.
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Challenges – Sugar Confectionery Market
Fluctuating Prices of Raw material
Sugar Confectionery industry depends on raw material to carry forward its operations, and with continuous change in the prices of raw materials and availability, it is a growing concern for the market growth. Besides, Increase in old age population who are suffering from diabetes results in a decrease in the adoption of the product; these factors are poised to challenge the market growth.
Sugar Confectionery Industry outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Sugar Confectionery Market. Key companies of this market are Nestle SA, Mondelez International, Perfetti Van Meller, Lindt & Sprungli, Hershey Food Corp, Ferrero Group, Mars Incorporated, Kraft Foods Co, WM Wrigley JR Company, and Haribo among others.
In August 2018, Lotte Confectionery Co.Ltd., announced that they had collaborated with DKSH, expansion and distribution experts to achieve an expanded level of market share and capabilities in Singapore. DKSH handle all the sales management, key account & product management, credit control services, warehousing & stock management, along with the order fulfillment.
In March 2018, Nestlé announced the launch of chocolate bars with the company’s innovative sugar reduction technology incorporated in the product. The white chocolate bars named, “Milkybar Wowsomes” were advertised with 30% less sugar usage and commercially sold in United Kingdom & Ireland.
In January 2018, Nestlé announced that they have agreed to sell their U.S. confectionery business to Ferrero for USD 2.8 bn. This move help in expanding both the company’s business models.
Geographically, North America is dominating in the sugar confectionery market in terms of market share in 2019, followed by Europe.
The sugar confectionery market estimated to continue steady growth owing to the high demand from middle-class consumers from different parts of the world.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the sugar confectionery market report.
Key players in the market are focusing on promotional activities, advertising campaigns, and social media marketing to expand their range and gain a competitive advantage in the market.
Related Reports :
A. Confectionery Ingredients Market
B. Sugar Toppings Market
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