In this report, Technavio covers the present scenario and growth prospects of the global sugar confectionery market for 2016-2020. The market size has been calculated based on revenues generated through retail sales of sugar confectionery such as hard-boiled sweets, caramels and toffees, gums and jellies, medicated confectionery, mints, and other sugar confectioneries.
“Sugar confectionery products are sold by many large and small retailers, as well as mom-and-pop stores. Consumer shopping patterns depict an increase in product purchases from large retail outlets, which further emphasizes the importance of organized retailers to confectionery manufacturers. Growth of organized retail is thus predicted to augment the sales of sugar confectionery products during the forecast period,” said Vijay Sarathi, one of Technavio’s lead industry analysts for food and beverages.
Market share of key leading countries in the global sugar confectionery market 2015
|US – 18%|
|China – 16.6%|
|Brazil – 9.6%|
|Germany – 5.1%|
|Japan – 5%|
|Mexico – 4.2%|
US: largest sugar confectionery market
The sugar confectionery market in the US is predicted to reach USD 12.86 billion by 2020. Though the overall confectionery market in the US, which also includes chocolate and gum categories, suffered some setback during the recessionary period (2008-2009). Product innovations with the introduction of new flavors and high-quality cocoa is a key trend in the US market which is expected to persist over the next four years.
the US market is presently facing a key challenge in terms of increase in obesity, which has raised concerns over the consumption of confectionery products. According to the American Heart Association, almost 13 million US children aged 2-19 years are obese and more than 78 million US adults, which is about 35% are also obese. To mitigate these concerns, companies have come up with fat-free and sugar-free confectionery items. High consumption of these newly launched items in the US will therefore significantly augment the market until 2020.
China: second largest sugar confectionery market
The sugar confectionery market in China was valued at USD 10.83 billion in 2015 and is predicted to reach close to USD 16.31 billion by 2020, with a CAGR of over 8.53% during the forecast period. Year-on-year growth of the confectionery market in China is expected to be steady. The market's CAGR of 8.53% signifies that its growth is anticipated to be higher than the overall global market. Taking advantage of favorable market conditions, vendors in China are predicted to further expand through product innovations over the next four years.
Sugar confectionery market in Brazil: third largest market
The market in Brazil is likely to attain a CAGR of close to 7.6% during the forecast period. Confectionery products with a higher "good for you" appeal are more in demand among Brazilian consumers. This includes sugar-free gum, all-natural products made with natural juices, and those with functional benefits such as teeth whitening properties.
Low product presence, particularly in the natural product segment, underlines business opportunities in this region. To tap the lucrative market, leading Brazilian candy manufacturers such as Embark, Dory, Élan, and Berber have introduced new products at regular intervals, ranging from toasted sunflower seeds covered in milk chocolate and sugar-coated to lollipops made from natural raw ingredients such as cream, coffee, and grated coconut.
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