Sugar
confectioneries are food items that are rich in sugar or sweetener
content. Confectioneries are food products that commonly include
sugar syrup, honey, fruits, berries, butter, cocoa, milk, nuts and
more. Confectionaries are known by different names like candies,
sweets, toffees, lollies, and goodies in different regions. They
include different food items like chocolates, marshmallows, caramels,
fudge and more. Confectionaries with a wide range of items are
consumed by almost all regions and further growth in confectionary
consumption is expected from developing countries. European market is
the largest one for confectioneries while North America and
Asia-Pacific are trailing behind. The Asia-Pacific market is expected
to show significant growth in the near future.
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Some
of the key drivers for the growth of this market is increasing
urbanization and rising disposal income of consumers. Also, growing
population and advancement in developing countries are anticipated to
impact the growth of the confectionary market. The market for
products like chocolates, chewing gums, and energy bars are expected
to grow in the future. Key companies in the confectionary market are
now entering the developing countries to exploit market
opportunities. Product innovation is expected to contribute to the
global market growth.
The
major restraint for the confectionary market is health awareness
among consumers. Confectionary mainly includes products made from
sugar, which has high amount of calories and is considered to be
reason for diseases like obesity and diabetes. Also, confectionary
consumers majorly include children, hence, much focus is on the
composition of the food items. In addition to this, the market for
snacks and drinks is seen to effect the confectionary market growth
negatively. Major manufacturers are now trying to develop sugar-free
products or products with the same taste and with low calories.
Some
of the key players in the confectionary market are Kraft Foods Inc.,
Cadbury PLC., Nestlé SA, Mars Inc., Perfetti Van Melle S.P.A.,
Ferrero SpA., the Hershey Company, Lindt & Sprungli, WM Wrigley
JR Company, and Chupa Chups SA., among others.
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