Sugar Confectionery Market Overview:
The gifting industry in countries such as India, U.S., UK, and Italy is witnessing new product innovations in the food industry, accompanied by attractive packaging. Cookies, marshmallows, jellies, jams, and bakery items are widely used gift items. In addition, at the time of festive season, the retailers are benefited with lucrative opportunities to encourage shoppers to trade big tins, or large hampers of cookies, snacks, and confectionery instead of other hard items. It has been observed that during Christmas, more than 60% of the population in the Britain gifts chocolates, candies, or sweets, thereby boosting the sugar confectionery market. Digital media over traditional methods have witnessed a strong growth rate over the years. It has given a platform to the retailers to introduce and develop new marketing channels that would give them a strong base to market their business. Several channels, such as running a campaign on TV, Twitter, Facebook, and Google ads, have provided an opportunity to trade, as a result of which sugar confectionery market is expected to witness substantial growth. The entry of organic and premium candies has attracted a wider range of consumers. Most of the consumers are ready to pay a high price for the organic candies with a belief that they have additional benefits. However, organic chocolates have witnessed high acceptance by many customers as they these are rich in antioxidants. The dark and organic sweets market is growing significantly, owing to the health-halo benefits from dark chocolates and its pure ingredients.
Global sugar confectionery market was valued at $44,481 million in 2015, and is expected to reach $55,594 million by 2022, registering a CAGR of 3.2% during 2016-2022. Sugar confectioneries are referred to as sweets and are consumed by almost all income groups. These products offer a wide range of variety, ranging from individually wrapped sweets and sophisticated packaging for cheap products. The preferred type of confectioneries often differs according to the geographical region, owing to difference in regulatory norms and other factors such as economy and taste & preference of customers.
The sugar confectionery market is in growth at a steady pace on account of the high demand from middle-class consumers. Introduction of new products with innovative flavors & healthy ingredients, increase in gifting trend, and growth in retail market are expected to drive the demand in the near future. In addition, rise in disposable income and increase in population in emerging countries such as China and India is anticipated to augment the market during the analysis period. However, growth in health awareness globally and rise in instances of diabetes are estimated to hamper the sugar confectionery market growth. Key players in the region invest on advertising campaigns and marketing to enhance their brand recognition and influence in the sugar confectionery industry.
Segment Review
The market is segmented based on product type and geography. On the basis of product type, the market is classified into hard-boiled sweets, caramel & toffees, gums & jellies, medicated confectionery, mints, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Regional Analysis
The consumption of sugar confectionery in Asia-Pacific is expected to increase, assisted by the growth in regional population, development in retail market, and stable economic growth. Emerging markets such as China and India are expected to show the highest increase in demand for sugar confectionery products during the forecast period.
India Sugar Confectionery Market
Major sugar confectionery companies have adopted agreement, product launches, expansions, mergers & aquisitions to sustain the intense competition in this market. Major players operating in this market include Nestl SA, Chupa Chups SA., Cadbury PLC., Kraft Foods Inc., Ferrero SpA., The Hershey Company, Perfetti Van Melle S.P.A., HARIBO Dunhills (Pontefract) PLC, Lotte Confectionery Co Ltd, WM Wrigley JR Company, and Lindt & Sprungli.
Other market players (not profiled in report) include Adams and Brooks Candy, Jelly Belly Candy, AS Kalev, Mapro Industries Ltd., Barambo Ltd., Roshen Kondyterska Korporatsia, GBO Mendelez International, and Croatian company Kra dd.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the current sugar confectionery market trends and estimations from 2014 to 2022 of the sugar confectionery industry, which assist to identify the prevailing market opportunities.
- Major countries in each region are mapped according to individual market revenue.
- This study evaluates the competitive landscape to understand the competitive environment globally.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Microlevel analysis is conducted based on type and region.
- Key players and their significant developments in the recent years are listed.
Sugar Confectionery Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Geography |
|
 Key Market Players | KRAFT FOODS INC, LINDT & SPRUNGLI, FERRERO SPA, THE HERSHEY COMPANY, NESTLE SA, CABBORY PLC, WM WRIGLEY JR COMPANY, LOTTE CONFECTIONERY CO LTD, CHUPA CHUPS SA, PERFETTI VAN MELLE S.P.A. |
Analyst Review
The sugar confectionery industry is mature and countercyclical in nature, as confectionery products are perceived as affordable luxuries even during economic crisis. The industry is on a continuous rise globally, as multinational confectionery companies are offering sophisticated and affordable products for middle-class consumers. It is further driven by the product innovation and strong marketing campaigns.
Consumer preferences are shifting toward soft mouthfeel in comparison to harder varieties of sugar confectionery. Economic growth and rise in disposable income fuel the growth of the market in emerging countries such as India and China. Increase in penetration of wide range of sugar confectionery products in rural areas, various products offered by established manufacturers, and rise in population are major factors that drive the sugar confectionery market in India.
Asia-Pacific is expected to account for nearly two-fifths share of the global sugar confectionery market by 2022. China and Japan are expected to retain their dominance in the Asia-Pacific sugar confectionery market. U.S. accounted for almost one-fifth share in the global sugar confectionery market in 2015.
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