For a long, Asian desserts have succeeded in making the world drool. However, with the lifestyle change, people are now less likely to spend hours making the best of the sweet dishes. Even the traditional practice of exchanging delicacies is now closely being replaced by readily available sugar confectioneries. The recent publication of Actual Market Research, titled 'Asia Pacific Sugar Confectionery Market Outlook, 2026' is an in-depth study of the regional market along with the dynamics that is to shape the market.
As the consumers are shifting towards sugar confectionery, the manufacturers serving in the region are focusing on the unique flavors & textures with added health benefits. The market in 2015 was valued at USD 11.58 Billion. The affluent class in the region is willing to pay more for a better quality product. The manufacturers are now placing confectioneries as a health-supporting item rather than just an emotional indulgence. Through the forecasted period, the market is expected to grow with an anticipated CAGR of 4.24%. The rapid urbanization and the increasing preference of the elderly age group segment are to shadow a positive impact on the market growth.
The Asia market is dominated by the chewy confectionery segment which was valued at USD 5.31 Billion by the end of 2020. The health issues related to obesity & diabetes have been on an upward graph in the region, which is a threat to the sugar confectionery market. Consumers in the region are now becoming more health-conscious and are moving towards a wellness-oriented lifestyle. This has been the reason for the inclining demand for confectioneries made of natural sweeteners or the ones with sugar-free claims. In the Asia market, the licorice segment is to be the fastest-growing at an anticipated CAGR of 5.62%, much unlike the global trend. The major market driver in the region is the rise in disposable income which has made it possible even for the middle-income group to spend extra on premium confectioneries.
Although the confectionery market in the region is growing at a commendable pace, there continue to be multiple hurdles. The aging population in the region has brought in marginal potential to the sugar confectionery market. The geriatric age group is to reach a value of USD 2.05 Billion by the end of the forecasted period. Even though the geriatric population contributes the lowest, this segment accounted considerably high in Japan than in other countries. The market is dominated by the supermarket/hypermarket and convenience stores segment in terms of the sales channel. Together, these segments are likely to contribute to more than 65% of the market share by the end of the forecasted period. The leading marketers are increasing their investments in online as well as offline marketing campaigns which have been enabling them to enhance their brand recognition.
One of the major challenges in the market growth is the introduction of the sugar tax. Malaysia is one such country with a sugar tax, whose impact was seen directly in the volume sales of the sugar confectioneries in the county. On the other hand, China leads the market with nearly half of the market share. Despite all challenges, the region is to offer a huge potential for growth as the per capita is still one of the lowest among regions. 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