Market-Overview
Sugar Confectionery product market 2020 can attain a growth rate of more than 3.2% over the review period (2017 to 2023), affirms MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Growth Enhancers and Barriers
In recent years, the demand for organic and natural candies as well as premium products has spiked considerably, creating ample opportunities for the key firms in the global market for sugar confectionary. In line with the mounting awareness among consumers about food ingredients and the growth in sugar aversion, retailers and manufacturers have been responding to the given trend by introducing more reduced-sugar or sugar-free alternatives. For instance, in February 2020, Chupa Chups boosted its sugar-free confectionary range by launching Chupa Chups Good For You. These lollipops consist of stevia and some of the added benefits include fibre, natural colourings, vitamin C, and sweeteners. These features help make them these products more appealing to the health conscious consumers.
The hike in preference for private labels, product development and the emerging trend of sugar confectioneries as gifts are set to work in favor of the global market. Expanding population coupled with technological innovations in developing countries can also contribute substantially to the market growth. Renowned brands are focused on advertising campaigns, social media marketing and promotional activities to bolster their horizon and achieve a bigger customer base in the global market. Many of these companies are also making efforts to gain entry into emerging countries, to leverage the attractive business opportunities, with one such country being India where the presence of different cultures and festivals enhances its growth potential.
Various Sugar Confectionery product market types that observe significant demand include gums, pastilles, chews and jellies, and come in a variety of packaging formats such as boxes, sachets, and more. Sugar confectioneries have become a hit among almost all the age groups, considering their appealing taste as well as organoleptic properties. Medicated sugar confectioneries seem to be gaining quite a lot of traction, and can be a significant trend to look out for in the years ahead. Expansion of the e-commerce industry in recent years has been a major game-changer for sugar confectionaries as well, in the wake of mounting number of online shoppers worldwide.
Key Players
Some of the highly reputed vendors in the worldwide market are Mondelez International (U.S.), Mars Incorporated (U.S.), Ferrero (Italy), THE HERSHEY COMPANY (U.S.), Wrigley (U.S.), Nestlé (Switzerland), HARIBO (Germany), and more.
Market Segmentation:
Type, packaging and distribution channel are the key market segments analyzed in the MRFR report.
The types of sugar confectioneries available in the global market are jellies, gums, pastilles, chews, and more. Between these, the biggest market belongs to pastilles, followed by gums. The expanding retail sector has been instrumental in the pastilles segment’s growth since these come under the impulsive buy category among consumers.
With respect to packaging, the major segments are boxes, sachets, and others. The sachet segment is in the lead but the boxes segment can race ahead at the fastest pace over the coming years.
Distribution channels in the market are either store-based or non-store based. The store-based distribution channels dominate the market and can continue to do so throughout the conjectured period. On the other hand, the non-store based ones can gain moderately in the next few years.
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Regional Analysis
Sugar Confectionery product market’s future prospects have been evaluated in the MRFR report, with respect to key regions, namely Asia Pacific, North America and Europe, along with RoW/rest of the world.
North America will retain its winning streak throughout the review period, considering the significant rend of gifting sugar confectioneries on several occasions. United States is in the lead, primarily due to the heightened demand for rich and high-end cocoa products among people. The growth in the fitness trend has bolstered the demand for protein bars in the region. The considerable surge in the number of consumers focused on their health and opting for fitness clubs have become the target audience for the major sugar confectionary manufacturers in the region.
APAC remains the fastest advancing market for Sugar Confectionery product market, as a result of the significant demand during several festivals in India. Continuous product innovations along with advancements in packaging also bolster the market growth in the region. The youth in APAC is rapidly showing interest in innovative food products; while time pressed consumers are seeking ‘in-between snacks’, which can further boost the sales of sugar confectioneries in the region.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.