The Asia Pacific and Latin America sugar confectionery market has been prognosticated to be characterized by fragmentation with a profusion of players participating on a local as well as an international platform, according to a report penned by Transparency Market Research (TMR). In the Asia Pacific sugar confectionery market, Nestle SA had accounted for an elephantine share of over 20.0% in 2015 and above 18.0% in Latin America during the same year. The company could be following the portfolio expansion strategy by upgrading its current products and acquiring existing or new vendors for retaining its position in the Asia Pacific and Latin America sugar confectionery market.
As per TMR’s intelligence report, the Asia Pacific and Latin America sugar confectionery market has been prophesied to attain a massive revenue figure of US$46.14 bn by 2023. The report has analyzed a 5.7% CAGR on the part of the sugar confectionery market for the forecast period 2015–2023. By the end of the forecast period, toffees, caramels, and nougat could earn a handsome valuation of US$12.29 bn in the Asia Pacific and Latin America sugar confectionery market. Geographically, Asia Pacific has been envisaged to win a stronger share of more than 62.0% by the final forecast year.
Healthy Confectionery Allows Influx of Demand in Sugar Confectionery Market
The sugar confectionery market for Asia Pacific and Latin America could welcome a positive impact with the burgeoning preference for healthier and premium alternatives, although the sense of taste varies according to location. Moreover, sugar confectionery is the best replacement for chocolates and biscuits. While other companies have been prognosticated to resort to healthier options, Nestle SA had discarded all artificial flavors and colors in 2015 to suit the local preferences of consumers.
The ever-changing tastes of young consumers and their high attraction to innovative products and designing could strengthen the growth of the Asia Pacific and Latin America sugar confectionery market. Both the regions have still been considered as vast untapped markets for penetration on account of a wealth of opportunities birthing due to improved economic conditions and elevated purchasing power. This could significantly up the status of the Asia Pacific and Latin America sugar confectionery market.
Vendors in Sugar Confectionery Market Fear Obvious Deterrent of High Sugar Consumption
High sugar consumption through products such as toffees, caramels, and nougat, which could be a larger product segment, has been envisioned to hurt the demand in the Asia Pacific and Latin America sugar confectionery market. The risk of related diseases such as increased uric acid, metabolic dysfunction, liver damage, and diabetes could slack the demand depression in the Asia Pacific and Latin America sugar confectionery market even more.
However, the soaring popularity of OTC remedies and self-medication has been foretold to further enhance the growth in the Asia Pacific and Latin America sugar confectionery market. Likewise, the surging trend of anti-smokers looking to quit smoking are intensifying the demand for breath fresheners and throat sweets, subsequently helping the demand in the Asia Pacific and Latin America sugar confectionery market to improve. Vendors could also look to explore the untapped rural regions in order to cement their position in the Asia Pacific and Latin America sugar confectionery market.
The information presented in this review is based on a Transparency Market Research report, titled, “Sugar Confectionery Market (Product Type - Boiled Sweets, Lollipops, Medicated Confectionery, Mint, Pastilles, Gums, Jellies, and Chews, and Toffees, Caramels, and Nougat) - Asia Pacific and Latin America Industry Analysis, Trend, Size, Share, and Forecast 2015 - 2023.”
The Asia Pacific and Latin America sugar confectionery market has been segmented as presented below:
Asia Pacific and Latin America Sugar Confectionery Market by Product Type
- Boiled Sweets
- Medicated Confectionery
- Pastilles, Gums, Jellies, and Chews
- Toffees, Caramels, and Nougat
Asia Pacific and Latin America Sugar Confectionery Market by Geography
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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