Market Trends of sugar confectionery Industry
Impulse buying and visual appeal play a significant role in the growth of the market worldwide
- Sugar confectionery consumption around the globe is attributed to factors like traditional customs, cultural celebrations, and regular snacking among the population in particular regions. In Asia-Pacific, about 78% of consumers preferred consuming hard candies during their work and traveling period in 2022-2023.
- Under product attributes, consumers are significantly focusing on brand image. Around 70% of the total population prefers products that come with a good brand image. Packaging is considered the second most important product attribute for confectionery products, which determines the likelihood of their purchasing.
- In 2023, sugar confections witnessed a hike in their sales by 4.5% compared to 2022. The sales growth was linked to the growing consumer density for sugar confectionery with unique flavors. Under sugar confectionery, hard candy gained a significant volume of popularity in 2022 as consumers preferred them during traveling and working hours.
- Product marketing and advertisement play important roles in the consumption and selling of products. Products with labels that advertise the “immune-boosting” or “herbal” anti-oxidant benefits are being introduced more frequently. Sugar-free claims are also attracting consumer interest, with more than 40% of consumers looking for low-sugar claims when choosing new products in the global market.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Confectionery Ingredients may be hampered by the negative effects of synthetic colors and tight FDA rules for private brands
