Published on June 2nd, 2022.
The report titled ‘Europe Sugar Confectionery Market Outlook, 2026′ published by Bonafide Research identifies and discusses recent developments in sugar confectioneries across the region of Europe. This report not only serves with the facts, figures, and forecasts but also has a detailed study about the Covid effect on the industry. As the name suggests, these sweet tastings are loved by all age groups across the globe. The market has been in growth at a steady pace on account of the high demand from middle-class consumers. This market is divided into different product types of Hard Boiled Sweets, Plain Mints, Caramel/ Toffee, Chewy, Novelty, Licorice, Sugar-free, and Others; Children, Adult & Geriatric, in terms of age group, based on sales channel: Supermarket/Hypermarket, Convenience Stores, Pharmaceutical & Drug Stores, E-commerce & Others, and by region & country.
Europe is the global leader of the sugar confectionery market, aided with the product portfolio extension and newer brand launches of the established players. In the year 2015, the market was valued at USD 17.58 Billion, given the introduction of the high number of new varieties in the market. Ferrero, Mondelez, Mars, and Nestle are a few of the top-performing players in the region. One of the major hindrances in the market growth is the presence of high sugar content in these confectioneries. Even though the region is leading the global market, it is expected to be growing with the lowest anticipated CAGR of 3.13%.
With an incline in the health consciousness, the region has inclined towards the snacks bar as an alternative to confectioneries. To surpass this hindrance, the manufacturers are constantly innovating around flavors like including citrus, which gained immense popularity. Although being a niche market, the use of vegetable extracts is also extracted in confectionery production. The change in the taste & preference of the customers towards healthy eating is to allow the segment of sugar-free confectionery to grow with an anticipated CAGR of 6.23%. However, the northern European countries have a strong obsession with licorice, while the licorice root has its native in the southern part of the region. The market is led by the adult age group segment which is also expected to be the fastest-growing segment with an anticipated CAGR of 3.46%.
In terms of sales channel, the region follows the global trend, with the convenience store leading the market, with a market share of little over 40% in the year 2015. Factors such as an increase in the gifting trends and the growth of retail marketing in the industry are to be facilitating the market growth in the coming years. By the end of the forecasted period, the e-commerce segment is expected to be growing with an anticipated CAGR of 6.34%.
Germany leads the Europe region, with a market share of 16% in the year 2020, while the rest of the European region is expected to be growing to a share of little less than 50% by the end of 2026. In the UK, the focus on sugar strengthened in 2020 when Boris Johnson announced a new anti-obesity strategy. During the pandemic of Covid-19, even though the work from home routine boosted the snacking opportunity, on the other hand, the insecurity in the cash flow restricted the consumer spending power. One of the major trends in the region is the rising idea of giving confectioneries in form of reward & gratification, which is to aid the market in the coming period.
The leading companies are focusing on improvising their global position by enhancing their product line and through mergers & acquisitions. Understanding the changes in lifestyles, companies are now innovating and introducing new products to cater to the customers’ growing needs.
Original Article: Europe Sugar Confectionery Market is expected to be growing at CAGR of 3.13% by 2026
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