Sugar Confectionery Market Overview
The sugar confectionery market is booming, with global sales expected Sugar Confectionery Market Size is anticipated to reach USD 242.51 billion by 2030, registering a CAGR of 3.4% during 2022-2030.
Increasing demand for convenience foods: Sugar confectionery is often seen as a convenient and affordable snack option. Rising incomes: As incomes rise in developing countries, consumers are spending more on discretionary items like sugar confectionery. Innovative new products: Confectionery manufacturers are constantly innovating and introducing new products to appeal to consumers.
The sugar confectionery market is segmented by type, distribution channel, and region. By type, the market is segmented into hard-boiled sweets, gums and jellies, caramels and toffees, medicated confectionery, and others. Hard-boiled sweets are the largest segment, followed by gums and jellies. By distribution channel, the market is segmented into offline stores and online platforms. Offline stores are the largest segment, but online platforms are growing rapidly. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market, followed by Europe. Asia Pacific is the fastest-growing market.
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The sugar confectionery market is a dynamic market, and the competitive landscape is constantly evolving. Companies are constantly innovating and introducing new products to appeal to consumers. The market is also being disrupted by the rise of online platforms. As a result, the sugar confectionery market is an exciting and challenging market to compete in.
Segment analysis
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 is 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.
Competitive analysis
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.)
Regional Analysis
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.
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