Sugar Confectionery Market Size, Demand, Supply, Growth Factors, Latest Upward Trends and Forecast
Sugar confectionery market by type of product (hard candies, toffees and toffees, gums and jellies, medicated confectionery, mints, nougat, lollipops, liquorice)
PORTLAND, OR, UNITED STATES, Jan. 12, 2022 /EINPresswire.com/ – The global sugar confectionery market was valued at $ 44,481 million in 2015 and is expected to reach $ 55,594 million by 2022, recording a CAGR of 3.2% in 2016-2022. Sugar confectionery is called candy and is consumed by almost all income groups. These products offer a wide variety, ranging from individually wrapped candies to sophisticated packaging for inexpensive products. The preferred type of confectionery often differs by geographic region, due to different regulatory standards and other factors such as economy, taste and customer preference.
Sugar confectionery are called food products with high sugar content such as candies, chocolates, toffees, gums and cookies, and various types such as. In addition, they include a variety of products ranging from inexpensive candies to individually wrapped candies and candies with sophisticated packaging.
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Factors driving the growth of the global sugar confectionery market include the increase in the retail market and the expansion of the product portfolio. In addition, the increase in disposable income of consumers in developing countries and the shift in trend towards gifts of confectionery items, relentless R&D, expansion of major players, emphasis on promotional activities and Social media marketing and advertising campaigns have led to increase in the confectionery market world. However, high commodity prices are expected to hamper the growth of this market in the near future. Additionally, increasing demand for dark chocolates and sugar-free chocolates is also expected to constrain growth during the forecast period. The major factors that may hamper the growth of the market are increased consumer awareness of health issues and increased incidence of diabetes worldwide.
Based on the type of product, the market is segmented into hard candies, toffees and toffees, gums and jellies, medicated confectionery, mints, and others. Hard candies accounted for a maximum share of the global sugar confectionery market in 2015. The caramels and caramels and gums and jellies segments collectively accounted for more than two-fifths of the market share in 2015.
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“The demand for sugar confectionery in Asia-Pacific is expected to increase at a rapid rate during the forecast period, owing to continued product launches and expansion of major players. Additionally, the expansion of local brands in India is expected to boost the sugar confectionery market in Asia-Pacific. “
Main conclusions of the Sugar Confectionery Market:
In terms of value, the medicated confectionery segment is expected to grow at a CAGR of 3.9% during the forecast period.
Asia-Pacific is expected to maintain its leadership position throughout 2022, with a CAGR of 4.2%, in terms of value.
China occupied about half of the total Asia-Pacific sugar confectionery market in 2015.
India is expected to grow at the highest CAGR of 5.1%, in terms of value.
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In 2015, Asia-Pacific and North America collectively accounted for two-thirds of the global sugar confectionery market and are expected to continue this trend. China, India and other developing countries are expected to experience high growth rate in Asia-Pacific during the forecast period
Major companies featured in the report include Nestlé SA, Chupa Chups SA., Cadbury PLC, Kraft Foods Inc., Ferrero SpA., The Hershey Company, Perfetti Van Melle SPA, HARIBO Dunhills (Pontefract) PLC, Lotte Confectionery Co Ltd, WM Wrigley JR Company and Lindt & Sprungli.
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