Market Size of asia pacific sugar confectionery Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2018 - 2030 |
|
Market Size (2024) | USD 16.49 Billion |
|
|
Market Size (2030) | USD 21.64 Billion |
|
Largest Share by Distribution Channel | Convenience Store |
|
|
CAGR (2024 - 2030) | 4.63 % |
|
Largest Share by Country | China |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Sugar Confectionery Market Analysis
The Asia Pacific Sugar Confectionery Market size is estimated at 16.49 billion USD in 2024, and is expected to reach 21.64 billion USD by 2030, growing at a CAGR of 4.63% during the forecast period (2024-2030).
16.49 Billion
Market Size in 2024 (USD)
21.64 Billion
Market Size in 2030 (USD)
1.19 %
CAGR (2018-2023)
4.63 %
CAGR (2024-2030)
Largest Segment by Confectionery Variant
27.10 %
value share, Pastilles, Gummies, and Jellies, Gummies
Consumers’ increased interest in new sweet confection products with innovative flavor, color, and shape preferences, especially from kids, is largely driving segmental growth.
Largest Segment by Distribution Channel
41.33 %
value share, Convenience Store, 2023
The feasible locations of convenience stores allow consumers to shop within minimal distances with wider chocolate product availability, making it a major market segment.
Fastest-growing Segment by Confectionery variant
5.54 %
Projected CAGR, Pastilles, Gummies, and Jellies, Gummies
The impact of innovative flavour profiles along with consequent shelf space in supermarkets and hypermarkets, is anticipated to drive the impulse purchasing of these products.
Fastest-growing Segment by Distribution Channel
4.89 %
Projected CAGR, Online Retail Store, 2024-2030
The growing technology in retail sector led to the growth of retailers using vending machines and specialty stores, which actively made the segment grow in the study period.
Leading Market Player
5.38 %
market share, Perfetti Van Melle BV, 2022
Product diversity in the sector, making innovative confectionery products for wide range of consumers in the region, gave Perfetti Van Melle space to occupy the market share.
Ease access and the availability of various brands of sugar confections make supermarkets/hypermarkets and convenience stores the major channels for sales of sugar confectionery in the region
- Convenience stores are the major retail channels for the sales of sugar confectionery in the Asia-Pacific region. Sugar confectionery products such as hard candy, jellies, gummies, mints, lollipops, and others are majorly available in convenience stores as they are perfect for on-the-go consumption, which shoppers are looking for within the channel. The sales value of sugar confectionery through convenience stores increased by 3.9% in 2023 compared to the previous year, 2022.
- The growing number of convenience stores is another factor anticipated to offer profitable growth opportunities for sugar confectionery during the forecast period. Convenience stores are available in most locations across the region. Among the regions, China has the greatest number of convenience stores. In 2022, more than 255,000 convenience stores existed in the country. Japan stood in second place with more than 58,000 stores.
- Supermarkets and hypermarkets are the second most widely preferred distribution channels after convenience stores. The sales value of sugar confectionery products through supermarkets and hypermarkets registered a growth rate of 7.1% from 2021 to 2023. These retail channels have a strong position due to the wide selection of brands offered, considerable shelf space, and frequent price promotions.
- The online channel is expected to be the fastest-growing distribution channel for the sales of sugar confectionery products in the region. The sales value of sugar confectionery products through online channels is anticipated to grow by 14.22% in 2027 from 2022. Consumers are likely to prefer online channels as they offer convenience, discounted rates, and provide quick delivery options.
Understand The Key Trends Shaping This Market
Download Sample
China and India collectively accounted for more than 50% of the market share due to the large population of children, which is the major consumer group of sugar confectionery
- The sugar confectionery market in the Asia-Pacific region registered a growth of 3.99% in 2023 compared to the previous year, 2022. The sugar confectionery market in Asia-Pacific witnessed significant growth due to several factors, including rising disposable incomes, urbanization, changes in consumer preferences, and an increasing appetite for indulgent treats.
- China and India are identified as the major markets in the region, followed by Japan and Indonesia. China and India collectively accounted for 67.84% of the region's overall sugar confectionery market in 2023 in terms of volume. In 2023, the consumption of sugar confectionery in China reached around USD 13,639 million, representing a 7.29% growth from 2021. Consumer preference for tasty and convenient indulgent snacking is identified as the key market driver in the country.
- In India, the sugar confectionery market recorded a growth of 10.49% in volume from 2021 to 2023. High per capita consumption of sugar is identified as the key market driver. In 2022, per capita sugar consumption in India was around 20 kg annually. Also, the country has a large population of children, which is the major global consumer group for sugar confectionery. As of 2023, nearly 30% of the population of India are children (0-18 Years). Also, in Indonesia, children under the age of 18 represented about 29% of the country's population in 2023.
- In Japan, pastilles, gummies, and jellies were largely consumed in sugar confections, with a 27.62% share of the total sugar confectionery market in 2023. In Japan, gummies are popular confections among both children and adult consumers. Key manufacturers, including Kabaya, Meiji, Kasugai, and Nobel, offer gummies in a variety of flavors to attract potential consumers.
