PUBLISHER: The Business Research Company | PRODUCT CODE: 1409832
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409832
“Sugar Confectionery Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sugar confectionery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sugar confectionery? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The sugar confectionery market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Sugar confectioneries encompass sweet-tasting food products characterized by high sugar content and are traditionally associated with sugar-based applications. These confectioneries cater to customers' desires for sensory pleasure, personal indulgence, treats, comfort, sharing, social bonding, and moments of enjoyment.
The primary types of sugar confectioneries include hard-boiled sweets, caramel, toffees, gums, jellies, medicated confectionery, mints, marshmallows, nougat, lollipops, and liquorice. Hard-boiled sweets are small, firm candies offering a sweet, often fruity taste. These products are packaged in various forms such as sachets, boxes, and others, and are distributed through diverse channels including convenience stores, departmental stores, online retail platforms, traditional retail stores, as well as through traders, importers, and exporters.
The sugar confectionery market research report is one of a series of new reports from The Business Research Company that provides sugar confectionery market statistics, including sugar confectionery industry global market size, regional shares, competitors with a sugar confectionery market share, detailed sugar confectionery market segments, market trends and opportunities, and any further data you may need to thrive in the sugar confectionery industry. This sugar confectionery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 historical period's expansion can be ascribed to factors such as leveraging traditional and nostalgic appeal, advancing product development innovatively, targeting children in marketing strategies, meeting seasonal and holiday demands, affordability driving impulse purchases, and accommodating 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%. During the forecast period, the surge in growth can be linked to the rise of health-conscious alternatives, the premiumization of products, continual innovations in ingredient usage, the adoption of sustainable practices, and the globalization of flavors. Prominent trends anticipated in this period encompass the emphasis on clean label and natural ingredients, the proliferation of health-centric offerings, the introduction of inventive flavors and formats, the elevation of premium and artisanal offerings, as well as the utilization of nostalgia and retro branding strategies.
The growth of the sugar confectionery market is expected to be propelled by the rising consumer demand for sweets and chocolates. These delectable treats are crafted by combining roasted and ground cocoa beans with sugar powder and fat, resulting in a range of solid confectionery products. The diverse formulations and flavors found in sweets and chocolates, where sugar is a key ingredient, contribute to an increased demand for sugar confectionery. Notably, a March 2022 report from the National Confectioners Association, a US-based trade organization promoting chocolate, candy, gum, and mints, revealed an 11% growth in chocolate and sweets sales in the US between 2020 and 2021. The overall confectionery retail sales in 2021 amounted to $36.9 billion and were projected to reach $44.9 billion by 2026. Hence, the surging consumer demand for sweets and chocolates is a driving force behind the growth of the sugar confectionery market.
The growth trajectory of the sugar confectionery market is expected to be further accelerated by the increasing consumer expenditure on fast food. Consumer expenditure on fast food represents the total amount spent by individuals and families on fast food items. Sugar confectionery products, including candies and sweet treats, are frequently included in fast food offerings, contributing to the overall sugar intake associated with fast food consumption. In September 2022, a report by the US Bureau of Labor Statistics highlighted a significant increase in the average annual expenditure on food away from home, reaching $3,030 in 2021 compared to $2,375 in 2020-an increase of 27.6%. This surge in consumer spending on fast food is a key driver behind the growth of the sugar confectionery market.
Product innovation emerges as a prominent trend in the sugar confectionery market, with major companies dedicating efforts to develop cutting-edge solutions that enhance their market positioning. A noteworthy example is Mars Incorporated, a US-based multinational confectionery manufacturer, which introduced the CO2COA in June 2022. This innovative product represents the first vegan milk chocolate bar, crafted with animal-free, lactose-free ingredients in an environmentally friendly format. Beyond its alternative protein energy content, CO2COA delights consumers with a delicious taste and embraces sustainable practices through its paper-based packaging.
Key players in the sugar confectionery market are actively introducing unique products, such as non-HFSS sweets, to optimize their market share and profitability. Non-HFSS (High in Fat, Salt, or Sugar) sweets align with regulations promoting healthier dietary choices by featuring reduced levels of saturated fat, salt, and sugar. A case in point is Rowntree's, a UK-based confectionery brand and Nestle UK Ltd. subsidiary, launching a new range of non-HFSS sweets in January 2023. These shareable gummy candies boast 30% less sugar than other Rowntree's products, free from artificial coloring, flavoring, or sweeteners, and incorporate real fruit juice in various flavors such as strawberry, raspberry, blackcurrant, orange, lemon, and apple. Nestle's approach involves increasing fiber content and using soluble corn fiber to reduce sugar content. In this way, the company continues to innovate, addressing health-conscious consumer preferences.
In September 2021, Barry Callebaut, a Switzerland-based cocoa processor and chocolate manufacturer, strategically acquired Europe Chocolate Company N.V., a Belgium-based innovator and flexible manufacturer of specialty chocolate ingredients, for an undisclosed sum. This acquisition positions Barry Callebaut to offer highly customized chocolate specialties and decorations to a diverse customer base while expanding production capacities in the thriving market for personalized chocolate decorations and specialties.
Major companies operating in the sugar confectionery market report are Chupa Chups SA, Nestle S.A, Ferrero International SA, The Hershey Company, Lotte Confectionery Co. Ltd., Lindt & Sprungli AG, PERFETTI VANMELLE PVT Ltd., Kraft Foods Inc., The Wm. Wrigley Jr. Company, Mars Incorporated, HARIBO Dunhills (Pontefract) Plc, Barry Callebaut AG, Ingredion Incorporated, DSM Food Specialties B.V, Mondelez International, Meiji Co. Ltd., Pladis Global, Arcor Group, Crown Confectionery Co. Ltd., Orion Corporation, Morinaga & Co. Ltd., Roshen Confectionery Corp., August Storck KG, Yildiz Holding A.S., Jelly Belly Candy Co., Albanese Confectionery Group Inc., The Warrell Corp., Promotion In Motion Cos. Inc., Just Born Inc., Tootsie Roll Industries Inc., .
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
The countries covered in the sugar confectionery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The sugar confectionery market consists of sales of sugar candies, chocolates, boiled sweets, chewing gums, and flavored candies. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.