Sugar confectionery experienced some retail volume contraction during 2020 as an effect of COVID-19 social gathering restrictions, with these restrictions likely to moderate recovery in 2021. Indeed, sugar confectionery is closely bound to infant events and traditional piñatas, which were mostly absent in 2020 as social gatherings were not allowed.
Players noticed that affordability was a key element in consumers’ purchasing decisions in 2020, which is leading them to engage in heavy discounting promotions in 2021. Currently, there is a price war among sugar confectionery players in modern retail channels.
Leading player Productora Centroamerica de Alimentos is refocusing on sugar confectionery in 2021. Indeed, in 2020 most of the company’s social media content was addressed towards other categories the player participates in, such as sweet biscuits.
Over the forecast period, sugar confectionery is set to gradually strengthen its rate of current value and retail volume growth. While competitors expected to be slightly recovered from the COVID-19 effect in 2021, lingering effects will still be seen in the forecast period.
Mounting health concerns may moderate the growth and popularity of sugar confectionery in the forecast period. Indeed, the pandemic caused consumers to pay more attention to their health, with parents showing a growing tendency to worry or look after the amount of sugar their kids have.
Some sugar confectionery subcategories have a better outlook for the forecast period than others. For instance, hard candy, such as boiled sweets, or toffees, caramels and nougat, is highly dependent on infant events and impulse purchases via independent small grocers.
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This report originates from Passport, our Sugar Confectionery research and analysis database.
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