According to a new report published by Fast.MR titled, “Sugar Confectionery Market by Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global sugar confectionery market was estimated at around USD 45.2 billion in 2019 and is expected to grow with the CAGR of 3.1% during forecast period 2020-2027. Rising popularity of the product in young age population is expected to drive the market growth over the forecast period.
The global young aged population is expected to observe steady climb over the predicted timeline owing to the better health facility and steady fertility rates. The continuous growth in this age category is likely to positively influence the demand for sugar confectionery products over the forecast period.
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Another key driver for the market growth is rising popularity of cannabis infused confectionery products especially in North America and European region. The rising demand for this product segment especially among consumer masses suffering from anxiety, sleep problems, diet issues, and others has observed significant growth over the last few years.
Asia Pacific region is likely to emerge as the dominant regional market due to the presence of two most populous countries in the world India and China. Both countries offer numerous opportunities for the vendors of the market in terms of its sheer size. The product segment especially in line with domestic features or cuisine has greatly contributed towards market growth over the last few years.
Key vendors of the industry are Jelly Belly Candy Company, AS Kalev, Mapro Foods Pvt. Ltd., Adams & Brooks Inc., Barambo, Perfetti Van Melle, Lotte Confectionery Co. Ltd., Ferraro, Mondelez International, and Nestle. The vendors of the market are intensively focused on the development of new product lines in order distinguish themselves within this marketspace.
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