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LONDON, GREATER LONDON, UK, January 18, 2024 /EINPresswire.com/ — The sugar and confectionery products market has exhibited robust growth, surging from $353.62 billion in 2023 to $371.74 billion in 2024, reflecting a commendable compound annual growth rate (CAGR) of 5.1%. The sugar and confectionery products market is poised for continued expansion, projected to reach $440.72 billion by 2028, with a steady CAGR of 4.3%.
Drivers of Market Expansion:
• Economic Growth Fueling Manufacturing Market:
The sugar and confectionery products market benefits from stable economic growth projected in both developed and developing countries. With global GDP growth reaching 3.3% in 2020 and 3.4% in 2021, along with recovering commodity prices, the sugar and confectionery products manufacturing market is set to thrive. Stable economic conditions are anticipated to drive investments in end-user markets, contributing to the market’s growth.
• E-Commerce Revolutionizing the Market:
The surging prominence of e-commerce is a major catalyst for the sugar and confectionery market. E-commerce facilitates direct-to-consumer sales, allowing companies to reach a broader audience beyond physical stores. As of August 2023, online sales accounted for 15.4% of all sales, showcasing the transformative impact of e-commerce on the market’s unprecedented growth.
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Key Players in the Market:
Major companies operating in the sugar and confectionery products market include Mondelez International Inc., Barry Callebaut AG, The Hershey Company, Nestle S.A., and others. These industry leaders play a pivotal role in shaping market dynamics and responding to evolving consumer preferences.
Innovative Trends Shaping the Market:
• Flavour Enhancement with Herbs and Spices:
Confectionery manufacturers are embracing innovation by incorporating naturally occurring herbs and spices to enhance flavour profiles. This trend, in line with FDA definitions, allows for the creation of new and unique taste experiences. Companies like Saltworks are leveraging a variety of herbs and spices, ranging from vintage merlot to ghost pepper, to create diverse and appealing confectionery products.
• Health-Conscious Innovation with Non-HFSS Products:
Market leaders are introducing health-conscious innovations by launching non-HFSS (High in Fat, Salt, and Sugar) products. For example, Mondelez International introduced eight non-HFSS products across biscuits, confectionery, and drinking chocolate in August 2022. This strategic move aligns with the growing consumer demand for mindful snacking and dietary management.
Regional Overview:
In 2023, Asia-Pacific emerged as the largest region in the sugar and confectionery products market, with Western Europe following as the second-largest region. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation:
The sugar and confectionery products market covered in this report is segmented –
1) By Type: Sugar, Confectionery Product
2) By Price Point: Economy, Mid-Range, Luxury
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Chocolate Confectionery, Sugar Confectionery, Gum Confectionery
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Sugar And Confectionery Products Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Sugar And Confectionery Products Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on sugar and confectionery products market size, sugar and confectionery products market drivers and trends, sugar and confectionery products market major players, competitors’ revenues, sugar and confectionery products market positioning, and sugar and confectionery products market growth across geographies. The sugar and confectionery products market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Sugar and Confectionery Products Market: A Sweet Outlook
