Published on : Jul 22, 2016
Product innovation and the need for healthy sweets has increased the demand for sugar confectioneries among consumers. Increasing disposable income and changing life style has also added to the growing demand for sugar confectioneries. The use of sugar confectioneries as gift is has further provided manufacturers with a better outlook as they look forward to expand their productivity through product and packaging innovation, and also by introducing medicated confectioneries for a wider market reach.
Growing Youth Population to Enhance Manufacturers for Product Innovation
Sugar confectioneries are used both as sweet dishes and snacks pertaining to the rising urban culture. As the youth population all over the globe is increasing, the need for sugar confectioneries as snacks has also increased extensively. Due to the wide range of products that comprise the sugar confectionery segment, the demand for it among youth is also significantly high. Currently the segment of toffees, nougat, and caramels is reported to have the largest share followed by boiled sweets. The boiled sweets segment is gaining popularity among the youth population due to rising concerns of obesity among them. Thus, the manufacturers of pastilles, jellies, chews, and gums are focusing on improving their products by introducing gluten free sweets.
Medicated Sugar Confectionery to Provide Manufacturers with Future Growth Opportunities
The increased concerns about obesity and other health hazards caused due to excess intake of sweets, has led manufacturers to focus on developing sugar confectioneries with health values. In this regard, manufacturers of sugar confectioneries are producing medicated sugar confectionaries to maintain their position in the sugar confectionary market. Medicated sugar confectioneries are used widely in drugs to treat cold, cough, and allergy congestions. Medicated sugar confectioneries such as hard candies and lozenges are available in the market already and this segment is expected to expand at a fast pace by 2023 due to its vast product range, especially in the children’s medication segment.
Health Concerns to Hinder Demand for Sugar Confectioneries
The health issues caused by the excessive intake of sugar confectionaries is like to restrain the market growth of sugar confectioneries. Obesity is the major health issue that the manufacturers of sugar confectioneries are focusing to curb.
Some of the top manufacturers of sugar confectioneries are Nestle S.A., The Hershey Company, Ferrero, and Mondelez International.
With a positive future outlook, the sugar confectionary market in Asia Pacific and Latin America is expected to increase at a CAGR of 5.7% by 2023.