Growing Sales in the Retail Sector Predicted to Boost the Global Sugar Confectionery Market Until 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global sugar confectionery market is expected to surpass USD 78 billion in revenue by 2020.

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.

Browse related reports:

Purchase any three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact enquiry@technavio.com with your requirements and a link to our subscription platform.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global sugar confectionery market is expected to surpass USD 78 billion in revenue by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com