Sugar And Confectionery Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Major companies in the sugar and confectionery products market include Cargill; Tereos; Nordzucker Group AG; E. I. D Parry Limited and Sudzucker. The global sugar and confectionery products market is expected to grow from $341.

New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sugar And Confectionery Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018916/?utm_source=GNW
62 billion in 2020 to $360.11 billion in 2021 at a compound annual growth rate (CAGR) of 5.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $475.65 billion in 2025 at a CAGR of 7%.

The sugar and confectionery products market consists of sales of sugar and confectionery products by entities (organizations, sole traders and partnerships) that produce sugar and confectionery products. The companies in the sugar and confectionery products industry process agricultural inputs such as sugarcane, beet and cacao into sugar and confectionery products such as chocolate, and package and distribute them through various distribution channels to both individual customers and commercial establishments. The sugar and confectionery products market is segmented into sugar and confectionery products.

Asia Pacific was the largest region in the global sugar and confectionery products market, accounting for 48% of the market in 2020. Western Europe was the second largest region accounting for 18% of the global sugar and confectionery products market. Africa was the smallest region in the global sugar and confectionery products market.

Confectionery manufactures are adding naturally occurring herbs and spices flavor in confectionery market. Innovation has been key to the development of the confectionery market. According to the United States, Food and Drug Administration the term natural flavor or natural flavoring means the essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product of roasting, heating or enzymolysis, which contains the flavoring constituents derived from a spice, fruit or fruit juice, vegetable or vegetable juice, etc. Using herbs and spices give manufacturer give innovation of new and unique taste profiles. For instance, Salt works uses herbs and spices such as espresso, vintage merlot, roasted garlic, rosemary, black truffle, thai ginger, ghost pepper, lime, chipotle, jalapeno, habanero and srircha.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the sugar and confectionery product manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the sugar and confectionery product manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The sugar and confectionery product manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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