Global Sugar Confectionery Products Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Packaging Type, Distribution Channel, and Region

Market Overview

Sweets are sugar-based confections that are consumed by almost all socioeconomic categories. These goods come in a wide range of varieties, from individually wrapped candies to pricey goods in elegant packaging. The chosen type of confectioneries frequently varies by geographic region because of differences in regulatory norms and other considerations including economy, flavor, and customer desire.

According to Ken Research Analysis, the Global Sugar Confectionery Products Market is expected to record a positive CAGR of ~4% during the forecast period (2022-2028) and is expected to reach approximately US$ 55 billion by 2028.

The sugar confectionery market is in growth at a steady pace on account of the rise in demand for on-the-go snacks, an increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and growth in the retail market

One of the main causes of the need for convenience snacks as part of the daily diet is rising modernization and a busy combination of work and personal commitments. Due to their busy schedules, customers are forced to hunt for quick-to-prepare food items because they are unable to spend time cooking or dining out during their working hours. Nowadays, as there are more consumers in the workplace, it is more difficult for them to maintain a healthy work-life balance. To provide consumers with a balanced diet, producers and marketers are actively profiting from the introduction and promotion of a variety of chocolate snacks, including on-the-go snacks, chocolate bars, and others.

Strict government regulations to limit the market growth

Strict government regulations are anticipated to protect the quality of these items in nations including the USA, Germany, the UK, China, and India, which presents challenges for new market entrants. The hygienic standards for consumption are ensured by the established federal guidelines and rules which is putting pressure on the current organizations to match the standards.

Given the implementation of numerous industrial trade and manufacturing restrictions during 2020, the COVID-19 pandemic had a moderate impact on the sugar confectionery business as evidenced by the dropping sales of snacks, notably sweets. To balance the rising COVID-related stress levels, consumers' rising propensity and willingness to spend more on food products helped to improve product demand during the pandemic.

Scope of the Report

The sugar confectionery products market is segmented by product type, packaging type, and distribution channel. In addition, the report also covers market size and forecasts for the four major regions' sugar confectionery products market. The revenue used to size and forecast the market for each segment is US$ billion.

By Product Type

Gums

Jellies

Hard-Boiled Sweets

Caramel & Toffees

Mints

Medicated Confectionery

Others

By Packaging Type

Sachet

Box

Others

By Distribution Channel

Hypermarket/Supermarket

Departmental Store

Confectionery Stores

Online Retails

By Geography

North America (USA, Canada, and Mexico)

Europe (Germany, UK, France, Spain, and Italy)

Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)

LAMEA (Latin America, Middle East, and Africa)

Key Players

Lotte Confectionery

Ferrero SpA

Perfetti Van Melle

The Hershey Company

Specialty Food Association, Inc.

Nestle S.A.

The Kraft Heinz Company

Jelly Belly Candy Company

Lindt & Sprungli AG

HARIBO of America, Inc.

Key Trends by Market Segment

By Product Type: The hard-boiled sweets segment held the largest market share in the global sugar confectionery products market in 2021.

From 2022 to 2028, the hard-boiled sweets segment will gain market share for sugar confectionery due to its increased appeal among children. This kind of candy is simple to make and comes in a shiny state. Some of the most popular hard-boiled candies include fruit drops, barley sugars, acid drops, hard gums, butterscotch, toffee, and caramel. Another element affecting the demand for the product is an increase in consumption to swiftly raise blood sugar levels.

By Packaging Type: The sachet segment held the largest share of the global sugar confectionery products market in 2021.

Sachets are compact, portable packaging options that are easy to handle. Although sachet packets are manufactured of a variety of materials, they require less packaging material and storage space, which lowers the cost of transportation. Sachets have a three- or four-sided sealing and are flat in design.

By Distribution Channel: The confectionery store distribution channel segment held the largest share of the global sugar confectionery products market in 2021.

For the purchase of consumer goods, groceries, confectionary items like chocolate, and other items where they can physically inspect the product quality, consumers are increasingly choosing confectionery stores.

Furthermore, the segment's expansion is projected to be fueled by consumers' ease of access to and browsing of a variety of confectionery products in stores. The increased consumer demand for chocolate, cookies, and ice cream is also encouraging manufacturers to create new stores in malls, which will fuel the rise of the offline segment in the future years.

By Geography: Asia Pacific accounted for the largest market share in 2021 within the total global sugar confectionery products market.

