The sugar confectionery market is anticipated to reach a value of USD 81.07 billion by 2033, representing a CAGR of 4.3% from 2023 to 2033. The market is estimated to be worth USD 53.21 billion in 2023.
The market has experienced steady growth over the years, driven by several factors. A major driver is the rising demand for sweets and chocolates as indulgent treats, particularly among younger consumers. Additionally, the expanding global population, especially in developing countries, has contributed to this growth, as a burgeoning middle class with disposable income increasingly spends on non-essential food items.
The market presents numerous growth opportunities, including rising demand for organic and natural sweets as well as innovative and unique flavors. Advances in processing and packaging technologies are also opening new avenues for expansion. Manufacturers are investing in these areas to enhance their competitiveness and meet evolving consumer preferences.
There is a rising demand for premium and high-quality sweets, particularly among consumers willing to pay a premium for unique and indulgent experiences. Additionally, the growing emphasis on health and wellness is driving interest in confectionery products made with healthier ingredients and lower sugar content. These trends are expected to foster market growth.
The global sugar confectionery market is diverse and expanding, with North America leading in demand. From 2023 to 2033, North America is projected to become a major revenue source for the sector, driven by 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.
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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Key segments
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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
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