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Sugar confectionery market 2020 can attain a growth rate of more than 3.2% over the review period (2017 to 2023), affirms MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Growth Enhancers and Barriers
In recent years, the demand for organic and natural candies as well as premium products has spiked considerably, creating ample opportunities for the key firms in the global market for sugar confectionary. In line with the mounting awareness among consumers about food ingredients and the growth in sugar aversion, retailers and manufacturers have been responding to the given trend by introducing more reduced-sugar or sugar-free alternatives.
Sugar-free Confectionery Market
For instance, in February 2020, Chupa Chups boosted its sugar-free confectionary range by launching Chupa Chups Good For You. These lollipops consist of stevia and some of the added benefits include fibre, natural colourings, vitamin C, and sweeteners. These features help make them these products more appealing to the health conscious consumers.
The hike in preference for private labels, product development and the emerging trend of sugar confectioneries as gifts are set to work in favor of the global market. Expanding population coupled with technological innovations in developing countries can also contribute substantially to the market growth. Renowned brands are focused on advertising campaigns, social media marketing and promotional activities to bolster their horizon and achieve a bigger customer base in the global market. Many of these companies are also making efforts to gain entry into emerging countries, to leverage the attractive business opportunities, with one such country being India where the presence of different cultures and festivals enhances its growth potential.
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