Global Sugar Confectionery Market Overview, 2022-2027

Global Sugar Confectionery Market Overview, 2022-2027

Confectioneries are related to positive feelings of joy, comfort, love, relief, etc. Even when consumed without any celebration, sugar confectionery releases the feel-good chemical that triggers the brain. Sugar confectioneries are associated with many good and cherished memories for many. With such nostalgic links, they connect our brains to celebrations. Sugar confectionery includes a wide range of food items which are loved by everyone, irrespective of age and gender. They are available in a range of colors, shapes, and flavours, which makes them more appealing to consumers. These most-loved items consist of starch-based sweeteners, which are used to prevent crystallisation and reduce hygroscope. Sugar confectioneries are available in different types and textures, while the chewy confectionery remains the most loved one. The manufacturers are engaged in constant R&D with their trial and error with different combinations of ingredients. The quick shift in the brand is a common threat in the industry. 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.

Bonafide Research's recent publication, Global Sugar Confectionery Market Overview, 2027, is an in-depth study of the global market as well as the dynamics that will shape the market. The sugar confectionery market is expected to grow at a projected CAGR of 3.83% over the forecast period. The market has been growing at a steady pace on account of the high demand from middle-class consumers. The major market driver is the increase in disposable income coupled with lifestyle change. With the change in consumer preferences, manufacturers are now focusing on the production of low-calorie, sugar-free, and fiber-rich confectioneries. With this, the sugar-free confectionery segment is expected to witness an anticipated growth rate of 6.47% in the forecasted period. The hard-boiled sweet confectioneries are made from the concentrated sugar solution, which is heated, cooled down, and allowed to form into a solid mass with less than 2% moisture. However, the market is led by the chewy sugar confectionery segment, which in 2021 held a share of 36%. The sugar brings in comfort, which is seen as important in otherwise chaotic lives. This is the major reason why the adult group, consisting of a population between the ages of 20-55, leads the market with 47%. On the other hand, the younger population is now shifting towards a healthy lifestyle, which pushes them towards low-calorie consumption.

By sales channel, convenience stores held a considerable market share, given the impulsive buying behaviour of consumers towards sugar confectioneries, with nearly 37% of the share in the year 2021. With the increase in the number of small-scale manufacturers, the e-commerce sales channel is expected to grow rapidly in the coming period. Yet, with many small-scale confectionery makers coming into the market, they depend more on the online sales channel to safeguard their margins. The segment is expected to grow at an anticipated CAGR of 7.46% through the forecasted period.

The love for confectionaries is much the same across the world. Europe leads the global sugar confectionery market in 2021 with a major market share and is expected to be consistently growing in the future years too, which is backed by its pre-established dominance in the chocolate market. Given Asia's growing population and spending power, the sugar confectionery market in Asia will provide marketers with opportunities. The sugar confectionery market is expected to have significant growth in developed countries, backed by the increasing number of sales channels by the leading brands. In the year 2027, the South American market, along with the Middle East and Africa markets, is expected to contribute to a share of less than 10%. In addition, the rising population in developing countries is expected to drive the demand for sugar confectionery.

Aside from that, there are scientific studies that show that eating candies increases one's life span. Some variants of sugar candies are also known for enhancing immune functions. Many manufacturers have been successful in converting this in terms of monetary gains. They are now willingly investing more in advertising and promotional activities.

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

Regions Covered:
• 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 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, analyzing 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 sugar confectionery 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.