Overview and Scope
Sugar confectioneries refer to sweet-tasting food products that are high in sugar content. Sugar confectionery is the traditional core application of sugar. Sugar confectionery is the traditional primary use of sugar. It satisfies customer desires for sensory delight, personal and experience rewards, treats, comfort and sharing, bonding, socializing, and fun breaks.
Sizing and Forecast
The sugar confectionery market size has grown strongly in recent years. It will grow from $46.97 billion in 2023 to $49.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to traditional and nostalgic appeal, innovative product development, marketing to children, seasonal and holiday demand, affordability and impulse purchases, cultural and regional preferences.
The sugar confectionery market size is expected to see strong growth in the next few years. It will grow to $61.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to health-conscious alternatives, premiumization, innovations in ingredients, sustainability practices, globalization of flavors. Major trends in the forecast period include clean label and natural ingredients, health-conscious offerings, innovative flavors and formats, premiumization and artisanal offerings, nostalgia and retro branding.
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Segmentation & Regional Insights
The sugar confectionery market covered in this report is segmented –
1) By Product Type: Hard-Boiled Sweets, Caramel And Toffees, Gums And Jellies, Medicated Confectionery, Mints, Marshmallows, Nougat, Lollipops, Liquorice
2) By Packaging: Sachet, Box, Other Packagings
3) By Distribution Channel: Convenience Stores, Departmental Stores, Online Stores, Retail Stores, Traders, Importers, Exporters
North America was the largest region in the Sugar Confectionery market in 2023. The regions covered in the sugar confectionery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing consumer demand for sweets and chocolates is expected to propel the growth of the sugar confectionery market going forward. Sweets and chocolates refer to food items created by combining cocoa beans that have been roasted and ground with sugar powder and fat to form solid confectionery. Sweets and chocolates include various formulations and flavors that use sugar as a main ingredient, as a result, increasing demand for sweets and chocolates increases the demand for the sugar confectionery market. For instance, in March 2022, according to a report shared by National Confectioners Association, a US-based trade organization that promotes chocolate, candy, gum and mints, sales of chocolate and sweets in the US increased by 11% between 2020 and 2021. Additionally, confectionery retail sales were $36.9 billion overall in 2021 and were projected to reach $44.9 billion by 2026. Therefore, the increasing consumer demand for sweets and chocolates is driving the growth of the sugar confectionery market.
Key Industry Players
Major companies operating in the sugar confectionery market are focused on introducing unique sweets, such as non-HFSS sweets, to maximize their profits in the market. Non-HFSS (High in Fat, Salt, or Sugar) sweets refer to confectionery products that are formulated to contain lower levels of saturated fat, salt, and sugar, in line with regulations and guidelines aimed at promoting healthier eating habits and reducing the consumption of unhealthy foods. For instance, in January 2023, Rowntree’s, a UK-based confectionery brand and a subsidiary of Nestlé UK Ltd., launched a new range of non-HFSS sweets made with 30% less sugar than other Rowntree’s products. The new shareable gummy candies have no artificial coloring, flavoring, or sweeteners and are created with actual fruit juice. Each style comes in a variety of flavors, such as strawberry, raspberry, blackcurrant, orange, lemon, and apple. Nestlé has increased the fiber content of their desserts while lowering the sugar content by using soluble corn fiber. There is 5.5% fruit juice in the range as well.
The sugar confectionery market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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