What Fueled The Previous Growth In The Sugar And Confectionery Products Market?
The sugar and confectionery products market has seen considerable growth due to a variety of factors.
• The market size for sugar and confectionery products has consistently expanded over the recent years. It is forecasted to rise from $368.31 billion in 2024 to $386.03 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.8%.
Roots of this growth during the historic period may be traced back to factors such as consumers' affinity for sweets, industrialization and mass production activities, worldwide sugar production, marketing and branding strategies, as well as seasonal customs and gifting traditions.
What Can Be Expected from the Sugar And Confectionery Products Market Size?
The sugar and confectionery products market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for sugar and confectionery items is poised to experience consistent expansion in the coming years, reaching a valuation of $464.12 billion by the year 2029, with a Compound Annual Growth Rate (CAGR) of 4.7%.
Factors contributing towards this positive trajectory in the predicted timeframe include consumer behavior towards healthier choices, use of natural and clean label ingredients, sustainable and ethically sourced materials, as well as digital promotion and e-commerce. The projection period will also see trends like health-focused indulgence, plant-derived confectionery, artisanal and crafted sweets, gourmet and premium chocolate, and tailor-made candies.
What Are the Critical Driver Fuelling The Sugar And Confectionery Products Market's Growth?
The steady economic development predicted in numerous developed and developing nations is contributing to the expansion of the sugar and confectionery products manufacturing market. As per the International Monetary Fund (IMF), there was a global GDP growth of 3.6% between 2021 and 2023. The recovery of commodity prices following a significant drop in the past is also anticipated to stimulate the market's growth. The outlook for developed economies is steady growth over the forecast period, while the growth rate in emerging markets is likely to exceed that of developed markets. It is anticipated that steady economic expansion will encourage investments in end-user markets and consequently propel the market during the forecast period.
How Is The Sugar And Confectionery Products Market segmented?
The sugar and confectionery products market covered in this report is segmented –
1) By Type: Sugar, Confectionery Product
2) By Price Point: Economy, Mid-Range, Luxury
3) By Distribution Channel: Super markets Or Hyper markets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments:
1) By Sugar: Granulated Sugar, Brown Sugar, Powdered Sugar, Liquid Sugar, Specialty Sugars (Organic Sugar, Coconut Sugar)
2) By Confectionery Product: Hard Candy, Soft Candy, Chocolate Products, Gummy Candies, Licorice, Marshmallows, Chewing Gum, Sugar-Free Confectionery
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How Are Emerging Trends Reshaping The Dynamics Of The Sugar And Confectionery Products Market?
Producers of sweets and candy have incorporated herbs and spices that naturally occur in nature into the flavour spectrum of the confectionery industry. The growth of this industry has largely depended on innovative approaches. As per the definition provided by the United States Food and Drug Administration, 'natural flavour' or 'natural flavouring' encompasses essential oils, oleoresin, essence or extractive, protein hydrolysates, distillates, or any product derived from roasting, heating, or enzymolysis, which presents flavouring constituents extracted from spices, fruits, fruit juice, vegetables, or vegetable juice, etc. The use of herbs and spices allows these manufacturers to create inventive and distinct taste profiles. For instance, Saltworks employs a variety of herbs and spices including espresso, vintage merlot, roasted garlic, rosemary, black truffle, Thai ginger, ghost pepper, lime, chipotle, jalapeno, habanero, and sriracha.
Who Are the Key Players In The Sugar And Confectionery Products Market?
Major companies operating in the sugar and confectionery products market include:
• Mondelez International Inc.
• Barry Callebaut AG
• The Hershey Company
• Nestle S.A.
• Wilmar International Ltd.
• Grupo Bimbo S.A.B. de C.V.
• Chocoladefabriken Lindt & Spruengli AG
• Louis Dreyfus Company
• CJ Corp
• Yamazaki Baking Co. Ltd.
• Mars Wrigley Confectionery div. of Mars Inc.
• Ferrero International S.A.
• Pladis Group
• Perfetti Van Melle B V
• Haribo GmbH & Co. K.G.
• Ezaki Glico Co. Ltd.
• General Mills Inc.
• Grupo Arcor
• Albanese Confectionery Group Inc.
• Jelly Belly Candy Company
• The Topps Company Inc.
• Alfred Ritter GmbH & Co. KG
• Trolli GmbH
• The Kraft Heinz Company
• The Ferrara Candy Company
• The Warrell Corporation
• The Promotion In Motion Companies Inc.
• Crown Confectionery Co. Ltd.
• Morinaga & Co. Ltd.
• Roshen Confectionery Corp.
• Cloetta AB
• Yildiz Holding AS
• Lotte Confectionery Co. Ltd.
• Orion Corp.
• American Licorice Co.
• Georgia Nut Co.
• Nellson LLC.
What Is The Most Dominant Region In The Sugar And Confectionery Products Market?
Asia-Pacific was the largest region in the sugar and confectionery products market in 2023. Western Europe was the second-largest region in the sugar and confectionery products market. The regions covered in the sugar and confectionery products market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
