What Is the Size of Global Sugar Confectionery Industry?
Global Sugar Confectionery market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 55 Bn by 2028. The Sugar Confectionery Market is largely driven by rise in demand for on-the-go snacks, an increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and growth in the retail market.
One of the main causes of the need for convenience snacks as part of the daily diet is rising modernization and a busy combination of work and personal commitments. Due to their busy schedules, customers are forced to hunt for quick-to-prepare food items because they are unable to spend time cooking or dining out during their working hours.
Nowadays, as there are more consumers in the workplace, it is more difficult for them to maintain a healthy work-life balance. To provide consumers with a balanced diet, producers and marketers are actively profiting from the introduction and promotion of a variety of chocolate snacks, including on-the-go snacks, chocolate bars, and others. Strict government regulations to limit the market growth. Strict government regulations are anticipated to protect the quality of these items in nations including the USA, Germany, the UK, China, and India, which presents challenges for new market entrants. The hygienic standards for consumption are ensured by the established federal guidelines and rules which is putting pressure on the current organizations to match the standards.
Global Sugar Confectionery Market By Product Type
The Global Sugar Confectionery market is segmented by Product type into Gums, Jellies, Hard-Boiled Sweets, Caramel & Toffees, Mints, Medicated Confectionery and Others. The hard-boiled sweets segment held the largest market share in the global sugar confectionery products market in 2022.
From 2022 to 2028, the hard-boiled sweets segment will gain market share for sugar confectionery due to its increased appeal among children. This kind of candy is simple to make and comes in a shiny state. Some of the most popular hard-boiled candies include fruit drops, barley sugars, acid drops, hard gums, butterscotch, toffee, and caramel. Another element affecting the demand for the product is an increase in consumption to swiftly raise blood sugar levels.
Global Sugar Confectionery Market By Packaging Type
The Global Sugar Confectionery market is segmented by Packaging type into Sachet, Box and Others. The sachet segment held the largest share of the global sugar confectionery products market in 2022. Sachets are compact, portable packaging options that are easy to handle. Although sachet packets are manufactured of a variety of materials, they require less packaging material and storage space, which lowers the cost of transportation. Sachets have a three- or four-sided sealing and are flat in design.
Global Sugar Confectionery Market By Distribution Channel
The Global Sugar Confectionery market is segmented by Distribution channel into Hypermarket/Supermarket, Departmental Store, Confectionery Stores and Online Retails. The confectionery store distribution channel segment held the largest share of the global sugar confectionery products market in 2022.
For the purchase of consumer goods, groceries, confectionary items like chocolate, and other items where they can physically inspect the product quality, consumers are increasingly choosing confectionery stores. Furthermore, the segment's expansion is projected to be fueled by consumers' ease of access to and browsing of a variety of confectionery products in stores. The increased consumer demand for chocolate, cookies, and ice cream is also encouraging manufacturers to create new stores in malls, which will fuel the rise of the offline segment in the future years.
Global Sugar Confectionery Market By Geography
The Global Sugar Confectionery market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific accounted for the largest market share in 2021 within the total global sugar confectionery products market. Due to factors such as rising urbanization and the widespread availability of functional confectionary food and beverages, Asia-Pacific is expected to experience significant growth. Since the majority of Asian cuisine is healthy and nutritious, there is a high demand for low-calorie products like sugar-free confectionaries and low-carbohydrate foods in Asia Pacific countries like India and Japan.
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This demand is anticipated to be the main driver of the modest growth in the global confectionery market over the course of the forecast period. As a result of the health problems associated with a high-sugar diet, Asian countries are moving toward sugar-free confections. Two categories of sweeteners—sugar alcohols and artificial sweeteners—are frequently employed to create sugar-free chocolate and gums.
Competition Scenario In Global Sugar Confectionery Market
The Global Sugar Confectionery Products Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.
Large global players constitute ~5%, while regional players hold a 30% share. Some of the major players in the market include Lotte Confectionery, Ferrero SpA, Perfetti Van Melle, The Hershey Company, Specialty Food Association, Inc., Nestlé S.A., The Kraft Heinz Company, Jelly Belly Candy Company, Lindt & Sprüngli AG, HARIBO of America, Inc., and others.
What is the Expected Future Outlook for the Overall Global Sugar Confectionery Market Across the globe?
The Global Sugar Confectionery market was valued at USD ~billion in 2022 and is anticipated to reach USD 55 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
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The Global Sugar Confectionery market is driven by rise in demand for on-the-go snacks, an increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and growth in the retail market. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Sugar Confectionery market is changing rapidly. For instance, In February 2022, Lotte Confectionery increased local production of its well-known Choco Pie chocolate desserts across the nation by investing US$ 28.5 million in Lotte KF RUS, its Russian subsidiary.
In November 2022, Swedish confectionery expert Cloetta Global Travel Retail (GTR) plans to introduce a cutting-edge new product by 2032, Swedish confectionery expert Cloetta Global Travel Retail (GTR) plans to introduce a new product under its Red Band line. In November 2021, Lindt & Sprüngli is reaffirming its dedication to Switzerland as its home base by investing the capacity increase at its production site in Olten. The Lindt Cocoa Center, which produces cocoa mass for all of Lindt's production facilities in Europe, will be receiving an investment of almost 74 million Swiss francs by 2024.
The global sugar confectionery products market is forecasted to continue a gradual growth that is witnessed during the forecast period. The sugar confectionery market is in growth at a steady pace on account of the rise in demand for on-the-go snacks, the increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and the growth in the retail market. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.
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