Global Sugar Confectionery Market Outlook, 2027

Global Sugar Confectionery Market Outlook, 2027

The report identifies and discusses recent developments in sugar confectioneries across the globe. This report not only provides the facts, figures, and forecasts but also has a detailed study about the COVID effect on the industry. As the name suggests, this sweet-tasting item is loved by all age groups across the globe. The market has been growing at a steady pace on account of the high demand from middle-class consumers. This market is divided into different product types such as Hard Boiled Sweets, Plain Mints, Caramel/Toffee, Chewy, Novelty, Licorice, Sugar-free, and Others; Children, Adults & Geriatric, in terms of age group; based on sales channel: Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, E-commerce & Others; and by region & country. The rising popularity of these sugar-filled confectioneries is popular among all age groups owing to their pleasant taste and plethora of different flavours. Additionally, the rising gifting trend to loved ones on special occasions is further boosting the demand. The downside to this is the growing awareness of the health benefits of dark chocolate and stiff competition from local manufacturers. In response to this, the leading players came up with organic candies and natural-flavoured candies, which boosted the sugar confectionery market.

According to the research report ""Global Sugar Confectionery Market Outlook, 2027"" published by Bonafide Research, it is expected to grow at a CAGR of 3.83% over the forecast period. The major market drivers are the rise in disposable income and an increase in the population in emerging countries. With the changes in consumer preferences over time, the players have been actively involved in the introduction of different variants like low-calorie and fibre-rich. Also, there has been a significant increase in the investments directed towards the promotional activities, point of purchase advertising campaigns, and social media marketing, which has been an added advantage to the industry's growth. On the other hand, the increased health focus along with the increasing incidences of diabetes at an early age is the major restricting factor for further growth. This has also led to an increased demand for sugar-free confectioneries without flavours getting distorted. The leading companies are focusing on improving their global position by enhancing their product lines and through mergers and acquisitions. Understanding the changes in lifestyles, companies are now innovating and introducing new products to cater to the customers' growing needs.

Based on the product type, the chewy confectionery segment is highly common and will lead the sugar confectionery market in 2021. Without a doubt, diabetes is one of the fastest-growing health challenges of the 21st century, which is also a root cause of different health issues. This is likely to push the sugar-free segment in the coming years, which is to make it the fastest-growing segment in the forecasted period. Through the forecasted period, the sugar-free segment is expected to grow at an anticipated growth rate of 6.47%.

The over-65 age group leads the market in terms of age group. This is to revive old memories, and they have more power to spend. The brands play with consumers' minds with packaging and advertising content to lure them. Globally, this segment has been showing a marginal incline over the period and is also expected to be the fastest-growing segment in the forecasted period. Following this, the geriatric age group segment showed a considerable incline in the market in the historic period.

The market is dominated by the convenience store segment by sales channel. The toffees, candies, and lollipops are placed near the billing counter, which leads to impulsive buying by consumers. The attractive packaging and the bulk buying that saves costs further propel the buying needs. Followed by this, was the supermarket/hypermarket segment, which triggers the impulsive purchase decision of the customer through strategic placement. However, through the forecasted period, the e-commerce sales channel is expected to gain popularity given the number of internet portals coming up. The segment is expected to be growing at an anticipated CAGR of 7.46%, backed by the growing preference for discounts.

North America leads the sugar confectionery market, with the US as the leading country. Retail growth drives the demand in the European sugar confectionery market. In the Asia-Pacific region, it is driven by the rising population and disposable incomes coupled with their traditional customs of eating sweets on every occasion. Retail and e-commerce sales are increasing, with major market players emphasising campaigns to drive market growth even further.

The pandemic moderately affected the sugar confectionery market due to declining demand for snacks and sweets. Various manufacturing and industrial trade restrictions hampered the sugar confectionery industry's production and demand. However, the rising inclination and willingness of consumers to spend more on food items to relieve stress over the counter helped spur marginal growth in sugar confectionery.

Companies Mentioned:
Mars Wrigley Confectionery, div. of Mars Inc., Ferrero Group, Haribo GmbH & Co. K.G., Perfetti Van Melle, Meiji Co. Ltd., Nestle SA, Hershey Co., Lotte Confectionery Co., Ltd., Mondelez International, Lindt & Sprungli AG

Considered in the Report:
• Geography: Global
• Base year: 2021
• Historical year: 2016
• Forecasted year: 2027

Regions Covered in the Report:
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Aspects covered in the Report:
• Global Market Size By Value for the time period (2016 - 2027F)
• Regional Market Size By Value for the time period (2016 - 2027F)
• Country Wise Market Size By Value for the time period (2016 - 2027F)
• Market Share by Product Type (Hard Boiled Sweets, Plain Mints, Caramel/ Toffee, Chewy, Novelty, Licorice, Sugar-free, Others) By Value
• Market Share by Age Group (Children(1-20 Age), Adult (20-55) & Geriatric(55 and above)) By Value
• Market Share by Sales Channel (Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, E-commerce & Others) By Value
• Market Share by Region
• Market Share by Country
• Market Share by Company

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering, the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources.

Intended audience
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to toy products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.