A
new report by Transparency Market Research (TMR) finds that the
competitive landscapes of the sugar confectionery markets in Asia
Pacific and Latin America are highly fragmented, which can be
attributed to the presence of a large number of participants in each
of the markets. In 2014, Nestlé, Mondelez International, Perfetti
Van Mella, Hershey, and Ferrero led the Asia Pacific sugar
confectionery market with a collective share of nearly 52%, whereas,
the Latin American market was driven by Nestlé, Ferrero, Mars,
Mondelez, and Arcor with a combined share of almost 48% in the same
years.
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Currently,
local players are dominating the sugar confectionery markets in both
the regions. However, the coming years would witness a surge in the
entry of international players in these markets, leading to an
intensified competition between participants, notes the study.
According to TMR’s estimations, the sugar confectionery markets in
Asia Pacific and Latin America jointly presented an opportunity worth
US$26.1 bn in 2014. Rising at a CAGR of a CAGR of 5.70% during the
period from 2015 to 2023, it is likely to reach US$46.1 bn by the end
of the forecast period. Toffees, caramels, and nougats witness a
higher demand than other confectionary in Asia Pacific and Latin
America and are likely to generate a revenue of US$12.2 bn by 2024.
Asia
Pacific to Report Higher Demand for Sugar Confectionary
Asia
Pacific and Latin America are the two main regional markets for sugar
confectionery studied in this research report. Asia Pacific, among
the two, has emerged as the key contributor to the overall market.
Analysts expect the region to remain dominant, rising at a CAGR of
5.10% over the forecast period.
The
reduction in the prices of sugar confectionery is likely to fuel its
consumption in the developing economies in Asia Pacific, leading to a
remarkable growth of this market in the coming years. Latin America
is also projected to witness a steady rise in the market for sugar
confectionery over the next few years due to the significant growth
of the sugarcane industry.
Increasing
Young Population to Fuel Demand for Sugar Confectionery
Children
and teenagers are the key consumers of sugar confectionery across the
world. “The rising base of the young population in Asia Pacific and
Latin America is increasing the demand for sugar confectionery in
both the regions,” says the author of this report. The
ever-changing food habits of this set of consumers are forcing
manufacturers to focus on product innovation.
Apart
from this, the increase in the purchasing power of consumers, thanks
to the improvement in economic conditions, is expected to offer
lucrative opportunities for growth to sugar confectionery
manufacturers in both the regions over the coming years, states the
report.
Rising
Concerns over High Sugar Level in Individuals to Limit Consumption of
Sugar Confectionery
Although
the growing demand for sugar confectionery points towards a thriving
future for the global market, the escalating reports of high sugar
level in individuals caused by high intake of confectionery are
anticipated to hamper the growth of this market to some extent in the
near future. Diabetes, metabolic dysfunction, increased uric acid,
and liver damage are some of the main health conditions that high
consumption of sugar confectionery may cause to humans. However,
medicated confectionery, such as lozenges and hard candies, are
likely to present lucrative opportunities for growth to
confectionery-makers in the near future, notes the research study.
The
study presented here is based on a report by Transparency Market
Research (TMR) titled “Sugar Confectionery Market (Product Type -
Boiled Sweets, Lollipops, Medicated Confectionery, Mint, Pastilles,
Gums, Jellies and Chews, Toffees, Caramels and Nougat) - Asia Pacific
and Latin America Industry Analysis, Trend, Size, Share and Forecast
2015 - 2023.”
The
Asia Pacific and Latin America sugar confectionery market can be
segmented as follows:-
By
Product Type
- Boiled Sweets
- Lollipops
- Medicated Confectionery
- Mint
- Pastilles, Gums, Jellies and Chews
- Toffees, Caramels and Nougat
- Others
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