Asia Pacific Confectionery Market Report and Forecast 2023-2028

Asia Pacific Confectionery Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the Asia Pacific confectionery market is being aided by the growth of the global confectionery market, which is projected to grow at a CAGR of 3.5% between 2023 and 2028. Aided by the rising disposable incomes of the consumers and growing demand for chocolates in the region, the market is expected to grow significantly by 2028.

Confectionery refers to a broad spectrum of food items, predominantly encompassing chocolates, candies, gums, and sweetmeats. The category enjoys immense popularity across diverse age brackets, from children to the elderly. Given their use in festivities, celebrations, and as casual treats, these products have secured an unwavering spot in the Asia Pacific food landscape. Furthermore, innovation and the introduction of new flavours catering to the regional palate have further elevated their desirability.

Growing preference for premium confectionery products is considered to be one of the major Asia Pacific confectionery market trends. The burgeoning middle-class population, coupled with increased exposure to international brands and a desire for quality experiences, has increased their fondness towards higher-end chocolates and sweets. Artisanal chocolates, handcrafted sweets, and products boasting of unique, authentic flavours are witnessing heightened demand.

Simultaneously, the Asia Pacific confectionery market growth is boosted by the growing network of distribution channels. Hypermarkets, supermarkets, online retailers, and convenience stores have played a vital role in ensuring widespread availability of these products. Moreover, the strategic positioning of confectioneries at checkout counters and the incorporation of attractive packaging often led to impulse purchases.

The Asia Pacific confectionery market analysis also reveals the significant role played by festivals and cultural celebrations. Regions such as India, China, and Japan have a rich tapestry of festivals, where confectionery items play a crucial role, either as offerings or as gifts. This ingrained cultural significance further ensures sustained demand.

Also, there is a growing focus on healthier options in the confectionery segment. The modern consumer is increasingly conscious of the ingredients in their treats. This has given rise to a segment of confectioneries that are lower in sugars, free from artificial additives, and sometimes even fortified with vitamins and minerals.

The Asia Pacific confectionery market size is poised for significant expansion. Buoyed by economic growth and innovative offerings, the market for confectionery in the region is expected to grow further in the coming years.

Market Segmentation

The market can be divided based on type and country.

Market Breakup by Type

• Chocolate
• White
• Milk
• Dark
• Non-Chocolate
• Gum and Mints
• Others

Market Breakup by Country

• China
• Japan
• India
• South Korea
• Australia
• ASEAN
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Asia Pacific confectionery market. Some of the major players explored in the report by Expert Market Research are as follows:

• The Hershey Company
• Ferrero SpA
• Mars, Incorporated
• Nestlé S.A.
• Lotte Group
• Mondelez International, Inc.
• Chocoladefabriken Lindt & Sprüngli AG
• Meiji Holdings Co., Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.