Sugar
Confectionery Market: Snapshot
The
sugar confectionery market in Asia Pacific and Latin America has been
expanding at a robust pace over the past few years owing to the
surging demand for confectionery foods, sweet snacks, and medicated
confectioneries. The scenario in the sugar confectionery market in
APAC and LATAM has been changing of late as consumers in the rural
areas of both regions make the most of their rising disposable income
and changing lifestyle. Manufacturers of sugar confectionery products
are presented with various expansion opportunities given the limited
presence of major players in the market.
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The
opportunity in the Asia Pacific and Latin America sugar confectionery
market was worth US$26.1 bn in 2014, which is expected to rise to
US$46.1 bn by 2023 at a CAGR of 5.7%.
Dominance
of Local Players in China Sugar Confectioneries Market
Asia
Pacific, comprising China, Japan, South Korea, and others, accounted
for more than 60% of the overall market in 2014 and this region is
expected to witness steady growth during the forecast period. This
can be attributed to the booming retail industry and the rise in
disposable income. In addition, huge capital investments by major
companies in emerging markets have resulted in the gradual decrease
of the prices of sugar confectioneries. This reduction in price is
predicted to fuel the demand for sugar confectionery products,
especially in rural areas. There has also been a rising demand for
premium confectionery products, a trend that is expected to boost the
APAC market over the forecast period.
The
sugar confectionery market in China is supported by the growing
purchasing power of the consumers and the increasing use of
confectionery as gifts on special occasions. Although international
companies have a strong presence in China, particularly in high-end
markets, domestic brands are more affordable and as a result remain
popular in rural areas. The aging population, rising stress at work,
and growing health consciousness have been influencing the trajectory
of the Japanese sugar confectionery market at present.
The
Latin America sugar
confectionery market, comprising Brazil, Argentina, and the rest
of Latin America, has been strongly supported by the growing
sugarcane industry. The innovation in sugar confectioneries has also
enhanced the market in this region. The consumption of candy,
pastilles, gum, and nougat is expected to increase as alternatives to
chocolate and this trend has been driving local players to invest
significantly in the sugar confectionary market in Latin America.
Growth
Opportunities in Medicated Sugar Confectioneries
Sugar
confectionery comprises various products, such as boiled sweets,
medicated confectionery, lollipops, mint, gums, pastilles, jellies
and chews, and toffees, caramels and nougats. The toffees, caramels,
and nougats segment was the key contributor to the Asia Pacific and
Latin America sugar confectionery market and is likely to retain its
lead throughout the forecast period. Medicated confectionery is
widely used in the formulation of drugs for conditions such as cold,
respiratory tract congestion, cough, and allergies. This segment is
projected expand at the fastest pace by 2023 owing to its wide
product range, especially in children’s medications.
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