Asia Pacific Confectionery Market Size (2024 To 2029)
Asia Pacific Confectionery market size is expected to be USD 80.38 billion in 2024. to grow at a CAGR of 4.2% to achieve USD 98.74 billion by 2029. It captures 25% of the global market.
Confectionery market comprises array of food products such as chocolates, raw pastes, and various sugar-based products. In addition, it includes therapeutic and dietetic confectioneries that differ in formulations from traditional confections. The preferred type of confectioneries often differs according to the geographical regions due to differences in regulatory norms and other factors such as the economy and taste & preference of customers. The introduction of odor sensations, a combination of liquid & solid flavors, and energy boosts in confectionery products drive the growth and development of the confectionery market worldwide. A wide range of confectionery products are vended through various retail channels such as hypermarkets, supermarkets, convenience stores, discounters, forecourt retailers, and grocery stores. These stores act as Asia Pacific marketing tool, assisting in building an impressive brand image and raise brand exposure of a wide variety of products. Sugar is the key ingredient responsible for the prevalence of obesity and diabetes making this the primary restraint of this market. Primary raw materials used in confectionery production are sugar and cocoa. Cocoa prices are unstable and can be affected by a series of factors, like political instability, extreme weather, and pests & disease. Additionally, the increase in the supply-demand gap in the chocolate industry has increased the prices of cocoa beans. Sugar prices grew owing to less production and more demand.
This Research Report on Asia Pacific Confectionery market is segmented and sub segmented into following categories:
Asia Pacific Confectionery market - By Sugar:
Asia Pacific Confectionery market - By Chocolate:
Asia Pacific Confectionery market - By Region:
India is the major market in Asia Pacific and the fastest-growing confectionery market worldwide. Rising disposable income, increasing trend of gifting confectionery items, rising population, hectic lifestyle, growing retail market, growing urbanization, and more women in the workforce are few major driving factors of the confectionery market. Growing population along with rising disposable income in emerging economies such as India and China is anticipated to increase the growth rate of the confectionery market. Rising disposable income allow the customer to spend more.
KEY MARKET PLAYERS:
Key market players of Asia Pacific Confectionery market are Delfi Limited (Singapore), Ezaki Glico Co., Ltd. (Japan), Ferrero SpA (Italy), Lindt & Sprüngli AG (Switzerland), Lotte Confectionery Co. Ltd. (South Korea), Mars, Incorporated (U.S.), Mondelez International, Inc. (U.S.), Nestlé S.A. (Switzerland), The Hershey Company (U.S.), Wm. Wrigley Jr. Company (U.S.)
Frequently Asked Questions
The Asia Pacific confectionery market refers to the industry segment that encompasses the production, distribution, and consumption of various sweet products such as chocolates, candies, gums, jellies, and traditional sweets and desserts within the Asia Pacific region.
The growth of the confectionery market in Asia Pacific is primarily driven by rising disposable income, changing consumer lifestyles, urbanization, the influence of Western culture, and the increasing popularity of premium and innovative confectionery products.
Major contributors to the Asia Pacific confectionery market include countries like China, Japan, India, South Korea, and Australia, which have large consumer bases and growing economies that support the consumption of confectionery products.
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