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The North America Sugar Confectionery Market to grow at a rate of 3.36%: Actual Market Research
Oct, 09
2021

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The North America Sugar Confectionery Market to grow at a rate of 3.36%: Actual Market Research

 

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The sugar confectioneries not only found a prominent place in the chocolate trade & fairs but also in the hearts of North Americans. This has resulted in an incline in consumer awareness and also has made it possible for marketers to know the demands towards sugar confectioneries. The recent publication of Actual Market Research, titled 'North America Sugar Confectionery Market Outlook, 2026' is an in-depth study of the regional market along with the dynamics that is to shape the market. In the year 2015, the market was valued at USD 11.47 Billion. Yet, on the other hand, the government regulation on the sugar tax is a major restraint in the confectionery market in North America. The major players are now targeting this region with easy to share packages and yet are to have a slow growth rate of 3.36%.

The number of health issues related to obesity has been increasing in the region, which influenced sugar confectionery consumption, especially in children below the age of 20. This made it possible for the adult age group segment to lead the market and also be the fastest-growing segment. Contradicting to this, only in Canada, the market is dominated by the children's age group, which in 2020 was valued at USD 0.25 Billion. The region holds high potential in the coming years, as the consumers are willing to spend more for a premium quality product.

The regional market is led by the US, contributing to an unbeatable share of 85% in 2020. This is because of the large number of large and small companies in the country. Among approximately 1000 companies, The Hershey Company and Mars Incorporated can be cited as the most popular and the dominating players. While the country enjoys dominance, it is threatened by imposing the sugar tax, which is likely to be the game-changer. The art of crafting confectioneries is easily found in Canada, with the majority of them focused on Ontario, Quebec, and British Columbia. Even though Mexico is in mid of addressing the nation’s rising obesity epidemic, it has been proving potential enough for the marketers to capitalize it. However, the chocolate consumption in the country is just over 850g per capita which is way below the levels of North America and Western Europe.

The chewy sugar confectionery in the year 2020, dominated the market, with nearly 34% of the regional share. Similarly, in terms of sales channel, the convenience store segment is likely to cross a market share of 37% by the end of the forecasted period. Another major threat in the region is the low switching cost for the consumers. Thus there is quite a high possibility for the consumers to move to cheaper alternatives, especially during the economic fall. Given consideration to the health consciousness demands, the sugar-free confectionery segment is likely to be growing with an anticipated CAGR of 6.39%.

In the North American region, the sugars confessionary have come a long way from just a casual indulgence to a premium gifting alternative. This has forced the marketers to position the product accordingly to attract more consumers. Key players mentioned 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