North America Sugar Confectionery Market Share Expected To Reach USD 41.44 Billion By 2032, At 5.0% CAGR Growth: Polaris Market Research

New York, NY, Feb. 13, 2024 (GLOBE NEWSWIRE) -- A latest research report [115+] pages with 360-degree visibility, titled “North America Sugar Confectionery Market Share, Size, Trends, Industry Analysis Report, By Type (Hard-Boiled Sweets, Gums & Jellies, Caramels & Toffees, Medicated Confectionery, Others); By Distribution Channel; By Country; Segment Forecast, 2024 - 2032" published by Polaris Market Research in its research repository.

The North America sugar confectionery market size and share is currently valued at USD 26.88 billion in 2023. It is anticipated to generate an estimated revenue of USD 41.44 billion by 2032 , according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 5.0% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.

Market Definition

• What is Meant by Sugar Confectionery? How Big is Sugar Confectionery Market Share?

Sugar confectionery is the conventional core application of sugar. Different types of sugars are widely utilized in confectionery applications such as jellies, gummies, lollypops, hard-boiled candies, and lozenges, as well as fudges, soft candies, coated products, marshmallows, and directly squeezed tablets and mints. Depending on the particular application, the desired product properties, and the available process equipment, more than dedicated sugar performance is needed; professional application and process expertise are essential for optimal results.

Also, the North American sugar confectionery market is a large and diverse industry that includes a wide range of products. The North America sugar confectionery market size has undergone continuous growth but still maintains a dominating revenue share in the global market, propelled by growing consumer demand for confectionery products.

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North America Sugar Confectionery Market Key Companies

• Ferrara Candy
• Ferrero
• Haribo
• Hershey
• Jelly Belly
• Mars Wrigley Confectionery
• Nestle SA
• Russell Stover
• Sugarfina
• The Kraft Foods Inc.
• Trader Joe's

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Key Highlights

• The key driver of the market is the growing popularity of gourmet and premium candies. Also, the advancement of e-commerce platforms has made it easier for these smaller players to gain a broader audience, further fueling the growth of the market.
• The North America sugar confectionery market segmentation is mainly based on distribution channel, type, and country.
• The U.S. conquered the market and contributed over 69% of the share in 2023.

Market Developments

Growth Drivers:

• Increased Trend of Gifting Confectionery: Giving chocolates and candies as gifts during festivals, holidays, and other special occasions has become more and more popular. This is because sweets are typically connected to coziness, happiness, and warmth, which makes them perfect as gifts to convey well wishes and lift spirits. For example, the National Retail Federation's seasonal trends information from 2023 states that more than 160 million Americans purchased candies for Halloween. This suggests that during customary occasions, there is an increase in the intake of candy.
• Convenience and Versatility: Sugar confectionery items, such as gummies, candy baskets, and boxed chocolates, are convenient and adaptable, making them perfect for sharing and enjoying with loved ones, coworkers, and friends. Because of this, the North America sugar confectionery market share has a notable uptick in demand during holidays like Christmas, Easter, Halloween, and Thanksgiving, which significantly boosts the sector's overall growth in North America.

Industry Trends:

• High-Quality and Handmade Sweets: Customers are prepared to spend more for confections that are handmade, of superior quality, and have distinctive flavors and textures. Due to this trend, new small and medium-sized companies are entering the North America sugar confectionery market and providing specialized candies with unusual flavor combinations and natural ingredients.

Restraints:

• Growing Concerns About Health Effects: Consumers are actively looking for sugar-free or low-calorie sweets as alternatives to typical sugary products as they become more health conscious. Manufacturers are being forced to reformulate their products and offer new, healthier options as a result of this shift in consumer tastes.

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Segmentation Overview

• Hard-Boiled Sweets Sector Holds the Largest Market Share

Hard-boiled candies are firm-textured, chewy candies available in a variety of flavors and shapes. Young adults and children, in particular, appreciated them for their bouncy texture and sweet flavor. Hard-boiled candy thus had a sizable portion of the North America sugar confectionery market, with top producers like Haribo and Jelly Belly providing a broad selection of goods to satisfy consumer demand.

Furthermore, a lot of consumers found hard-boiled sweets to be an appealing alternative because of their price and ease, which helped them maintain their dominant market position.

• Offline Stores and Online Platforms Sector Dominates the Market

Distribution through physical retail sites dominated the North America sugar confectionery market growth, suggesting that people in this region still choose to buy candies and sweets from physical retail shops over online platforms. This is because of things like the need for instant gratification, the inclination for in-store experiences, or the wish to see and taste the products before making a purchase. Customers can also browse a large selection of products at offline stores and get personalized advice from knowledgeable salespeople.

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North America Sugar Confectionery Market: Report Scope & Dynamics

Browse Detail Press Release: North America Sugar Confectionery Market Size Worth USD 41.44 Billion By 2032 | CAGR: 5.0%

Regional Insights

United States: Because of its huge and diverse population, which generates a sizable demand for sugary snacks and sweets, the United States maintained a leading revenue share in the North America sugar confectionery market. Furthermore, a large variety of sugar confectionery goods are available through the United States' well-established retail infrastructure, which consists of a large number of supermarkets, convenience stores, and internet retailers.

Browse the Detail Report “North America Sugar Confectionery Market Share, Size, Trends, Industry Analysis Report, By Type (Hard-Boiled Sweets, Gums & Jellies, Caramels & Toffees, Medicated Confectionery, Others); By Distribution Channel; By Country; Segment Forecast, 2024 - 2032” with in-depth TOC:

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Key Questions Addressed in the Report:

• How big is the North America sugar confectionery industry?

Ans: The market size was valued at USD 26.88 billion in 2023 and is anticipated to grow to USD 41.44 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period of 2024-2032.

• What is driving the North America sugar confectionery market demand?

Ans: The market demand is growing due to the popularity of gourmet and premium candies. Also, the advancement of e-commerce platforms has made it easier for these smaller players to gain a broader audience, further fueling the growth of the market.

• What are the segments covered by the report?

Ans: The North America sugar confectionery market analysis is mainly based on distribution channel, type, and country.

• Who are the key vendors of the market?

Ans: Some of the major players operating in the market are Ferrara Candy, Hershey, Haribo, Nestle SA, and Trader Joe's.

Polaris Market Research has segmented the North America sugar confectionery market report based on type, distribution channel, and country:

By Type Outlook

• Hard-Boiled Sweets
• Gums & Jellies
• Caramels & Toffees
• Medicated Confectionery
• Others

By Distribution Channel Outlook

• Offline Stores
• Online Platforms

By Country Outlook

• U.S.
• Canada

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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