The Latin America, Middle East and Africa Confectionery Market would witness market growth of 6.8% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 5,460.1 Kilo Tonnes, showcasing a growth of 8.2% (2023-2030).
The growth of the sugar industry and its output are related to the market's development, which is influenced by the price and availability of sugar. Thus, a significant portion of the food processing industry's activity is devoted to the market. Children mostly eat confections because they are their favorite edible sweets. It's also given out to guests at various festivals, such as parties, weddings, and birthdays. The amount of these candies consumed is rising daily. To satisfy the constantly expanding demand, there is still room for new small-scale businesses to produce high-quality goods.
Another factor fueling the market's expansion is the desire for chocolate that is produced in limited quantities. For holidays like Christmas and New Year's, several chocolate producers are introducing a selection of luxury and premium chocolate types with fresh flavors and packaging options. For example, Purdy's Chocolatier released a limited edition of a new maple sweet Georgia browns treat in June 2022. Sales of fine chocolates are significantly influenced by seasonal demand. Various companies introduce many chocolate varieties on holidays such as Easter and Christmas. Large producers primarily control the demand for chocolate, but more options are available for premium, artisanal chocolates.
People in Latin America are becoming more middle-class, driving the candy business's growth. A big part of the growth of the candy sector in the region is the growing chocolate business, which appeals to both kids and adults. The market is anticipated to develop even more over the next few years due to growing consumer requirements for packaged foods, increasing demand from the food industry, and an expanding local retail sector. Therefore, the market will grow more in the coming years due to the aforementioned factors.
The Brazil market dominated the LAMEA Confectionery Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,636.8 million by 2030. The Argentina market is showcasing a CAGR of 7.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.5% during (2023 - 2030).
Based on Distribution Channel, the market is segmented into Offline, and Online. Based on Product Type, the market is segmented into Chocolate (Milk, Dark, and White) Mints, Medicated Confectionery, Hard-boiled Sweets, Gums & Jellies, Caramels & Toffees, Fine Bakery Wares, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Confectionery Market is Projected to reach USD 338.2 Billion by 2030, at a CAGR of 4.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mars, Inc., Nestle S.A, Mondelez International, Inc., Ferrero Group, Lindt & Sprungli AG, The Hershey Company (Hershey Trust Company), Meiji Holdings Co., Ltd., Lotte Corporation, Delfi Limited and Ezaki Glico Co., Ltd.
By Distribution Channel (Volume, Kilo Tonnes, Revenue, USD Billion/Million, 2019-30)
By Product Type (Volume, Kilo Tonnes, Revenue, USD Billion/Million, 2019-30)
By Country (Volume, Kilo Tonnes, Revenue, USD Billion/Million, 2019-30)
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