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Sugar Confectionery Report By Key Companies, Regional Analysis And Forecast 2033
Sugar Confectionery Report
According to The Business Research Company's, The sugar confectionery market size has grown strongly in recent years. It will grow from $46.97 billion in 2023 to $49.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to traditional and nostalgic appeal, innovative product development, marketing to children, seasonal and holiday demand, affordability and impulse purchases, cultural and regional preferences.
The sugar confectionery market size is expected to see strong growth in the next few years. It will grow to $61.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to health-conscious alternatives, premiumization, innovations in ingredients, sustainability practices, globalization of flavors. Major trends in the forecast period include clean label and natural ingredients, health-conscious offerings, innovative flavors and formats, premiumization and artisanal offerings, nostalgia and retro branding.
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Market Drivers and Trends:
The increasing consumer demand for sweets and chocolates is expected to propel the growth of the sugar confectionery market going forward. Sweets and chocolates refer to food items created by combining cocoa beans that have been roasted and ground with sugar powder and fat to form solid confectionery. Sweets and chocolates include various formulations and flavors that use sugar as a main ingredient, as a result, increasing demand for sweets and chocolates increases the demand for the sugar confectionery market. For instance, in March 2022, according to a report shared by National Confectioners Association, a US-based trade organization that promotes chocolate, candy, gum and mints, sales of chocolate and sweets in the US increased by 11% between 2020 and 2021. Additionally, confectionery retail sales were $36.9 billion overall in 2021 and were projected to reach $44.9 billion by 2026. Therefore, the increasing consumer demand for sweets and chocolates is driving the growth of the sugar confectionery market.
Product innovation is a key trend gaining popularity in the sugar confectionery market. Major companies operating in sugar confectionery are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2022, Mars Incorporated., a US-based multinational manufacturer of confectionery, launched a new product CO2COA, which is the first vegan milk chocolate bar. The CO2COA is primarily produced with animal-free, lactose-free, and earth-friendly chocolate bars. Additionally, it contains alternative protein energy for consumers with a delicious taste, and it comes wrapped in paper-based packaging.
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Major Key Players of the Market:
Chupa Chups SA; Nestle S.A; Ferrero International SA; The Hershey Company; Lotte Confectionery Co. Ltd.; Lindt & Sprüngli AG; PERFETTI VANMELLE PVT Ltd.; Kraft Foods Inc.; The Wm. Wrigley Jr. Company; Mars Incorporated; HARIBO Dunhills (Pontefract) Plc; Barry Callebaut AG; Ingredion Incorporated; DSM Food Specialties B.V; Mondelez International; Meiji Co. Ltd.; Pladis Global; Arcor Group; Crown Confectionery Co. Ltd.; Orion Corporation; Morinaga & Co. Ltd.; Roshen Confectionery Corp.; August Storck KG; Yildiz Holding A.S.; Jelly Belly Candy Co.; Albanese Confectionery Group Inc.; The Warrell Corp.; Promotion In Motion Cos. Inc.; Just Born Inc.; Tootsie Roll Industries Inc.;
Sugar Confectionery Market 2024 Key Insights:
• The sugar confectionery market will grow to $61.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rising Consumer Demand For Sweets And Chocolates Fuels Growth In Sugar Confectionery Market
• Vegan Solutions In Sugar Confectionery
• North America was the largest region in the Sugar Confectionery market in 2023
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