Boston, MA -- (ReleaseWire) -- 06/05/2014 -- Value sales of sugar confectionery are expected to grow by less than 1%, to reach Won356 billion in 2013. Medicated confectionery will see the highest value growth of 2% in the market. In South Korea, the yellow dust from China, which occurs during every spring, will happen more often in 2013. Moreover, the level of fine dust particles called PM-10 has increased rapidly in the Seoul city, which causes severe air pollution and sore throats. Both of these environmental factors will cause higher consumption of medicated confectionery.
Crown Confectionery leads sugar confectionery, holding 20% of value sales in 2013. The company's largest brand, My Chew, will recover from sales losses between 2009 and 2012. The brand will hold 32% of sales in pastilles, gums, jellies and chews in 2013. Since its merge of distribution network with Haitai Confectionery & Foods in 2009, the company has adjusted its product lines to avoid cannibalisation. For instance, both companies have similar products called Youngyanggaeng, which may face cannibalisation by confusing consumers due to the same name. Because the product of Haitai Confectionery & Foods has performed better, Crown Confectionery has looked to differentiate its products by developing a new type of Youngyanggaeng.
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Value sales of sugar confectionery is expected to decline at a CAGR of -2% over the forecast period, in constant 2013 prices; due to the poor performance of toffees, caramels and nougat and mints. Local consumers regard mints as substitutable with medicated confectionery or some functional boiled as they all have a similar function of clearing throats and refreshing breath. Due to relatively high shares of imported brands in mints, domestic manufacturers with established distribution networks are expected to reduce sales by promoting similar products in medicated confectionery and boiled sweets.
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The Sugar Confectionery in South Korea market research report includes:
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