Published By : 02 Aug 2016 | Published By : QYRESEARCH
The demand for sugar confectioneries is on the rise in Asia Pacific and Latin America. This is because sweet snacks and confectionery items are consumed by most income groups in these regions. A surge in the demand for boiled sweets, premium chocolates, marshmallows, toffees, and fondant is propelling the growth of the sugar confectionery market in these regions.
In recent times, the increasing demand for medicated confectionery for conditions such as cold, cough, allergies, and respiratory tract congestion has added to the expansion scope of this market. These conditions are expected to display growth opportunities for this market.
The reduced prices of sugar in Asia Pacific is keeping the sugar confectioneries market on the growth track. Top companies are investing heavily in the lucrative Asia Pacific market, which is leading to a reduction in sugar prices. Consequently, the drop in sugar prices is expected to drive the demand for sugar confectionery products, especially in rural areas. On the other hand, in urban areas, the rapid development of the retail industry and increasing disposable income are expected to boost the sugar confectionery market. Moreover, the growing demand for premium confectionery products in these regions is also expected to propel the market considerably.
The growth of the China sugar confectionery market is attributed to the rising trend of gifting confectionery on festive occasions and the rising purchasing power of customers. The market for sugar confectionery in Asia Pacific, which includes India, China, Japan, and South Korea is influenced by the presence of several local players.
The increasing demand for innovative confectionery products in Latin America is benefitting the sugar confectionery market. The sugar confectionery market in Latin America is characterized by the rising sugarcane industry in countries such as Brazil, Argentina, and the rest of Latin America. In recent years, the rising preference for quality and healthy products has added to the scope of innovation for sugar confectioneries. The rising consumption of pastilles, gums, nougats, and candies in place of chocolates is likely to drive the Latin America sugar confectionery market. In addition, the presence of several local players will also aid in reducing the prices of sugar confectionery products.