Market Research Report
Latin America Sugar Confectionery Market Outlook, 2026
|Latin America Sugar Confectionery Market Outlook, 2026|
Published: October 9, 2021
Bonafide Research & Marketing Pvt. Ltd.
Content info: 82 Pages
Delivery time: 1-2 business days
The report titled 'Latin America Sugar Confectionery Market Outlook, 2026' published by identifies and discusses recent developments in sugar confectioneries across the region. This report not only serves with the facts, figures, and forecasts but also has a detailed study about the Covid effect on the industry. As the name suggests, this sweet-tasting is loved by all age groups across the globe. The market has been in growth at a steady pace on account of the high demand from middle-class consumers. This market is divided into different product types of Hard Boiled Sweets, Plain Mints, Caramel/ Toffee, Chewy, Novelty, Licorice, Sugar-free, and Others, Children, Adult & Geriatric, in terms of age group, based on sales channel: Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, E-commerce & Others, and by region & country.
The growth of the Latin America sugar confectionery market is aided by the increasing trend of gifting. This regional market has been contributing to the lowest in the global market, with a mere value of USD 1.36 Billion in the year 2015. As these products are now seen as an alternative to chocolates, the local players who already have established themselves in the chocolate industry are now significantly investing in sugar confectionery production. This is to allow the market to grow with an anticipated CAGR of 6.72%, through the forecasted period.
By means of product type, the Latin America sugar confectionery market is highly inclined towards the chewy confectionery segment, which in 2020 held 37% of the market. One of the major hurdles in the market growth is the increasing cases of obesity & diabetes. This has made people shy away from sugar consumptions and move towards low-calorie food items. In order to capture this market gap, the manufacturers have been focusing on the production of sugar-free confectionery, which in the forecasted period, is to grow with a CAGR of 9.85%, considerably the highest among the segment.
Much similar to the global trend, the convenience stores segment leads the market in Latin America. This segment amounted to USD 0.68 Billion in the year 2020. However, there has been a shift in the consumption pattern for the years 2020 and 2021, given the closure of non-essential outlets, and the increasing preference for online shopping. By the end of the forecasted period, the e-commerce sales channel is to be the fastest-growing segment with a CAGR of 9.95%. In countries like Argentina, kiosks are seen as an important channel of advertisement in the sugar confectionery industry. Even though the Covid pandemic lockdown, the kiosks chains like Open 25 and 365 have partnered with PedidosYa, and Rappi benefitted a sales boost.
The adult age group segment is dominating in the region, with is also expected to show an incline in the market share and grow with the highest CAGR in the forecasted period. The companies have been focusing on continuous promotions through social media to keep a hold on this segment of consumers. Yet, on the other hand, the increasing health awareness about early age obesity is to hamper the market. This is to cast its direct impact on the market, which is to restrict the growth of the children age group segment to 6.34% in the forecasted period.
Among the studied Latin American countries, nearly 40% of the market share is held by Brazil, which can be attributed to the increasing middle-class population and the rise of the F&B industry in the country. Also, in recent years, the country has experienced a significant increase in the export of confectioneries.
The leading companies are focusing on improvising their global position by enhancing their product line and through mergers & acquisitions. Understanding the changes in lifestyles, companies are now innovating and introducing new products to cater to the customers' growing needs.
Mars Wrigley Confectionery, div. of Mars Inc., Ferrero Group, Haribo GmbH & Co. K.G., Perfetti Van Melle, Meiji Co. Ltd., Nestle SA, Hershey Co., LOTTE CONFECTIONERY CO., LTD., Mondelez International, Lindt & Sprungli AG
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