Rising Demand for Premium Confectioneries Spurs the Growth of Sugar Confectionery Market
Sugar confectioneries are consumed by most income groups in Asia Pacific and Latin America and their market is expanding owing to the growing demand for sweet snacks and confectionery foods. A surge in the demand for toffees, boiled sweets, fondant, premium chocolates, and marshmallows is driving the sugar confectionery market in these two regions.
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The market presents a wide scope for experiment, making it an opportunity-laden market. During recent times, growth in the application of medicated confectionery in the development of drugs for conditions such as allergies, cold, cough, and respiratory tract congestion has been witnessed. These developments are likely to drive the sugar confectionery market.
Reduced Prices of Sugar in APAC Keep Sugar Confectioneries Market on Growth Track
Key companies are investing huge capital in the lucrative market of APAC, leading to a reduction in the prices of sugar. The gradual decrease in prices is anticipated to propel the demand for sugar confectionery products, particularly in rural areas. In urban areas, the rapidly developing retail industry and rising disposable income are likely to bolster the growth of sugar confectionery market. The rising demand for premium confectionery products in these areas is also anticipated to give a great push to the market.
In China, the growth of sugar confectionery market can be attributed to the growing trend of using confectionery as gifts on festive occasions and purchasing power of the customers. The Asia Pacific sugar confectionery market, comprising India, China, South Korea, and Japan, is influenced by the strong presence of many local players.
Augmented Demand for Innovative Confectionery Products in LATAM Benefits Sugar Confectioneries Market
The Latin America sugar confectionery market is characterized by the growing sugarcane industry in countries such as Argentina, Brazil, and the rest of LATAM. Growing preference for healthy and quality products has increased the scope of innovation in sugar confectioneries. Growing consumption of pastilles, nougats, gums, and candies as alternatives to chocolate is anticipated to drive the sugar confectionery market in LATAM. Moreover, the presence of many local players is likely to reduce the cost of sugar confectionery products.