Chile Sugar Confectionery Market Overview, 2027

Sugar confectioneries are associated with many good and cherished memories for many. With such nostalgic links, they connect the human brain to celebrations. Sugar confectionery includes a wide range of food items that are loved by everyone, irrespective of age and gender. They are available in a range of colors, shapes, and flavors, which makes them more appealing to consumers. The most loved items consist of starch-based sweeteners, which are used to prevent crystallization and reduce hygroscopy. Sugar confectioneries are available in different types and textures. The manufacturers are engaged in constant R&D with their trial and error with different combinations of ingredients. Understanding the changes in lifestyles, companies are now innovating and introducing new products to cater to their customers' growing needs. According to the research report "Chile Sugar Confectionary Market Overview, 2027" published by Bonafide Research, the Sugar Confectionary market is expected to grow significantly during the forecast period. The market has been growing at a steady pace on account of the high demand from middle-class consumers in this country. The major market driver is the increase in disposable income coupled with lifestyle changes across the country. The sugar-free confectionery segment is expected to grow at a favorable rate during the forecasted period due to changes in consumer preferences. The market is led by the chewy sugar confectionery segment, with a very prominent market share. The adult group, consisting of a population between the ages of 20 and 55, leads the market due to the reason that sugar brings comfort, which is seen as important in otherwise chaotic lives. On the other hand, the younger population is now shifting towards a healthy lifestyle, which pushes them towards low-calorie consumption. By sales channel, convenience stores held a considerable market share due to the impulsive buying behavior of consumers towards sugar confectioneries. During the forecast period, e-commerce is expected to grow at a significant rate due to increasing internet penetration, convenience, comfort, etc. However, the easy availability of product substitutes, stringent government regulations about quality standardization, and supply chain disruptions caused by the pandemic limited the scope of growth for the sugar confectionery market. The high cost of R&D activities, as well as the volatility of raw material prices, will stymie the sugar confectionery market's growth rate. Other market growth restraints include rising obesity prevalence, high sugar levels in patients, and a rising incidence rate of diabetes in the country. The constant desire to try new ethnic flavors and tastes is a major driving force in the sugar confectionery market. Over the years, the sugar industry has shifted its focus to producing healthier products. The growing health-conscious population is driving this trend. The ease of payment for products through online channels, as well as the wide range of sugar flavors and textures, are important factors driving the popularity of e-commerce in the sugar confectionery market. Furthermore, sugar confectionery is increasingly being used in the formulation of a wide variety of beverages and confectionery products, such as cakes, milkshakes, croissants, and hot sugar. Covid-19 The COVID-19 outbreak has had a significant impact on the confectionery market. The strict rules and lockdown implemented throughout 2020 have had an impact on the confectionery industry, causing a differential impact on raw material supply (agricultural produce, food ingredients, and intermediate food products), trade and logistics, demand-supply volatility, uncertain consumer demand, and affecting the workforce at the industrial level. One of the major factors affecting the confectionery industry during the lockdown was a drop in sales as a result of decreased gifting and impulse buying among consumers. However, the rising inclination and willingness of consumers to spend more on food items to counter the increasing COVID-related stress levels assisted in increased product demand amid the outbreak. Considered in this report: • Geography: Chile • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Chile Sugar Confectionary market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Hard Boiled Sweets • Plain Mints • Caramel/Taffy • Chewy • Novelty • Licorice • Sugar-free • Others (Specialty nut/coconut, marshmallows, fudges, and medicated throat lozenges) By Age Group: • Children (1-20 Age) • Adult (20-55) • Geriatric (55 & above) By Sales Channel in the report: • Supermarket/Hypermarket • Convenience Stores • Pharmaceutical & Drug Stores • E-commerce • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Sugar Confectionary Industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.