Sugar And Confectionery Products Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033

The sugar and confectionery products market size has grown strongly in recent years. It will grow from $353.62 billion in 2023 to $371.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to consumer sweet tooth, industrialization and mass production, global sugar production, marketing and branding, seasonal and gifting tradition.

The sugar and confectionery products market size is expected to see steady growth in the next few years. It will grow to $440.72 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to health-conscious consumer preferences, clean label and natural ingredients, sustainability and ethical sourcing, digital marketing and e-commerce. Major trends in the forecast period include healthier indulgence, plant-based confectionery, artisan and craft confectionery, gourmet and premium chocolate, personalized and customized sweets.

Market Overview -
Sugar is a sweet, crystalline substance obtained from sugarcane and sugar beet which is used as a sweetener in food and drinks. Confectionery products are foods that mainly consist of sugar or similar sweeteners.

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Strong Economic Growth Outlook Fuels Expansion In Sugar And Confectionery Products Manufacturing Market
The sugar and confectionery products manufacturing market's growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, both according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.

Competitive Landscape -
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.

Innovative Flavour Enhancements Harnessing The Power Of Herbs And Spices In Confectionery Manufacturing
Confectionery manufacturers are adding naturally occurring herbs and spices to the flavour profile of the confectionery market. Innovation has been key to the development of the confectionery market. According to the United States Food and Drug Administration, the term ""natural flavour"" or ""natural flavouring"" means the essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product of roasting, heating, or anxiolysis, which contains the flavouring constituents derived from a spice, fruit or fruit juice, vegetable or vegetable juice, etc. Using herbs and spices gives manufacturers the innovation of new and unique taste profiles. For instance, Saltworks uses herbs and spices such as espresso, vintage merlot, roasted garlic, rosemary, black truffle, Thai ginger, ghost pepper, lime, chipotle, jalapeno, habanero, and sriracha.

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Key Segments -
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: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels

Subsegments Covered: , Chocolate Confectionery, Sugar Confectionery, Gum Confectionery

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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