Published By : 04 Oct 2016 | Published By : QYRESEARCH
The market for sugar confectionary in Latin America and Asia Pacific has been rising at a swift pace since the past few years due to the growing demand for sweet snacks, confectionary foods, and medicated confectionaries. The Asia Pacific sugar confectionary market has been witnessing change owing to consumers residing in the rural areas are expending their disposable incomes and there is a change in their lifestyles. The sugar confectionary manufacturers have a number of expansion opportunities in place due to the limited count of key players in these two regions.
Medicated Confectionaries to Hold Promising Opportunities in both Regions
There are a number of products present in the Latin America and Asia Pacific sugar confectionary market. These include medicated confectionery, boiled sweets, lollipops, gums, mint, pastilles, caramels and nougats, and jellies and chews, and toffees. Of these, the segment of toffees, caramels, and nougats emerged as the top contributor in the market and is predicted to maintain its superiority in forthcoming years. On the other hand, medicated confectionary is predicted to hold the most lucrative opportunities in the market in the coming years. This is owing to the extensive utilization of medicated confectionaries in drug formulation in conditions such as cough, cold, respiratory tract congestion, allergies, and cough in the region of Asia Pacific and Latin America.
Rising Untapped Market in Rural Areas to Present Key Opportunity in Market
The increasing demand for healthy confectionary products and the rising untapped market in rural areas will fuel the growth of the sugar confectionary market in Asia Pacific and Latin America. In addition, the expanding young-aged population will also increase demand for sugar confectionary in these two regions. On the other hand, the increasing health problems related with the consumption of sugar confectionary in these two regions may hamper the growth of the market here.
Revenue-wise, Asia Pacific will Supersede Latin America
Amongst Asia Pacific and Latin America, the region of Asia Pacific led the market in 2014 with a share of over 66% on the basis of revenue. On the other hand, the region of Latin America is predicted to provide the most promising opportunities in the market in the coming years.