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The Global Sugar Confectionery Market to reach to market value of USD 65 Billion by 2026: Actual Market Research
Oct, 09
2021

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The Global Sugar Confectionery Market to reach to market value of USD 65 Billion by 2026: Actual Market Research

 

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The recent publication of Actual Market Research, titled 'Global Sugar Confectionery Market Outlook, 2026' is an in-depth study of the global market along with the dynamics that is to shape the market. This report has been classified into major divisions and subdivisions of Product Type (Hard Boiled Sweets, Plain Mints, Caramel/ Toffee, Chewy, Novelty, Licorice, Sugar-free, and Others) Age Group (Children, Adult & Geriatric) Sales Channel (Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, E-commerce & others) by region & country.

The global sugar confectionery market has been on an incline at a considerable pace given the increasing population and their ability to spend. Historically, the market has been growing at a CAGR of 3.65%, with a constantly inclining demand from the middle-income group. The emerging countries are likely to hold more potential in the coming period, backed by their growing population and increasing disposable income. The global sugar confectionery market is expected to reach a value of USD 65 Billion in the year 2026. The geriatric age group segment had shown a considerable incline in the market in the historic period, but through the forecasted period, it is to be showing a decline in the share and reach to 9.49% share.

The major threat to the sugar confectionery market is the increasing cases of diabetes across the world. However, this has given a hike in the market of sugar-free confection which the forecasted period, is expected to be growing at an anticipated growth rate of 6.34%. Currently, the market is led by the chewy sugar confectionery which in 2015 held 37.99%. The plain mint and caramel/ toffee segment in 2026 together is expected to hold a share of little more than 6%. The growing trend of organic and clean labels has been largely visible in the sugar confectionery industry. This effect has been observed with the increasing competition and demand related to premium and organic confectionery. Along with this to proceed with the consumer demands and likes the manufacturers have started focusing on adding natural sweeteners such as Stevie & coconut sugars.

The adult age group segment held to slightly lower than 50% of the market share, leading the market. The manufacturers are focusing on expanding their product portfolio and ensuring continuous availability in all distribution channels, especially in convenience stores. This segment dominated the market which a 40% of the market in the year 2015. As the e-commerce sales channel is gaining popularity across all segments, the same is to be the case with the sugar confectionery market. Through the forecasted period, the segment is expected to be growing at an anticipated CAGR of 6.88%.
The expansion of product portfolio and growing retail market are the primary factors estimated to drive the demand for sugar confectionery in the coming years. Key players in the market are emphasizing promotional activities, advertising campaigns, and social media marketing to expand their horizons and gain a competitive advantage in the market. In addition, these players are marking notable efforts to enter developing nations to exploit lucrative market opportunities surfacing here.

In the global sugar confectionery market, Europe leads the market with 40% of the share, backed by its high production capacity and already established chocolate industry. With the increasing population, the Asia Pacific region is likely to become a promising potential market in the studied period. By 2026, the Latin America market, along with the Middle East & Africa market is expected to contribute to a share of less than 10%.

Top-performing players in the market considered in this report are 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