Sugar Confectionery Market Overview

The global 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.

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The sugar confectionery market denotes the sector responsible for the manufacture and distribution of a diverse assortment of saccharine delicacies, primarily composed of sugar. This category comprises an array of products, such as confections, chocolates, chewing gum, jellies, popsicles, caramels, and analogous commodities. The sugar confectionery industry constitutes a noteworthy fraction of the wider confectionery domain, encompassing chocolate bars, baked goods, and frozen desserts.

The industry's growth is being driven by the combination of a growing population and rising disposable income. Furthermore, the industry is receiving support from increasing urbanization and changing consumer lifestyles. During the forecast period, significant investments by industry players in promotional activities, advertising campaigns, and social media marketing are anticipated to fuel the demand for sugar confectionery products. Additionally, the growth of the sugar confectionery industry is being supported by the expanding retail industry and the rising trend of e-commerce. However, the industry's growth may be restricted due to increasing health awareness, growing obesity-related diseases, and a shift in trend towards consumption of low-calorie food. Nevertheless, the global industry is expected to be driven by growing demand from emerging economies, the increasing trend of gifting confectionery products, and rising demand for organic and premium chocolate products.

The outbreak of the COVID-19 virus has had a substantial impact on the confectionery market. The strict regulations and lockdowns that were enforced throughout the year 2020 have had far-reaching effects on the confectionery industry, leading to varying effects on the supply of raw materials such as agricultural produce, food ingredients, and intermediate food products, as well as affecting trade and logistics, the volatility of demand and supply, and creating an uncertain consumer demand, while also impacting the workforce at the industrial level. During the lockdown, a significant factor affecting the confectionery industry was a decline in sales due to reduced gifting and impulse buying among consumers worldwide.

Delvens Industry Expert's Standpoint

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. Furthermore, the anticipated rise in disposable income and increase in population in emerging countries, such as China and India, are expected to augment the market during the analysis period. However, the growth in health awareness globally and the rise in instances of diabetes are estimated to hinder the growth of the sugar confectionery market. Key players in the region invest in advertising campaigns and marketing to enhance their brand recognition and influence in the sugar confectionery industry. These factors have led to the expansion of the market and increased demand for Sugar Confectionery solutions.

Sugar Confectionery Market 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 market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. 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.

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Sugar Confectionery Market Regional Analysis

North America to Dominate the 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.

Sugar Confectionery Market Competitive Landscape

·         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 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

Recent Developments in The Sugar Confectionery Market

·         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.

Reasons to Acquire Sugar Confectionery Market Report

·         Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

·         Gain authentic and granular data access for the Sugar Confectionery Market to understand the trends and the factors involved in changing market situations.

·         Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

·         In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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