The
Asia Pacific and Latin America market for sugar confectionary is
prognosticated to grow at an unprecedented rate in the coming years,
according to a report published by Transparency Market Research
(TMR). The market comprises of strong players operating in emerging
economies such as Japan, China, India and South Korea. The top five
players in the APAC market for sugar confectionary hold over 50% of
the total revenue in the market. These are Perfetti Van Mella SpA,
Nestle S.A., Ferrero Group, The Hershey Co, and Mondelez
International Inc. In the Latin America sugar confectionary market,
the leading players are Mondelez, Mars, Arcor, and Nestle, with
nearly 50% of the entire market share.
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With
a recent surge in the demand for premium confectionary and
chocolates, vendors are expected to focus on introduction of new
products and widening their product portfolio. Acquisitions and
partnerships are another key strategy to be adopted to vendors.
According
to the report, the Asia Pacific and Latin America sugar confectionery
market was estimated to be at US$26.1 bn in 2014, and is expected to
rise to US$46.1 bn by 2023 with as steady CAGR of 5.7%.
The
sugar confectionery market is currently growing at a sound rate due
to the high demand from middle-class consumers. The introduction of
novel products with healthy ingredients and innovative flavors,
rising popularity as a gifting item, and rise of the retail market
are expected to drive the demand in the forthcoming years.
Additionally, the growing disposable incomes of people in Asia
Pacific and Latin American countries, and the booming population in
emerging countries such as China and India is predicted to augment
the market over the period of forecast. However, a few factors such
as rising health awareness across the globe and surge in incidence of
diabetes could hamper the sugar confectionery market growth to some
extent.
The
consumption medicated sugar confectionery in Asia-Pacific is expected
to increase, assisted by the growth in regional population,
development in retail market, and stable economic growth. 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 a swift pace in the
coming years owing to its wide product range, especially in
children’s medications.
The
sugar
confectionery market in China is supported by the steadily
increasing purchasing power of the consumers and the rising use of
confectionery as gifts on special occasions. While international
companies have a strong presence in China, particularly in high-end
markets, domestic brands much more cost efficient and as a result
remain popular in rural areas. The growing aging population, and
rising health consciousness are expected to influence the trajectory
of the Japanese sugar confectionery market in present years.
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.
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