Sugar Confectionery Market – Global Industry Overview, Drivers and Restraints 2016 – 2024
The emergence of sugar-free confectionery and the rising demand for private labels are pegged as some of the promising factors estimated to drive the global sugar confectioneries in the next few years. In addition, the growing focus on product innovation and rising trend of gifting sugar confectionery are expected to encourage the growth of the overall market. The growing population and technological advancements in developing nations are expected to contribute extensively towards the growth of the global sugar confectionery market.
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The report studies the sugar confectionery market across the globe thoroughly, focusing on the key growth prospects. The research study comprises a SWOT analysis of the leading players to offer a clear picture of the strengths, weaknesses, opportunities, and threats that are expected to influence the growth of the global sugar confectionery market. In addition, the use of Porter’s five forces analysis helps in identifying the bargaining power of buyers and suppliers, threat of new entrants, and the intensity of the competitive rivalry. The past performance and developments in the global sugar confectionery market have been discussed in the scope of the research report and compared with the current scenario to determine the growth prospects of the market.
Global Sugar Confectionery Market: Drivers and Restraints
The expansion of product portfolio and growing retail market are the primary factors estimated to drive the demand for sugar confectionery in the coming years. Key players in the market are emphasizing on promotional activities, advertising campaigns, and social media marketing to expand their horizon and gain a competitive advantage in the market. In addition, these players are marking notable efforts to enter developing nations in order to exploit lucrative market opportunities surfacing here.
On the flip side, the growing awareness regarding a healthy lifestyle and wellness and the rising number of diabetes cases worldwide are estimated to restrict the growth of the market in the near future. Moreover, the rising inclination of consumers towards dark chocolate and growing competition from unorganized and local players are some of the key challenges for the leading players. Nonetheless, the rising demand for natural and organic candies and premium products is expected to generate potential opportunities for the leading players.
Global Sugar Confectionery Market: Region-wise Outlook
A wide range of sugar confectionery is available across the globe and volume sales are showing a progressive increase. The global market for sugar confectionery has been classified on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. The global sugar confectionery market is expected to witness significant growth, especially in developed countries. The rising number of distribution channels, such as hypermarkets, supermarkets, and retail stores in developed countries is one of the key factors boosting the demand for sugar confectioneries.
Among the key geographical regions, at present, Europe holds a massive share in the global market and is estimated to remain in the leading position in the next few years. On the other hand, North America and Asia Pacific are projected to witness steady growth throughout the forecast period, thanks to the rising disposable income of consumers. In addition, the rising population in developing countries is expected to drive the demand for sugar confectionery in developing countries.
Key Players Mentioned in the Research Report are:
Some of the prominent players operating in the sugar confectionery market across the globe are Nestlé SA, Lindt & Sprungli, Chupa Chups SA., Mars Inc., Cadbury PLC., Kraft Foods Inc., the Hershey Company, Ferrero SpA., Perfetti Van Melle S.P.A., and WM Wrigley JR Company. The rising popularity of sugar confectioneries is expected to attract new players in the near future and intensify the competitive scenario of the market.