Global sugar confectionery market to hit $69.5B by 2026
Gifting, promotional activities among factors driving growth.
The global sugar confectionery market is projected to reach $69.5 billion by 2026, according to new data published by Polaris Market Research.
Factors influencing the global sugar confectionery industry include a growing inclination to gift confectionery products and investments by market players in promotional activities, advertising campaigns and social media marketing.
However, growing health awareness, more cases of diseases related to obesity, and a shift toward consuming low-calorie foods are expected to restrict the growth of the sugar confectionery industry. Nonetheless, increasing demand from developing nations, growing demand for organic and premium chocolate products, and more gifting of confectionery products are expected to provide growth opportunities during the forecast period.
The Asia-Pacific region is expected to see the highest growth rate during the forecast period. Increasing population, coupled with rising disposable income, drives growth in the region. Rising demand in China, Japan and India is also projected to drive growth. Additionally, development in the retail market, stable economic growth and gifting sugar confectionery supports market growth.
The manufacturers profiled in this market analysis include Nestle SA, Mondelez International, Perfetti Van Melle, Lindt & Sprungli, Hershey Food Corp, Ferrero Group, Mars Inc., Kraft Foods Co., WM Wrigley JR Company and Haribo GmbH & Co. KG, among others. With change in lifestyles, these companies are innovating and introducing new products to cater the growing needs of the customers.
Leading companies are also making acquisitions, which enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
Confectionery categories included in the report are hard-boiled sweets, gums and jellies, caramels and toffees, and medicated confectionery, among others.