PUNIE, India, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The Global Sugar Confectionery Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global sugar confectionery market was valued at US$ 43 billion in 2019 and is estimated to reach US$ 72 billion by 2030 at a CAGR of 4.8%. Sugar confectioneries are a wide range of products, which contain artificial or natural sugar as a key ingredient. Sugar confectioneries are also called as sweets, and are consumed by almost all income groups and people of all ages, across the globe. These products offer a wide range of variety, ranging from individually wrapped sweets, to sophisticated packaging for the more inexpensive products.
The choice of the types of confectioneries consumed differs based upon the geographical region, owing to the difference in regulatory norms and other factors such as economy, and the differences in the tastes and preference of customers.
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The rising consumption of these sugar filled goodies across the various different age groups owing to its pleasant sweet taste and a plethora of different flavor combinations, coupled with its organoleptic properties, are considered to be the key reasons for their popularity amongst consumers across the board, and the same are a great contributor towards the market growth.
Additionally, there is a rising trend of gifting confectionery items on special occasions such as birthdays and anniversaries, which is boosting the growth of the sugar confectionery market.
Key players in the market are putting special emphasis on promotional activities, advertising campaigns, and social media marketing to expand their horizon and gain a competitive advantage in the market. Furthermore, these players are making notable efforts to enter developing nations in order to exploit the lucrative market opportunities that are surfacing here.
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The innovation of new products, as a result of the constantly emerging technologies, and continuous research and efforts made in this field, with new flavour profiles and newer ingredients, is adding fuel to the growth of the market.
The store based channel dominates the Distribution Channel segment:
The many malls, departmental stores, retail stores, convenience stores, and smaller traders, all contribute vastly to the continuous growth of the Sugar Confectionery Market.
These channels have all recorded good sales numbers of confectionaries that include the Toffees, Candies and Lollipops that are placed at strategic locations inside the stores, right near the billing counters, through a careful study of human psychology that shows that consumers tend to buy more of these attractive looking sweets when waiting in line for billing.
The colorful attractive packaging, and the way these come in several different flavors, along with the fact that most aren’t as expensive when bought in smaller quantities, has worked out in favor of the Sugar Confectionery Market.
Even though most people don’t make a conscious decision to buy these small, sweet products, which is why the Online stores haven’t seen as much traction as the physical ones, their tactical placement inside stores, and their glossy, inviting wrappers and packaging, results in most people putting one or two of these in their carts.
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Healthy sugar goodies are acting as a major driving factor for the growth of the Sugar Confectionery Market
The flip side to these delicious items was the growing awareness regarding a healthy lifestyle and wellness and the rising number of diabetes cases worldwide, which were previously estimated to restrict the growth of the market in the coming years. Furthermore, the rising inclination of consumers towards dark chocolate, and the growing competition from unorganized and local players, were some of the key challenges for the leading players.
In response to the new age demands, and the rising competition from regional manufacturers, the leading players, through rigorous market research and consumer behavioral patterns, came up with natural and organic candies and premium products, which were just as tasty, yet not as bad for the health of the consumers, which gave a significant boost to the Sugar Confectionery Market, and generated more opportunities for the leading players, giving them a good edge over the regional players that didn’t have as many healthy options.
Having taken note of this rise in awareness and the health consciousness of the consumers, the manufacturers are constantly finding newer ways to make these sugar products go even more sugar free, but without affecting the flavor profiles of the same.
Nostalgia acts as a prime driving factor for the buoyance of the Sugar Confectionery Market:
These candies, lollipops, marshmallows added to cups of Hot Chocolate take the consumers back to their childhood days.
Even after entering adulthood, most people will buy candies that revive older memories, which is how nostalgia plays a vital part in not only keeping this market afloat, but to help it grow, because considering the fact that adults have more spending power, playing on their feelings of joy and nostalgia, has been a big part of the advertising campaigns of most of the leading brands of the Sugar Confectionery Market.
North America leads, but Asia Pacific is a promising market:
Currently leading the regional segment market is the North American market, with U.S.A. being the major contributor to the growth of sugar confectionery market in North America. Growth in the retail sector is majorly contributing to the growth of the sugar confectionery in Europe market.
However, with lucrative business growth, owing to the involvement of confectioneries in their various traditional customs, a constantly growing younger population, the rising disposable income of consumers, and more available variety, the Asia Pacific region is projected to witness a steady growth throughout the forecast period.
In the region of Asia Pacific, the countries of India and China especially, are the ones that are predicted to lead the Sugar Confectionery Market during the forecast period.
The key players in the Sugar Confectionery market include The Hershey Company (U.S.A.), Nestlé (Switzerland), Mars Incorporated (U.S.A.), Mondelez International (U.S.A.), Haribo (Germany), Ferrero (Italy), Wrigley (U.S.A.).
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