The sugar confectionery market is going to reach $81.07 billion by 2033, a 4.3% compound annual growth rate from its 2023 valuation of $53.21 billion. Its expansion is fueled by the growing worldwide population, especially in emerging nations where people have more disposable cash to spend on food, and the growing desire for decadent delicacies, particularly among younger consumers.
It is projected that the sugar confectionery market will grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2033, reaching a value of US$ 81.07 billion. In 2023, the market is projected to be valued US$53.21 billion.
There are several reasons why the market has expanded consistently over time. One of the key elements driving the sector is the growing demand for chocolates and sweets as a form of indulgence from customers, especially younger consumers. The global population is also growing, particularly in developing countries with growing middle classes and disposable income for needs like food.
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The market offers a lot of opportunities for expansion as well. The market is seeing an increase in demand for products with unique and innovative flavours as well as natural and organic sweets. New business opportunities are also being created by the development of new packaging and processing technologies. Additionally, firms are investing in these areas to increase their competitiveness.
There is a growing demand for premium and high-quality sweets, especially among consumers who are willing to pay more for unique and indulgent experiences. Furthermore, increasing focus on health and wellness is leading to a demand for confectionery products with healthy ingredients and low-sugar content. These trends are anticipated to promote market growth.
The sugar confectionery market is diverse and growing globally, with the maximum demand in North America. Between 2023 and 2033, North America is expected to become a significant source of revenue for the sugar confectionery sector due to increased disposable income and a growing young population.
Key Takeaways
During the projection period, a CAGR of 3% is anticipated for the market in Germany.
In China, the market is expected to reach a value of US$ 19.08 billion by 2033, expanding at a CAGR of 7.3% during the forecast period.
During the projection period, a CAGR of 2.3% is predicted for the market in Japan.
The hard-boiled sweets segment is anticipated to proliferate at a 4.9% CAGR to reach US$ 25.58 billion by 2033.
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Competitive Landscape
The top manufacturers of the sugar confectionery market are Anthony-Thomas Candy Co., Cloetta AB, Ferrara Candy Company, Nestle SA, Ferrero SpA., The Hershey Company, Cadbury PLC., Lotte Confectionery Co Ltd, HARIBO Dunhills (Pontefract) PLC, and Lindt & Sprungli.
Producers of sugar confectioneries are continuously coming up with new ideas and making adjustments to meet the needs of consumers, who are increasingly demanding healthy alternatives and goods with less added sugar. Additionally, they are investigating new markets and enlarging their product lines. Additionally, businesses are utilizing digital channels to increase client involvement and reach.
Recent Developments:
- In February 2022, two vegan chocolate bars were made available in the United Kingdom by the Swiss chocolatier Lindt. Oat milk powder and almond paste were used in place of dairy milk in these chocolate bars.
- In January 2022, to enable customers to nibble in little pieces, Cadbury, a brand of Mondelez International, developed the Twist Wrap packaging solution for its Duos line. After ingesting half of the sugar bar, customers can twist and cover the box.
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Sugar Confectionery Market Segmentation
By Product Type:
- Hard-boiled Sweets
- Caramel & Toffees
- Gums & Jellies
- Medicated Confectionery
- Mints
- Marshmallows
- Nougat
- Lollipops
- Liquorice
By Packaging:
- Sachet
- Box
- Others
By Distribution Channel:
- Offline Stores
- Online Platforms
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