Albany, USA, Fast.MR /- According to a new report published by Fast.MR titled, “Sugar Confectionery Market by Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global sugar confectionery market was estimated at around USD 45.2 billion in 2019 and is expected to grow with the CAGR of 3.1% during forecast period 2020-2027. Rising popularity of the product in young age population is expected to drive the market growth over the forecast period.
The global young aged population is expected to observe steady climb over the predicted timeline owing to the better health facility and steady fertility rates. The continuous growth in this age category is likely to positively influence the demand for sugar confectionery products over the forecast period.
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Another key driver for the market growth is the rising popularity of cannabis-infused confectionery products especially in North America and the European region. The rising demand for this product segment especially among consumer masses suffering from anxiety, sleep problems, diet issues, and others has observed significant growth over the last few years.
Asia Pacific region is likely to emerge as the dominant regional market due to the presence of two most populous countries in the world India and China. Both countries offer numerous opportunities for the vendors of the market in terms of its sheer size. The product segment especially in line with domestic features or cuisine has greatly contributed towards market growth over the last few years.
Key vendors of the industry are Jelly Belly Candy Company, AS Kalev, Mapro Foods Pvt. Ltd., Adams & Brooks Inc., Barambo, Perfetti Van Melle, Lotte Confectionery Co. Ltd., Ferraro, Mondelez International, and Nestle. The vendors of the market are intensively focused on the development of new product lines in order distinguish themselves within this marketspace.
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On the basis of product, market is bifurcated into hard boiled sweets, caramel & toffees, gums & jellies, medicated confectionery, mints, and others. Among this segment, gums & jellies segment is projected to dominate the market share in terms of revenue. The gums & jellies segment holds an inverse relationship with mint segment. Current trends suggest mints segment is observing declining trend which has pushed manufactures to divert their attention towards gums category. This trend is observed across North America region.
The medicated confectionery product segment is projected to witness healthy growth owing to the rising popularity of cannabis infused confectionery products. The use of the product item has widely gained popularity among consumer masses suffering from mental issues such as anxiety, sleep deprivation, and others.
Others product category comprises of nougat, liquorice, lollipops, and marshmallows. Within this category, liquorice and marshmallows are likely to remain the dominant product category especially in European and North America region respectively.
Global Sugar Confectionery Market Segmentation
Gums & Jellies
Toffee & caramel
By Distribution Channel
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