Sugar Confectionery Market Projected to Reach USD 81.07 Billion by 2033: Insights by Future Market Insights

The sugar confectionery market is anticipated to reach a value of US$ 81.07 billion by 2033, representing a CAGR of 4.3% from 2023 to 2033. The market is estimated to be worth US$ 53.21 billion in 2023.

The market has seen steady growth over the years due to several factors. One of the key drivers of the market is the increasing demand for sweets and chocolates as a form of indulgence, especially among young consumers. Another factor is the growing global population, particularly in developing countries, where there is a growing middle class with disposable income for essential-food items.

The market also offers several growth opportunities. There is an increase in the demand for organic and natural sweets, and for products with unique and innovative flavors. The development of new technologies for processing and packaging is also providing new growth opportunities. Manufacturers are also investing in these areas to improve their competitiveness.

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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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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)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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