Confectionery products majorly include pastilles, gums, jellies, and chews which are high in sugar content. Increasing demand for confectionery products has given an opportunity to the sugar confectionery manufacturers to come up with various innovative sugar confectionery products. Furthermore, high demand for sugar confectioneries among children is considered to be a major driving factor for the market growth. Additionally, demand for medicated sugar confectionery is pushing the growth of the market in a positive direction.
Sugar confectionery products are attractive and sweet which is gaining traction among all the age groups. Changing consumption pattern followed by increasing disposable income is boosting the growth of the Sugar Confectionery Market. Moreover, growing trend of gifting confectioneries is driving the growth of the Sugar Confectionery Market.
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Various innovations in the sugar confectionery products are boosting the growth of the market globally. Moreover, key players are growing their market through attractive packaging, which is adding fuel to the growth of the sugar confectionery market. However, increasing health conscious population followed by increasing obesity may hamper the growth of the market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 3.2% of sugar confectionery market during the forecast period, 2017-2023.
The major players in the sugar confectionery market
- THE HERSHEY COMPANY (U.S.)
- Nestlé (Switzerland)
- Mars Incorporated (U.S.)
- Mondelez International (U.S.)
- HARIBO (Germany)
- Ferrero (Italy)
- Wrigley (U.S.)
Sugar confectionery market is segmented on the basis of type such as pastilles, gums, jellies, chews, and others. Among all, the pastilles segment is dominating the market followed by the gums segment. Growing retail sector is majorly contributing to the growth of pastilles segment as they usually fall under an impulsive purchase of the consumers.
On the basis of the packaging, the sugar confectionery market is segmented into sachets, boxes, and others. The sachet segment is dominating the market. However, the boxes segment are expected to grow at the fastest rate in the coming years.
Based on the distribution channel, sugar confectionery market is segmented into the store-based and non-store based distribution channel. The store-based distribution channel is dominating the market and is likely to continue its dominance over the forecast period. However, the non-store based distribution channel is expected to gain moderate growth in the coming years.
The Global Sugar Confectionery Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the global market. Use of sugar confectioneries on various occasions for gifting is a major driver for this market in North America.
Europe is the second largest sugar confectionery market across the globe.
Asia Pacific is the fastest growing sugar confectionery market owing to high usage of confectioneries in the festivals and customs in India. Moreover, continuous innovation and new product launches with innovative packaging are supporting the growth of sugar confectionery market in rest of the world.