Sugar Confectionery Market Outlook, Growth, Regional Revenue, Top Competitor, Forecast 2030
Sugar Confectionery Market Review
The compound rate of the sugar
confectionery market is estimated to grow by 3.4 % CGAR in the forecast period.
It is registered to reach USD 242.51 billion by 2030.
Sugar Confectioneries are products containing
natural and artificial sugar. It is very useful in baking, like frosting,
icing, and candies. The use of sugar confectionery in baked products increases
the trapping air bubbles starch gelatinization temperature and delivers a light
texture to cakes simultaneously. Moreover, it minimizes the freezing point in
assembling soft ice-creams and increases the boiling point during manufacturing
sweets. Although, it also adds a great taste and organoleptic property in the
ingredients, resulting in an upsurge in the sugar
confectionery market outlook.
Moreover, a change in general preference
and rising disposable income are the key drivers of the growth of the Sugar
Confectionery market. On the one hand, sugar confectionery is building new
trends in the market. On the other hand, the growing consumption of premium
products leads to a rise in demand for sugar confectioneries. Nowadays, consumers,
i.e., are prioritizing sugar confectionery products to gift to their loved
ones, emerging to an increased supply.
With time, the sugar confectionery industry
introduced new flavors for their audience, thus giving rise to the sugar
confectionery market’s scale. Additionally, the increasing awareness and
consumption of natural sugar confectionery products also add fuel to the market
growth. Thus, all these factors upsurge the overall growth of Sugar
Confectionery products at large.
However, as the shockwaves of the CoViD-19
hit the globe, many countries imposed a lockdown to stop the spread of the
virus; because of the shutdowns, the sugar confectionery market landed in
trouble. As global restrictions disrupted the supply chains, the sales of sugar
confectionery items reduced widely. Consumers tend to buy the basic need items,
which negatively impacted the growth cycle of the sugar confectionery market.
Now, the post-lockdown period, the sugar
confectionery market will soon uprise their market’s size, share, and structure
in the forecast period.
Key players
Some of the leading sugar confectionery
market
·
THE HERSHEY COMPANY (U.S.)
·
Nestlé (Switzerland)
·
Mondelez International (U.S.)
·
HARIBO (Germany)
·
Mars Incorporated (U.S.)
·
Wrigley (U.S.)
·
Ferrero (Italy)
Market segmentation
The Sugar Confectionery Market segments its
type, packaging, and distribution channel.
The sugar confectionery divides into gums,
chews, jellies, pastilles, and others based on its types. Out of these
segments, the pastilles are highly dominating the market growth. After that,
the gum segment follows the cycle.
The sugar confectionery industry divides
into boxes, sachets, and others based on packaging. The sachets are the main
dominator of the market growth, whereas the boxes will soon drive in the
competition.
The distribution channel segment classify
in two ways store-based and non-store-based channels. Out of the two segments,
the store-based distribution channel is driving the market growth and will
continue to do so in upcoming years. The other, the non-store-based channel,
may witness a slow uprise in its scale.
Regional Classification
The regional classification of the sugar
confectionery market insights into Asia Pacific, North America, Europe, and
all other regions. From the mentioned regions, North America has a major
contribution to extending the sugar confectionery industry. After it, Europe,
Asia Pacific, and other regions follows the chain.
Industry news
The sugar confectionery market is highly
influenced because of its growing demand and awareness across the globe. Even
if CoViD-19 outbreak impacted its scale, the market would soon witness an upsurge
in the expected timeframe with a 4.7% CGAR rate annually.
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