ALBANY, New York, July 22, 2016 /PRNewswire/ --
The top five players in the Asia Pacific sugar confectionery market, namely Nestle S.A., Perfetti Van Mella SpA, Mondelez International Inc., Ferrero Group, and The Hershey Co, accounted for a combined share of just over 51% in 2014. Similarly, the leading five companies in the market in Latin America held a share of just over 47% in 2014. These players are Nestle, Mondelez, Mars, Ferrero, and Arcor. These figures by Transparency Market Research indicate that the sugar confectionery market is rather fragmented and a large number of players, both international and local, have been operational in this market.
"The APAC sugar confectionery market is characterized by the strong presence of numerous local players in India, Japan, South Korea, and China," the lead author of the study observes. Looking to compete against these manufacturers, a number of global companies have ventured into these emerging markets. In May 2013, the Hershey Company launched the Lancaster brand of confectionery products in China. This was the first global brand launch for the company outside the U.S.
Considering the recent rise in the demand for premium chocolates and confectioneries, several companies have been introducing newer products and widening their product range in the premium confectioneries market. Acquisitions are another growth strategy that companies have been adopting to increase their competitiveness in various industry segments.
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Growing Preference for Healthy Products a Massive Growth Opportunity
Although the demand for premium and healthy sugar confectioneries remains high across the Asia Pacific and Latin America market, the palate varies with location. "Keeping this in mind, players have been focusing more on product innovation to suit local preferences and provide consumers with healthier variants," the TMR analyst notes. For instance, in 2015, Nestle S.A. removed all artificial flavors, colors, and ingredients from its portfolio of sugar confectioneries in all its regional subdivisions. This growing preference for healthy products and the subsequent innovation that drives company activities has fueled the APAC and LATAM market for sugar confectioneries.
Other factors driving this market include a largely untapped target audience with increased purchasing power and the growing young population base in both the regions.
Medicated confectioneries such as lozenges and hard candies are already available in the market. However, TMR predicts that the limited product range is expected to present numerous opportunities for players in the Asia Pacific and Latin America sugar confectionery market.
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APAC Surpasses LATAM in Revenue from Sugar Confectionery
The Asia Pacific and Latin America sugar confectionery market was valued at US$26.1 bn in 2014 and expanding at a 5.7% CAGR from 2015 to 2023, the opportunity in the market is estimated to rise to US$46.1 bn by 2023. By geography, the sugar confectionery market is led by Asia Pacific, which accounted for more than 66% of the market in 2014 in terms of revenue. Latin America, on the other hand, is projected to expand the fastest pace during the forecast period. Accounting for a share of over 28% in 2014, toffees, caramels, and nougats emerged as the leading revenue generator in the sugar confectioneries market in APAC and LATAM.
This review is based on the findings of a TMR report titled "Sugar Confectionery Market - Asia Pacific and Latin America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
Growth Opportunities in Medicated Sugar Confectioneries
Sugar confectionery comprises various products, such as boiled sweets, medicated confectionery, lollipops, mint, gums, pastilles, jellies and chews, and toffees, caramels and nougats. The toffees, caramels, and nougats segment was the key contributor to the Asia Pacific and Latin America sugar confectionery market and is likely to retain its lead throughout the forecast period. Medicated confectionery is widely used in the formulation of drugs for conditions such as cold, respiratory tract congestion, cough, and allergies. This segment is projected expand at the fastest pace by 2023 owing to its wide product range, especially in children's medications.
Browse Regional Market Research: http://www.europlat.org/sugar-confectionery-market.htm
Sugar Confectionery Market: By Geography
Sugar Confectionery Market: By Product Type
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