The confectionery market in India is one of the fastest-growing in the world with a strong double-digit annual CAGR. Research from global market intelligence agency Mintel reveals that India is one of the world’s fastest-growing chocolate confectionery markets. According to Nielsen India, the confectionery market in India is valued at $1.5 billion, growing at a two-year CAGR of 9%. Various reports suggest that India is the fastest-growing confectionery market among the BRIC countries.
According to the estimates of a leading market research agency, the market size of confectionery super-category annually is approximately Rs. 11,200 crore in 2019 (GT - All India U+R) and Modern Retail would be at ~ 3% of the same. The category is estimated to grow at 9.9% this year and would maintain similar higher single-digit growth for 2020.
The confectionery market in India is divided into three main segments: a) Chocolates; b) sugar candies; c) gums. The chocolate segment has a growth rate of about 20% followed by gums at 9% and candies at 5%. The market share for chocolates is 46%, sugar candies 34% and gum 20%.
According to data from market research agency Canadean’s, sugar confectionery and gum will outsell chocolate in volume in India. That’s in part because chocolate continues to be a favourite among children whereas gums, sweets and toffees are popular with both adults and kids alike, and their love for products in this segment are responsible for its persistent high demand.
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