Continuously increasing population, rising disposable income leading to growing consumer spending on lifestyle products along with increasing number of young working-class age group in the country to drive India candy market during the forecast period.
According to recently released TechSci Research report “India Candy Market By Type, By Organized Vs Unorganized, Competition Forecast and Opportunities, FY2016-FY2026’’, India candy market is forecast to grow at CAGR of 15.40% in value terms to reach USD 3661.68 Million by FY2026. Increasing demand for candies has been generated from the country’s rising children and young population. Various candy manufacturing giants have introduced candies of various tastes to attract young generation consumers and have also targeted the untapped rural population. As of 2019, more than 65% of total population of India was living in rural areas. Hence, strategy adopted by the leading candy manufacturers for targeting rural population and young population is boost to the country’s candy market.
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With the growth of urbanization and continuous increase in middle-class population across the country, spending capacity of consumers in India towards urbanized lifestyle has been on a rise. This has had a positive influence on the taste preferences of consumers towards confectionary products, which is driving the candy market across the country.
India candy market is categorised into sugar candies, chocolate candies and gum candies. The sugar candy segment holds the major market share followed by gum and chocolate. The chocolate candies category is growing fast in value terms due to availability of innovative products that are sold at a premium price as compared to sugar and gum categories. The value share of sugar candy is anticipated to reach to 63.00% by FY2026, owing to continuous launch of innovative products and rising disposable incomes.
Perfetti Van Melle India Private Limited, Parle Products Private Limited, ITC Limited, Mondelez India Foods Private Limited, Nestle India Limited, DS Group Private Limited, Mars International India Private Limited, Lotte India Corporation Limited, Hershey India Private Limited, and Ravalgaon Sugar Farm Limited are some of the companies operating in the candy market of India.
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“Candy market in India includes several players, including a blend of large multi-nationals as well as small players forming a large unorganized market. Multinational companies such as Perfette Van Melle, Mondelez, Parle, Nestle, etc., have either set up their production facilities in India or implementing contract manufacturing processes, to grab the opportunity of booming candy market and increase of their product portfolio as per consumers taste preferences which is expected to drive the growth of organized sector in the coming years. Also, guidelines related to manufacturing and marketing of candy as per Indian and International standards has been implemented which is primarily focused on development of newer products, exploitation of technology and enhancement of distribution network. This is expected to give a boost in the country’s candy market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Candy Market by Type, By Organized Vs Unorganized, Competition Forecast and Opportunities, FY2016-FY2026” has evaluated the future growth potential of India Candy market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Candy market.
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