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Sugar Confectionaries Market- Global Industry Analysis, Size, Share, Growth,Trends and Forecast 2024
Sugar confectionaries include sweet or sugar based food items, which are normally eaten as snacks. Boiled sweets, medicated confectionery, lollipops, gums, caramels, jellies and toffees are some examples of such products. The market for sugar confectionary is likely to grow at a rapid pace owing to the continuous product innovation and increasing trend of gifting these food items in various occasions and parties. Moreover, wide availability of these products through various distribution channels, such as supermarkets, hypermarkets, and retail stores among others is likely to fuel the growth of this market. Increasing demand for organic and natural candies and other premium products is likely to create ample opportunity for the expansion of this market in near future. In addition, rural areas across the world serve as an untapped market for sugar confectionaries. However, factors such as growing consciousness towards health and wellness and increasing number of patients with diabetes are expected to restrain the growth of sugar confectionaries market to some extent. Sugar confectionaries contain high amount of sugar, which if consumed for prolonged time, can result in obesity and other diseases. In addition, rising consumer preference towards dark chocolate is another factor hindering the development of market.
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On the basis of geography, the sugar confectionaries market is divided into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Latin America. There is a significant demand for confectionary products in North America and Europe. Moreover, large numbers of companies have their presence in these regions owing to huge customer base. Asia-Pacific is projected to grow at the highest CAGR, primarily due to increasing disposable income and growing retail industry in this region. Moreover, there has been a decrease in prices of sugar confectionaries, owing to huge capital investments by leading companies in developing nations. The market is also anticipated to witness strong growth in Latin America. The major reason is attributed to improvement in sugar confectionery products and immense growth of sugarcane industry in Brazil and Argentina among others. In addition, the consumption of pastilles, candy, nougat and gum is expected to increase in these regions as substitutes for chocolate. These factors are motivating local manufacturers to significantly invest in this market in Latin America.
Some of the major players operating in the sugar confectionary market are Mondelez International, Mars Inc., The Hershey Company, Ferrero SpA, Lindt & Sprungli AG, Nestle S.A., Perfetti Van Mella SpA, Lotte Confectionery Co. Ltd., United Confectionery, Yildiz Holding, WM Wrigley JR and Zachary Confections among others.
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Market by Product
· Boiled sweets
· Medicated confectionery
· Chews and jellies
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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