Confectionery products are high in sugar content and include a wide range of products which include pastilles, gums, jellies, and chews. They are available in various attractive packaging in the market which is having a positive impact on the growth of the market. Moreover, increasing demand for confectionery products has given an opportunity to the sugar confectionery manufacturers to come up with various innovative sugar confectionery products.
Asia Pacific is expected to have a substantial growth over the forecast period 2017-2023. In Asia Pacific region, India is the major contributor to the sugar confectionery market followed by China. Growing trend of gifting sugar confectioneries in India is majorly driving the growth of the market in this region. Moreover, the growth of the retail sector in developing countries is increasing the demand for sugar confectioneries. They are often purchased on impulse, so modern retailers keep these items near the point of sale or billing counters.
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Australia, Malaysia, New Zealand, and Singapore are some of the emerging markets in favor of sugar confectioneries owing to new flavors and varieties made available in the market by the manufacturers. Additionally, organic sugar confectionery has led a great opportunity for the sugar confectionery market. However, rising obesity issues may hamper the growth of the market. Nevertheless, all these factors are likely to lead to the growth of the Asia Pacific market at a CAGR of 3.6% during the forecast period 2017-2023.
Major Key Players:
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major sugar confectionery players. It further includes product portfolios, developments of leading players, which includes
- THE HERSHEY COMPANY (U.S.)
- Nestlé (Switzerland)
- Mars Incorporated (U.S.)
- Mondelez International (U.S.)
- HARIBO (Germany)
- Ferrero (Italy) and
- Wrigley (U.S.)
China, Spain, Argentina, India, and the Netherlands are the major producers and exporters in the confectionery market.
Organic sugar confectionery is gaining tremendous growth over the forecast period
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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 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, sugar confectionery market is segmented into sachets, boxes, and others. The sachet segment is dominating the market. However, the boxes segment are 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.
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