Due to factors such as rising urbanization and the widespread availability of functional confectionary food and beverages, Asia-Pacific is expected to experience significant growth. Since the majority of Asian cuisine is healthy and nutritious, there is a high demand for low-calorie products like sugar-free confectionaries and low-carbohydrate foods in Asia Pacific countries like India and Japan. This demand is anticipated to be the main driver of the modest growth in the global confectionery market over the course of the forecast period. As a result of the health problems associated with a high-sugar diet, Asian countries are moving toward sugar-free confections. Two categories of sweeteners-sugar alcohols and artificial sweeteners-are frequently employed to create sugar-free chocolate and gums.

Competitive Landscape

The Global Sugar Confectionery Products Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Large global players constitute ~5%, while regional players hold a 30% share. Some of the major players in the market include Lotte Confectionery, Ferrero SpA, Perfetti Van Melle, The Hershey Company, Specialty Food Association, Inc., Nestle S.A., The Kraft Heinz Company, Jelly Belly Candy Company, Lindt & Sprungli AG, HARIBO of America, Inc., and others.

Recent Developments Related to Major and Emerging Companies

In February 2022, Lotte Confectionery increased local production of its well-known Choco Pie chocolate desserts across the nation by investing US$ 28.5 million in Lotte KF RUS, its Russian subsidiary.

In November 2021, Lindt & Sprungli is reaffirming its dedication to Switzerland as its home base by investing the capacity increase at its production site in Olten. The Lindt Cocoa Center, which produces cocoa mass for all of Lindt's production facilities in Europe, will be receiving an investment of almost 74 million Swiss francs by 2024.

In November 2022, Swedish confectionery expert Cloetta Global Travel Retail (GTR) plans to introduce a cutting-edge new product by 2032, Swedish confectionery expert Cloetta Global Travel Retail (GTR) plans to introduce a new product under its Red Band line.

Conclusion

The global sugar confectionery products market is forecasted to continue a gradual growth that is witnessed during the forecast period. The sugar confectionery market is in growth at a steady pace on account of the rise in demand for on-the-go snacks, the increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and the growth in the retail market. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

Snapshot of the Global Sugar Confectionery Products Market

Industry Value Chain and Ecosystem Analysis

Market size and Segmentation of the Global Sugar Confectionery Products Market

Historic Growth of the Overall Global Sugar Confectionery Products Market and Segments

Competition Scenario of the Market and Key Developments of Competitors

Porter's 5 Forces Analysis of the Global Sugar Confectionery Products Market

Overview, Product Offerings, and SWOT Analysis of Key Competitors

COVID-19 Impact on the Overall Global Sugar Confectionery Products Market

Future Market Forecast and Growth Rates of the Total Global Sugar Confectionery Products Market and by Segments

Market Size of Product Type/ Packaging Type Segments with Historical CAGR and Future Forecasts

Analysis of the Sugar Confectionery Products Market in Major Regions

Major Production / Consumption Hubs in the Major Regions

Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments

Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the report

Lotte Confectionery

Ferrero SpA

Perfetti Van Melle

The Hershey Company

Specialty Food Association, Inc.

Nestle S.A.

The Kraft Heinz Company

Jelly Belly Candy Company

Lindt & Sprungli AG

HARIBO of America, Inc.

Notable Emerging Companies Mentioned in the Report

AAK Confectionery Innovation

Mondoux Confectionery

IT'SUGAR

Prizaco

Shantou Yixin Food Co., Ltd.

Suntak Foods Manufacturing Co., LTD.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Confectionery Manufacturers

Confectionery Products Manufacturers

Confectionery and Chocolate Product Development Companies

Vegan Confectionery Manufacturers

Confectionery Raw Materials Suppliers

Government Ministries and Departments of Food Industry

Food Regulatory Authorities

Food Manufacturers Associations

Confectionery Product Manufacturers Associations

Time Period Captured in the Report

Historical Period: 2017-2021

Forecast Period: 2022E-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Sugar Confectionery Products Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F.

What is the Future Growth Rate of the Global Sugar Confectionery Products Market?

The Global Sugar Confectionery Products Market is expected to witness a CAGR of about 4% over the next six years.

What are the Key Factors Driving the Global Sugar Confectionery Products Market?

The sugar confectionery market is in growth at a steady pace on account of the rise in demand for on-the-go snacks, the increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and the growth in the retail market.

Which is the Largest Product Type Segment within the Global Sugar Confectionery Products Market?

The hard-boiled sweets product type segment held the largest share of the Global Sugar Confectionery Products Market in 2021.

Who are the Key Players in Global Sugar Confectionery Products Market?

Lotte Confectionery, Ferrero SpA, Perfetti Van Melle, The Hershey Company, Specialty Food Association, Inc., Nestle S.A., The Kraft Heinz Company, Jelly Belly Candy Company, Lindt & Sprungli AG, HARIBO of America, Inc., among others are the major companies operating in Global Sugar Confectionery Products Market.