The
top five players in the Asia Pacific sugar confectionery market,
namely Nestle S.A., Perfetti Van Mella SpA, Mondelez International
Inc., Ferrero Group, and The Hershey Co, accounted for a combined
share of just over 51% in 2014. Similarly, the leading five companies
in the market in Latin America held a share of just over 47% in 2014.
These players are Nestle, Mondelez, Mars, Ferrero, and Arcor. These
figures by Transparency Market Research indicate that the sugar
confectionery market is rather fragmented and a large number of
players, both international and local, have been operational in this
market.
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“The
APAC sugar confectionery market is characterized by the strong
presence of numerous local players in India, Japan, South Korea, and
China,” the lead author of the study observes. Looking to compete
against these manufacturers, a number of global companies have
ventured into these emerging markets. In May 2013, the Hershey
Company launched the Lancaster brand of confectionery products in
China. This was the first global brand launch for the company outside
the U.S.
Considering
the recent rise in the demand for premium chocolates and
confectioneries, several companies have been introducing newer
products and widening their product range in the premium
confectioneries market. Acquisitions are another growth strategy that
companies have been adopting to increase their competitiveness in
various industry segments.
Growing
Preference for Healthy Products a Massive Growth Opportunity
Although
the demand for premium and healthy sugar confectioneries remains high
across the Asia Pacific and Latin America market, the palate varies
with location. “Keeping this in mind, players have been focusing
more on product innovation to suit local preferences and provide
consumers with healthier variants,” the TMR analyst notes. For
instance, in 2015, Nestle S.A. removed all artificial flavors,
colors, and ingredients from its portfolio of sugar confectioneries
in all its regional subdivisions. This growing preference for healthy
products and the subsequent innovation that drives company activities
has fueled the APAC and LATAM market for sugar confectioneries.
Other
factors driving this market include a largely untapped target
audience with increased purchasing power and the growing young
population base in both the regions.
Medicated
confectioneries such as lozenges and hard candies are already
available in the market. However, TMR predicts that the limited
product range is expected to present numerous opportunities for
players in the Asia Pacific and Latin America sugar confectionery
market.
APAC
Surpasses LATAM in Revenue from Sugar Confectionery
The
Asia Pacific and Latin America sugar
confectionery market was valued at US$26.1 bn in 2014 and
expanding at a 5.7% CAGR from 2015 to 2023, the opportunity in the
market is estimated to rise to US$46.1 bn by 2023. By geography, the
sugar confectionery market is led by Asia Pacific, which accounted
for more than 66% of the market in 2014 in terms of revenue. Latin
America, on the other hand, is projected to expand the fastest pace
during the forecast period. Accounting for a share of over 28% in
2014, toffees, caramels, and nougats emerged as the leading revenue
generator in the sugar confectioneries market in APAC and LATAM.
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