The performance of sugar confectionery remained affected by a limited product offering in 2018 due to the high costs of importing products. The onset of hyperinflation in November 2017 caused great loss in the value of the domestic currency and prices continued to spiral up, leading to a sharp drop in demand.
Other sugar confectionery – largely comprised of marshmallows – exhibited the highest current retail value growth in 2018 whilst lollipops showed the smallest retail volume loss. Still, boiled sweets and lollipops make up the largest portion of value sales because they withstand higher price increases, thus carrying the lowest unit prices of all confectionery, and they can be sold by the unit, making them more affordable.
Sugar confectionery’s main competition comes from chocolate confectionery and sweet biscuits as consumers who are looking for an indulgence usually buy one of these products at a time. The competitive advantage of sugar confectionery products is a smaller packaging size which usually comes at a lower price than chocolate or gum.
Colombina de Venezuela CA remains the leading player in sugar confectionery thanks its strong presence in boiled sweets, lollipops and other sugar confectionery. The company is committed to remaining in Venezuela in spite of the adverse economic environment, although it is minimising its operations and focusing on sugar confectionery.
Sugar confectionery continues to see limited possibilities for expansion due to the high costs of imports and eroded purchasing power. Importers will continue to resort to the black market and, inevitably, prices will move upwards whilst product offerings will remain limited.
Movements from sugar confectionery to other indulgence food products are not predicted to occur in amounts that will have an adverse impact on sugar confectionery sales. On the one hand, the out-of-pocket expense when buying sugar confectionery products is always lower than when buying other impulse and indulgence products.
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This industry report originates from Passport, our Packaged Food market research database.