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Top Market Shifts Transforming the Sugar Confectionery Market Landscape: Key Insights
Sugar Confectionery Market
What Is the Expected CAGR for the Sugar Confectionery Market Through 2025?
The sugar confectionery market size has grown strongly in recent years. It will grow from $49.35 billion in 2024 to $52.16 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. 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.
What's the Projected Size of the Global Sugar Confectionery Market by 2029?
The sugar confectionery market size is expected to see strong growth in the next few years. It will grow to $64.76 billion in 2029 at a compound annual growth rate (CAGR) of 5.6%. 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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Top Growth Drivers in the Sugar Confectionery Industry: What's Accelerating the Market?
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 2024, according to National Confectioners Association, a US-based trade organization that promotes chocolate, candy, gum and mints, in 2023, chocolate sales in the United States reached $48 billion, marking a significant increase compared to $42.6 billion in 2022. Therefore, the increasing consumer demand for sweets and chocolates is driving the growth of the sugar confectionery market.
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What Trends Will Shape the Sugar Confectionery Market Through 2029 and Beyond?
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.
What Are the Main Segments in the Sugar Confectionery Market?
The sugar confectionery market covered in this report is segmented -
1) By Product Type: Hard-Boiled Sweets, Caramel And Toffees, Gums And Jellies, Medicated Confectionery, Mints, Marshmallows, Nougat, Lollipops, Liquorice
2) By Packaging: Sachet, Box, Other Packagings
3) By Distribution Channel: Convenience Stores, Departmental Stores, Online Stores, Retail Stores, Traders, Importers, Exporters
Subsegments:
1) By Hard-Boiled Sweets: Fruit-Flavored, Mint-Flavored, Other Flavors
2) By Caramel And Toffees: Soft Caramels, Hard Caramels, Creamy Toffees, Chewy Toffees
3) By Gums And Jellies: Chewing Gum, Gummy Candies, Jelly Beans, Fruit Snacks
4) By Medicated Confectionery: Cough Drops, Throat Lozenges, Other Medicinal Candies
5) By Mints: Breath Mints, Mint Candies, Chewing Mints
6) By Marshmallows: Classic Marshmallows, Flavored Marshmallows, Mini Marshmallows
7) By Nougat: Almond Nougat, Chocolate Nougat, Fruit Nougat
8) By Lollipops: Hard Lollipops, Chewy Lollipops, Novelty Lollipops
9) By Liquorice: Soft Liquorice, Hard Liquorice, Flavored Liquorice
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Which Top Companies are Driving Growth in the Sugar Confectionery Market?
Major companies operating in the sugar confectionery market include Chupa Chups SA, Nestle S.A, Ferrero International SA, The Hershey Company, Lotte Confectionery Co. Ltd., Lindt & Sprüngli AG, PERFETTI VANMELLE PVT Ltd., Mars Incorporated, HARIBO Dunhills (Pontefract) Plc, Barry Callebaut AG, Ingredion Incorporated, 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.
Which Regions Will Dominate the Sugar Confectionery Market Through 2029?
North America was the largest region in the Sugar Confectionery market in 2024. The regions covered in the sugar confectionery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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