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Global Sugar Confectionery Market to grow up to market size of USD 65 Billion: Actual Market Research
Oct, 09
2021

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Global Sugar Confectionery Market to grow up to market size of USD 65 Billion: Actual Market Research

 

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“She had always been comforted by confectionery” - Sue Townsend, The Woman Who Went to Bed for a Year. This holds for almost everyone, as the confectionery melts in the mouth, it melts away all tension/sorrow/pain/boredom. The sugar confectioneries are rich in sugar and happiness grew happily at 3.65% in the global market. The recent publication of Actual Market Research, titled 'Global Sugar Confectionery Market Overview, 2020-2026' is an in-depth study of the global market along with the dynamics that is to shape the market. Sugar confectioneries are related with many good and cherished memories for many. With such nostalgic links, they connect our brains to celebrations. This celebration is to be reflected even in the market growth, which is expected to amount to USD 65 Billion in the year 2026.

Confectioneries are automatically 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. This 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, holding a little less than 50%. Sugar confectionery is also an important part of a healthy diet, which the least harm starts when over consumed. Sugar confectioneries are available in different types and textures, while the chewy confectionery remains the most loved one. The manufacturers are indulged in constant R&D, with their trial and error with combination different ingredients. The chewy confectionery segment leads the market, held a share of 37.99% in value terms in 2015.

On the other hand, the young population is now shifting towards a healthy lifestyle, which pushes them towards low-calorie consumption. Thus through the forecasted period, the sugar-free confectionery segment is likely to be growing at 6.34%. Apart from this, there are proven scientific studies that show the consumption of candies tend to increase the life span. Some variants of sugar candies are also known for enhancing immune functions. Many manufacturers have been successful in converting this into money. They are now willingly investing more in advertising and promotional activities. Offline stores are gaining more popularity in the industry given the impulsive purchasing decision of the consumers. The global sugar confectionery generated nearly 40% of the market share in 2015 from convenience stores. Yet, with many small-scale confectionery makers coming up in the market, they depend more on the online sales channel to safeguard their margins. This is to allow the e-commerce sales channel segment to grow an anticipated CAGR of 6.88%, through the forecasted period.

The love for confectioneries is much the same across the world. The global market is led by Europe which held 40% of the market share, which is backed by its pre-established dominance in the chocolate market. The sugar confectionery market of Asia is to prove potential to the marketers given the increasing population and their increasing spending capacity. As of 2026, the Latin America market and the Middle East & Africa market are expected to contribute to a share of less than 10%.

The quick shift in the brand is a much common threat in the industry. The leading companies are focusing on improvising their global position by enhancing their product line and through mergers & acquisitions. Understanding the changes in lifestyles, companies are now innovating and introducing new products to cater to the customers' growing needs. 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