Sugar Confectionery Market Driven by Rising Disposable Income & Changing Lifestyle

Sugar confectionery comprises of many different products, such as boiled sweets, lollipops, medicated confectionery, mint, pastilles, gums, jellies and chews, toffees, caramels and nougats and others. The sugar confectionery industry is growing at a significant rate due to the rising demand for confectionery products, medicated confectionery products and sweet snacks items. In addition, changing lifestyle and increasing customer preference for gifting confectionery items fueled by the growing retail sector is further boosting the market for sugar confectionery in Asia Pacific. Growing sugarcane industry and innovation in sugar confectionery products is enhancing the Latin America sugar confectionery market.

By types, the market is segmented into boiled sweets, lollipops, medicated confectionery, mint, pastilles, gums, jellies and, chews, toffees, caramels and nougat and others. Moreover, the report also provides cross sectional analysis of all the above segments across different countries within different regions such as Asia Pacific and Latin America. Asia Pacific country includes India, china, Japan, South Korea and Rest of Asia Pacific. Latin America includes country such as Brazil, Argentina and Rest of Latin America.

In 2014, among the different types of sugar confectionery, the toffees, caramels and nougat segment occupied the largest market share. However, the medicated confectionery segment is anticipated to witness the fastest growing market. The rapid growth of this segment is attributed to the increasing demand for medicated confectionery products, used in the formulation of drugs for many conditions such as colds, coughs, respiratory tract congestion and allergies are the main factors driving the growth of this market.

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The boiled sweets have gained popularity across different application segment owing to consumer preference as a gift especially for children and it’s also used as snacks item. Currently, boiled sweets hold the second largest market share of sugar confectionery market due to growing trend of snacks between meals and increasing trend of the nutritional content of sugar confectionery. Moreover, increasing sales owing to growing number of super market and retail channel is expected during the forecast period. Popularity of boiled sweets and its affordable price is projected to benefit the overall sugar confectionery market. In addition, pastilles, gums, jellies and chews manufacturers are focused on rising concern about obesity among youth. Therefore they are in the process of improving their products and introducing gluten free products.

Currently, toffees, caramel and nougat market expected a significant growth during the forecast period due to the awareness about the products created by the multinational and local manufacturers. The manufacturers not only focused on urban area but also they tried to cater the rural market. In addition, the rising demand and increasing trend of gifting confectionery product and especially in the occasion like Christmas, new year and others the manufacturers made different shape and flavor of confectionery products .Owing to these factors the market of total sugar confectionery is growing substantially

Geographically, the Latin America sugar confectionery market is predicted to experience the fastest growth from 2015 to 2023 in Asia Pacific and Latin America sugar confectionery market. Growing sugarcane industry and innovation in sugar confectionery products is enhancing the Latin America sugar confectionery market.

In order to get a better understanding of the sugar confectionery market, a key trends analysis has been included for all the segments. Furthermore, the market share of the major players in the sugar confectionery market has also been discussed in terms of market share revenue held in Asia pacific and Latin America. In addition, the key players in the market have also been profiled in terms of their product segments, financial overview, recent developments and business strategies adopted by them. The leading players in the market include Mars Inc., Mondelez International, Ferrero SpA, The Hershey Company, Nestle S.A., Lindt & Sprungli, Lotte Confectionery Co. Ltd. and Perfetti Van Mella SpA among others.

The Asia Pacific and Latin America sugar confectionery market can be segmented as follows;-

Asia Pacific and Latin America Sugar Confectionery Market, by Product Type

• Boiled Sweets
• Lollipops
• Medicated Confectionery
• Mint
• Pastilles, Gums, Jellies and Chews
• Toffees, Caramels and Nougat
• Other

Asia Pacific and Latin America Sugar Confectionery Market: Young Population Base Aspires Demand with Changing Food Habits, finds TMR

The Asia Pacific and Latin America sugar confectionery market has been prognosticated to be characterized by fragmentation with a profusion of players participating on a local as well as an international platform, according to a report penned by Transparency Market Research (TMR). In the Asia Pacific sugar confectionery market, Nestle SA had accounted for an elephantine share of over 20.0% in 2015 and above 18.0% in Latin America during the same year. The company could be following the portfolio expansion strategy by upgrading its current products and acquiring existing or new vendors for retaining its position in the Asia Pacific and Latin America sugar confectionery market.

As per TMR’s intelligence report, the Asia Pacific and Latin America sugar confectionery market has been prophesied to attain a massive revenue figure of US$46.14 bn by 2023. The report has analyzed a 5.7% CAGR on the part of the sugar confectionery market for the forecast period 2015–2023. By the end of the forecast period, toffees, caramels, and nougat could earn a handsome valuation of US$12.29 bn in the Asia Pacific and Latin America sugar confectionery market. Geographically, Asia Pacific has been envisaged to win a stronger share of more than 62.0% by the final forecast year.

Healthy Confectionery Allows Influx of Demand in Sugar Confectionery Market

The sugar confectionery market for Asia Pacific and Latin America could welcome a positive impact with the burgeoning preference for healthier and premium alternatives, although the sense of taste varies according to location. Moreover, sugar confectionery is the best replacement for chocolates and biscuits. While other companies have been prognosticated to resort to healthier options, Nestle SA had discarded all artificial flavors and colors in 2015 to suit the local preferences of consumers.

The ever-changing tastes of young consumers and their high attraction to innovative products and designing could strengthen the growth of the Asia Pacific and Latin America sugar confectionery market. Both the regions have still been considered as vast untapped markets for penetration on account of a wealth of opportunities birthing due to improved economic conditions and elevated purchasing power. This could significantly up the status of the Asia Pacific and Latin America sugar confectionery market.

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Vendors in Sugar Confectionery Market Fear Obvious Deterrent of High Sugar Consumption

High sugar consumption through products such as toffees, caramels, and nougat, which could be a larger product segment, has been envisioned to hurt the demand in the Asia Pacific and Latin America sugar confectionery market. The risk of related diseases such as increased uric acid, metabolic dysfunction, liver damage, and diabetes could slack the demand depression in the Asia Pacific and Latin America sugar confectionery market even more.

However, the soaring popularity of OTC remedies and self-medication has been foretold to further enhance the growth in the Asia Pacific and Latin America sugar confectionery market. Likewise, the surging trend of anti-smokers looking to quit smoking are intensifying the demand for breath fresheners and throat sweets, subsequently helping the demand in the Asia Pacific and Latin America sugar confectionery market to improve. Vendors could also look to explore the untapped rural regions in order to cement their position in the Asia Pacific and Latin America sugar confectionery market.

The information presented in this review is based on a Transparency Market Research report, titled, “Sugar Confectionery Market (Product Type - Boiled Sweets, Lollipops, Medicated Confectionery, Mint, Pastilles, Gums, Jellies, and Chews, and 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 has been segmented as presented below:

Asia Pacific and Latin America Sugar Confectionery Market by Product Type

• Boiled Sweets
• Lollipops
• Medicated Confectionery
• Mint
• Pastilles, Gums, Jellies, and Chews
• Toffees, Caramels, and Nougat

Sugar Confectionery Market in Asia Pacific and Latin America is Rising at CAGR of 5.70% during 2015 to 2023

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

Sugar Confectionery Industry-Trend of Gifting Confectionery Items Driving the Market–Industry Survey by 2023

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.

Mondelez International, Nestle S.A., Lindt & Sprungli, Ferrero SpA, The Hershey Company, Mars Inc., Lotte Confectionery Co. Ltd., and Perfetti Van Mella SpA are the leading players in the sugar confectionery market.