The Sugar Confectionery by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Sugar Confectionery, 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 growth in the historic period can be attributed to traditional and nostalgic appeal, innovative product development, marketing to children, seasonal and holiday demand, affordability and impulse purchases, 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%. The growth in the forecast period can be attributed to health-conscious alternatives, premiumization, innovations in ingredients, sustainability practices, globalization of flavors. Major trends in the forecast period include clean label and natural ingredients, health-conscious offerings, innovative flavors and formats, premiumization and artisanal offerings, nostalgia and retro branding.
The increasing consumer demand for sweets and chocolates is expected to propel the growth of the sugar confectionery market going forward. Sweets and chocolates refer to food items created by combining cocoa beans that have been roasted and ground with sugar powder and fat to form solid confectionery. Sweets and chocolates include various formulations and flavors that use sugar as a main ingredient, as a result, increasing demand for sweets and chocolates increases the demand for the sugar confectionery market. For instance, in March 2022, according to a report shared by National Confectioners Association, a US-based trade organization that promotes chocolate, candy, gum and mints, sales of chocolate and sweets in the US increased by 11% between 2020 and 2021. Additionally, confectionery retail sales were $36.9 billion overall in 2021 and were projected to reach $44.9 billion by 2026. Therefore, the increasing consumer demand for sweets and chocolates is driving the growth of the sugar confectionery market.
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The sugar confectionery market covered in this report is segmented –
1) By Product Type: Hard-Boiled Sweets, Caramel And Toffees, Gums And Jellies, Medicated Confectionery, Mints, Marshmallows, Nougat, Lollipops, Liquorice
2) By Packaging: Sachet, Box, Other Packagings
3) By Distribution Channel: Convenience Stores, Departmental Stores, Online Stores, Retail Stores, Traders, Importers, Exporters
Product innovation is a key trend gaining popularity in the sugar confectionery market. Major companies operating in sugar confectionery are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2022, Mars Incorporated., a US-based multinational manufacturer of confectionery, launched a new product CO2COA, which is the first vegan milk chocolate bar. The CO2COA is primarily produced with animal-free, lactose-free, and earth-friendly chocolate bars. Additionally, it contains alternative protein energy for consumers with a delicious taste, and it comes wrapped in paper-based packaging.
The sugar confectionery market report table of contents includes:
1. Executive Summary
2. Sugar Confectionery Market Characteristics
3. Sugar Confectionery Market Trends And Strategies
4. Sugar Confectionery Market – Macro Economic Scenario
5. Global Sugar Confectionery Market Size and Growth
6. Sugar Confectionery Market Segmentation
7. Sugar Confectionery Market Regional And Country Analysis
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27. Sugar Confectionery Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Sugar Confectionery Market
29. Sugar Confectionery Market Future Outlook and Potential Analysis
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