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Sugar Confectionery Market Size - Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

  • Report ID: GMI5032

Sugar Confectionery Market Analysis

Sugar confectionery market size is anticipated to expand significantly from 2024 to 2032, due to an upsurge in demand for convenience foods and snacks. Having witnessed the COVID-19 pandemic and encountering busier lifestyles with digitalization, consumer propensity toward packaged foods has considerably increased. Likewise, the growing global population and rising per capita incomes will boost the consumption of sugar confectionery items. As per data from Eurostat, between 2013 and 2021, household per capita disposable incomes rose by 14% rise in the European Union.

Moreover, the gradual shift away from traditional sweets is also serving as a pivotal factor bolstering the development of sugar confectionery brands across the globe, with popularity of products including, chocolates, gummies, marshmallows, lollipops, and pastries. With the growing preference for plant-based products and the strong presence of food manufacturers offering natural confectionery solutions, the industry will witness appreciable gains over the foreseeable future.

The high obesity burden may, however, assert a negative impact on sugar confectionery sales. Based on the WHO’s data, nearly 167 million children and adults will be obese or overweight by 2025, thereby limiting sugar consumption and product sales.

Sugar Confectionery Market Trends

The increasing trend of low-calorie food consumption is encouraging food companies to introduce products with low cholesterol and fat content. In May 2022, for example, Mars announced the launch of a range of chocolate bars that comprised more than 75% fruits and nuts to reduce the calorie content of sugar-laden snacks. The inclination for development of products with low-calorie value to address changing consumer preferences will present growth prospects for the sugar confectionery industry over the estimated timeline.

Sugar Confectionery Market Analysis

The hard-boiled sweets segment is projected to depict a sizeable growth rate up to 2032, on account of the rising emphasis on addressing the challenges of creating on-trend confections. Food companies are developing low-sugar, hard-boiled candies that are hard-shine and exceptionally shelf-stable. For instance, in July 2023, Nestlé has unveiled a groundbreaking sugar reduction technology after conducting thorough research.

This innovative solution is purportedly cost-effective and applicable across various product categories, offering benefits that extend beyond simply reducing sugar content. With the burgeoning consumer demand for low-sugar products, the intake of hard-boiled confectioneries such as toffee, caramel, hard gums, and fruit drops will further rise worldwide.

The store-based distribution channel segment will hold a considerable share of the sugar confectionery market by 2032, owing to the expansion of convenience store chains. According to a Retail Tenant Expansion Report from Stan Johnson Company, convenience stores have been reaping the benefits of the COVID-19 pandemic-induced shift in consumer behavior. In the U.S., several chains have been targeting expansions to meet the growing demand for snack foods. Such factors are likely to improve consumer access to stores and amplify the sales of sugar-boiled confectionery products.

North America sugar confectionery market is expected to grow significantly through 2032, owing to the rising disposable income and expanding youth population. As per the U.S. Census Bureau estimates, in 2021, there were over 43 million youth aged 10 to 19 years, representing 13% of the total population in the country. As youngsters are more inclined and care-free towards confectionary consumption, this factor, along with the strong focus on retail chain expansion projects, will escalate the product manufacturing cater to regional consumers, thereby generating the revenues for the market.

Sugar Confectionery Market Share

The competitive landscape of the global sugar confectionery industry consists of companies such as:

  • HARIBO of America, Inc.,
  • Lindt & Sprüngli AG
  • Jelly Belly Candy Company
  • The Kraft Heinz Company
  •  Nestle S.A
  • Specialty Food Association, Inc.
  •   The Hershey Company (Hershey Trust Company)
  • Lotte Confectionery
  •  Perfetti Van Melle
  •  Ferrero SpA

These players are incorporating strategies such as business expansions and product launches to reinforce their market presence.

 Sugar Confectionery Industry News

·       In February 2022, Lindt unveiled three vegan chocolate bars in Canada and the UK, replacing dairy milk with almond paste and gluten-free oat milk powder. This product range expansion strategy will enable the company to establish a strong footprint in the global market.

·       In February 2024, Reliance Consumer Products Ltd. announced the acquisition of Ravalgaon Sugar Farm's iconic candy brands in a $3.7 million deal. Ravalgaon Sugar Farm, which owns brands such as Mango Mood, Coffee Break, Tutty Fruity, Paan Pasand, Choco Cream, and Supreme, sold its trademarks, recipes, and all intellectual property rights to Reliance Consumer.

What Information does this report contain?

Historical data coverage: 2018 to 2023; Growth Projections: 2024 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Authors: Kiran Pulidindi

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