The global sugar confectionery market is likely to grow at a 3.2% CAGR between 2017- 2023, according to the recent Market Research Future (MRFR) report. Sugar confectioneries are sugar-based products that have a high content of sugar or sweetener. It is consumed as a snack food and taste ingredients and also finds huge applications in the gifts industry. Chews, jellies, gums, pastilles, and others are the most widely used sugar confectioneries. Sugar confections are of two types, namely fondant and boiled sweets. The key ingredients used in sugar confectionery include glucose syrups, invert sugars, and sucrose.
Various factors are adding to the global sugar confectionery market share. These factors, as per the new MRFR report, include surging demand for sugar confectionery that is privately labeled, the growing trend for natural and organic confectionery, the launch of new products having new flavors, and rising trend of gifting confectionery items. Additional factors adding market growth include burgeoning demand for premium products, increasing disposable income, changing lifestyle, and growing consumption by different age groups for organoleptic properties and taste are also adding to the sugar confectionery market growth.
On the contrary, the rising prevalence of diabetes worldwide, constant efforts to cut down cholesterol content and weight, and increasing health awareness are factors that may limit the sugar confectionery market growth over the forecast period.
The MRFR report provides an inclusive segmental analysis of the global sugar confectionery market based on type, packaging, and distribution channel.
By type, the sugar confectionery market is segmented into chews, jellies, gums, pastilles, and others. Of these, the pastilles segment will lead the market over the forecast period for the growing retail sector.
By packaging, the sugar confectionery market is segmented into boxes, sachets, and others. Of these, sachets will dominate the market over the forecast period, while boxes are likely to grow at a fast pace.
By distribution channel, the sugar confectionery market is segmented into non-store based and store-based. Of these, the store-based segment will have a major share in the market over the forecast period, while the non-store based segment is likely to have moderate growth.
Based on the region, the global sugar confectionery market covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period for the increasing trend of gifting sugar confectionery on occasions. The US is the key contributor in the region.
The global sugar confectionery market in Europe is predicted to have the second-largest share over the forecast period for the growth in the retail sector.
The global sugar confectionery market in the APAC region is predicted to grow at a quick pace over the forecast period. Factors boosting the market growth include increasing use of confectioneries in customs and festivals in India, new product launches, constant innovation, and innovative packaging. Besides, increasing marketing campaigns by leading industry players, the growing trend of e-commerce, improving lifestyles, and increasing disposable income are also adding market growth.
The global sugar confectionery market in the RoW is predicted to have sound growth over the forecast period.
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Leading players profiled in the global sugar confectionery market report include Wrigley (U.S.), Mars Incorporated (U.S.), HARIBO (Germany), Ferrero (Italy), Mondelez International (U.S.), Nestlé (Switzerland), and THE HERSHEY COMPANY (U.S.). Industry players have incorporated several strategies to stay head and shoulders above others in the competition and also cater to the growing needs of customers such as mergers, collaborations, acquisitions, joint ventures, strategic alliances, geographic expansions, extensive R&D activities, new product launches, contracts, and others.
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