Sugar Confectionery Market Size, Trends Forecast Report, 2024-2032
Sugar Confectionery Market Size, Trends Forecast Report, 2024-2032

Sugar Confectionery Market Share, Size, Trends, & Industry Analysis Report By Type (Hard-Boiled Sweets, Gums & Jellies, Caramels & Toffees, Medicated Confectionery, Others); By Distribution Channel; By Region, Segment Forecasts, 2024 - 2032

  • Published Date:Feb-2024
  • Pages: 115
  • Format: PDF
  • Report ID: PM1595
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global sugar confectionery market was valued at USD 54.21 billion in 2023 and is projected to grow at a CAGR of 4.8% during the forecast period.

Sugar confectionery constitutes a broad category of delicious food items primarily composed of sugar, supplemented with ingredients like glucose syrup, water, flavorings, and colorings. This diverse segment encompasses an extensive array of treats, including jellies, chocolates, gums, and more, known for their delightful sweetness.

Sugar Confectionery Market Size

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The sugar confectionery market is fueled by several driving factors, such as consumer preferences for sweet products that are both accessible and affordable. Continuous innovation in flavors, shapes, and packaging is another driving force, as it keeps the market growing and engages consumers with new and exciting products. The tradition of exchanging sugar confectionery as gifts during celebrations and festive seasons contributes to a consistent demand throughout the year.

Despite this, the sugar confectionery market faces several restraining factors that impact its growth, such as health concerns. With an increasing awareness of issues like obesity and diabetes, consumers are seeking to reduce their intake of sugary foods. The rising health-conscious consumer base has led to a shift in preferences towards healthier snack alternatives, impacting the demand for traditional sugary treats.

Industry Dynamics

Growth Drivers

Innovative product launches in the market drive the sales of sugar confectionery.

The robust sales of sugar confectionery are because of the continuous stream of innovative product launches in the market. The sugar confectionery market has shown a remarkable ability to adapt and acquire consumers through creative and unique offerings. Manufacturers frequently introduce new and exciting flavors, unique formulations, and inventive packaging designs, sparking consumer interest and engagement. These innovative launches not only cater to consumer preferences but also create a sense of excitement, encouraging repetitive purchases and brand loyalty. The introduction of limited-edition or seasonal variants further adds to the need, driving expectation and demand. Whether it's unconventional flavor combinations, attractive packaging, or products tailored to specific dietary trends, these innovations not only meet consumer expectations but also excite them, boosting a sense of discovery and enjoyment.

Report Segmentation

The market is primarily segmented based on type, distribution channel, and region.

By Type

By Distribution Channel

By Region

  • Hard-Boiled Sweets
  • Gums & Jellies
  • Caramels & Toffees
  • Medicated Confectionery
  • Others
  • Offline Stores
  • Online Platforms
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Type Analysis

Hard-boiled sweets led the market in 2023

In 2023, hard-boiled sweets emerged as a dominant segment in the sugar confectionery market, playing an important role in shaping and leading the industry. These traditional confections, characterized by their solid, crystalline structure resulting from the boiling of sugar syrup, gained significant consumer attention and preference. The increasing popularity of hard-boiled sweets is because of their flavors, shapes, and textures. Consumers often welcome the classic and nostalgic qualities associated with hard-boiled sweets, creating a demand that attracts generations. The constancy of these candies also contributes to their widespread popularity, making them convenient choices for on-the-go consumption.

Along with this, manufacturers have introduced innovative things to conventional hard-boiled sweets by incorporating unique flavor profiles, natural ingredients, and visually pleasing designs. This adaptability has further fueled the market dominance of hard-boiled sweets in 2023, showcasing their ability to cater to evolving consumer tastes.

By Distribution Channel Analysis

Offline stores segment dominated the market in 2023

In the sugar confectionery market, the dominance of sales from the offline stores segment showcased the strength of traditional retail channels. Offline stores, including supermarkets, convenience stores, and specialty confectionery shops, played an important role in shaping consumer purchasing patterns. This dominance is because of the mouth-watering aspects of buying confectionery products, where customers often prefer the in-person shopping experience of choosing confectioneries, exploring various offerings, and going with the visual representation of packaging. Offline stores also provide a physical space for promotional displays and induce purchases, influencing buying decisions at the point of sale.

Regional Insights

North America region accounted for the largest market share in 2023

The North American region emerged as dominant, holding the largest market share in 2023. This dominance is because factors such as the high level of consumer disposable income in North America encouraged increased spending on attractive treats, driving the demand for sugar confectionery products. Also, the cultural considerations for sweet snacks and the usage of gifting traditions, especially during holidays and special occasions such as Halloween and Christmas, further propelled market growth. The region's diverse consumer base also played a role, with different age groups favoring and contributing to the sustained popularity of sugar confectionery. Also, effective marketing strategies, innovative product launches, and a well-established distribution network in North America contributed to the accessibility and visibility of these products.

The Asia Pacific region emerged as the fastest-growing segment in the sugar confectionery market over the forecast period, reflecting a group of factors that propelled its dynamic expansion, such as increasing population and a rising middle class in many countries across the region, contributing to a surge in consumer purchasing power. The culturally established preference for sweet snacks and confectionery products in various Asian societies has further fueled the demand. Also, the region has witnessed significant urbanization and lifestyle changes, with consumers seeking convenient and ready-to-eat snacks, including sugar confectionery, to fit their busy schedules. The robust growth of e-commerce and online retail platforms in Asia Pacific has also played an important role, providing consumers with easier access to a range of confectionery products.

Key Market Players & Competitive Insights

Companies are frequently launching new confectionery products to improve their offerings in the global sugar confectionery market. Companies are innovating and introducing new products to cater to the customer’s growing needs and changes in lifestyles. Leading manufacturers are acquiring other small and medium-scale businesses and improving their product offerings to enhance their market reach. Acquisitions make it possible for key players to raise their market potential in terms of customer base expansion and geographical expansion.

Some of the major players operating in the global sugar confectionery market include:

  • Ferrero Group
  • Haribo GmbH & Co. KG
  • Hershey Food Corp
  • Kraft Foods Co.
  • Lindt & Sprungli
  • Mars Incorporated
  • Mondelez International
  • Nestle SA
  • Perfetti Van Meller
  • SugarFina
  • WM Wrigley JR Company

Recent Developments

  • In November 2023, Sugarfina, a luxury candy brand, collaborated with Hasbro to introduce a new version of the Candy Land board game.
  • In June 2021, Lily’s Sweets, a better-for-you (BFY) chocolate brand, was acquired by the Hershey Company, owner of Cadbury, Reese’s, Kit Kat, and other brands, for $425 million.

Sugar Confectionery Market Report Scope

Report Attributes

Details

The market size value in 2024

USD 56.58 billion

Revenue Forecast in 2032

USD 82.17 billion

CAGR

4.8% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Type, By Distribution Channel, and By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements concerning countries, regions, and segmentation.

Explore the market dynamics of the 2024 Sugar Confectionery Market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Sugar Confectionery Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.

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FAQ's

The Sugar Confectionery Market report covering key segments are type, distribution channel, and region

The global sugar confectionery market size is expected to reach USD 82.17 Billion by 2032

The global sugar confectionery market is projected to grow at a CAGR of 4.8% during the forecast period.

North America regions is leading the global market.

Innovative product launches in the market drive the sales of sugar confectionery are the key driving factors in Sugar Confectionery Market.