South America's Sugar Confectionery market is forecasted to grow steadily at a 7.14% CAGR until 2029, with local players positioning products as chocolate alternatives.
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The growth of the South American sugar confectionery market demand further drives the growth of Brazil's retail sugar confectionery market. Brazil has nearly 37.95% market share in the South American sugar confectionery market and is expected to remain in a dominant position over the forecast period as well. This growth can be attributed to the rising food and beverage industry and an increase in the middle income group in the region. The expanding retail industry in the region further aids market growth. The confectionery market has undergone a massive change owing to dynamic consumer demands, socio-economic changes, and cultural influences. Inclination towards sugar and sweetness is a never-ending reason for the growth of the sugar confectionery market in South America. However, rising health focus and an increase in chronic diseases hamper market growth. But the sugar-free segment overcomes this hurdle. Warning labels about sugar intake drive consumers to make informed choices. The government has restricted sales in schools of any product high in sugar, sodium, calories, or saturated fats, which acts as a restraint.
According to the research report, "South America Sugar Confectionery Market Outlook, 2029," by Bonafide Research, it is projected to grow at a steady CAGR of 7.14% over the forecast period ending in 2029. As sugar confectionery products are now seen as an alternative to chocolates, the local players who have already established themselves in the chocolate industry are now significantly investing in sugar confectionery production. The sugar confectionery market is segmented into product types such as hard-boiled sweets, chewy, sugar-free, novelty, plain mints, caramel/taffy, licorice, and other types. The sales channel is segmented into supermarkets and hypermarkets, convenience stores, pharmacies, e-commerce retailers, and others. Children (1-20 years), adults (21-55 years), and geriatrics (56 years and older) are the age groups.
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