increasing product launches is driving the Sugar Confectionery Market
Technavio analyzes that the Sugar Confectionery Market is expected to grow at a CAGR of 5.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 24.8 billion.There are various factors that contribute to the growth of the market. The sugar confectionery market is witnessing a significant surge due to the increasing number of product launches. Manufacturers are introducing innovative and health-conscious sweets, catering to diverse consumer preferences. These new offerings are driving market growth, with an emphasis on natural ingredients, vegan options, and reduced sugar content. This dynamic market landscape presents opportunities for both established players and new entrants.
The sugar confectionery market is a broad industry, comprising an extensive array of products that cater to diverse consumer tastes. Hard boiled sweets represent a significant market segment due to their enduring popularity and broad appeal. These sweets are characterized by their lengthy shelf life and vast selection of flavors. Manufactured by boiling sugar and other components to a high temperature, hard boiled candies exhibit a hard, glass-like texture. Market trends, consumer preferences, and competitive dynamics are key factors influencing the growth trajectory of this segment within the sugar confectionery industry.
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Sugar Confectionery Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Sugar Confectionery Market encompasses various sugar-based products such as Boiled Sweets, Fondant, and Vitreous Mass. These are derived from Sucrose, Invert Sugars, and Glucose Syrups through processes like Boiling and Cooling, leading to Crystallization. Flavors and Colors are added for taste and appeal. Syrup Bob, Artificial Colors, and Preservatives are common additives. Chocolate, Processed Foods, and Fruit Preparations like Jams, Marmalades, Preserves, and Fruit Preparations also belong to this industry. Water activity, Colligative properties, and Solubility play crucial roles in Sugar Confectionery production. Gums are often used as thickeners, while the Maillard reaction contributes to the browning and flavor development.
The Sugar Confectionery Market encompasses businesses engaged in the production and packaging of various sugar-based sweets, including boiled sweets, fondant, vitreous mass, crystalline products, and graining. The market size is determined by the consolidated revenue of these entities. Technavio's analysis excludes manufacturers of food processing equipment and producers of packaged alcoholic and non-alcoholic beverages, such as mineral waters. Key growth drivers for the Sugar Confectionery Market include the health benefits associated with consuming minimally processed sweets, which contain essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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