Asia Pacific Confectionery - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

Asia Pacific Confectionery - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

The Asia Pacific Confectionery Market size is estimated at 40.84 billion USD in 2024, and is expected to reach 54.37 billion USD by 2030, growing at a CAGR of 4.89% during the forecast period (2024-2030).

Strategic product positioning across dedicated shelves influences the impulse buying of confectionery products through supermarkets, hypermarkets, and convenience stores

• Supermarkets and hypermarkets were the primary sales channels for confectionery products in Asia-Pacific. These retail channels are considered an ideal option for consumers to shop, allowing them to select various types of confectionery products such as chocolates, snack bars, gums, and candies made by various companies according to their needs. The sales value of confectionery products in supermarkets and hypermarkets increased by 3.81% in 2023 from 2022. The products are expected to register a CAGR of 3.69% during the forecast period (2023-2030).
• Convenience stores are the second most widely preferred distribution channel for the purchase of confectionery products after supermarkets and hypermarkets. The sales volume of confectionery products through convenience stores is estimated to register an 8.3% growth rate in 2024 compared to 2022. Strategic product positioning on the dedicated shelves for the confectionery category influences impulse purchase behavior among potential consumers. Easy Joy, Meiyijia, 7-Eleven Inc., uSmile, and Lawson are some of the leading convenience stores in the region. A nationwide network of these operators allows easy access to local and mainstream confectionery brands. As of 2023, Easy Joy operated more than 27,800 stores in China, while 7-Eleven operated around 21,000 convenience stores in Japan.
• The online channel is projected to be the fastest-growing distribution channel for confectionery products, with an anticipated CAGR of 4.04% by value during the forecast period (2023-2030). The increasing number of internet users influences the evolving role of online retail channels in grocery purchases. In 2022, more than 845 million people in China purchased goods or services online, compared to 842.1 million in 2021.

China is the leading market, followed by Japan, collectively accounting for more than 50% share of the region's confectionery market in 2023

• The confectionery market in Asia-Pacific registered a growth rate of 4.05% in 2023 compared to 2022. The region's confectionery market has been witnessing significant growth due to several factors, including rising disposable incomes, urbanization, changes in consumer preferences, and an increasing appetite for indulgent treats.
• Compared to other countries, China holds the major share in the region, supported by the highest consumption of confectionery products in the country. The sales value of confectionery products in China increased by 3.51% in 2023 from 2022, which could be attributed to consumers’ preferences for premium chocolates and the increasing trend toward intercontinental flavors.
• Japan is the second-leading country in terms of the sales of confectionery products in the region. The sales value of confectionery products in Japan is anticipated to register a CAGR of 3.38% from 2023 to 2030. Trends in consumer preferences indicate a shift toward premium, healthier, sustainable, and ethical products. Therefore, many smaller-scale manufacturers are operating in the market alongside existing medium-to-large-scale manufacturers. This factor, in turn, is estimated to drive the demand for confectionery products during the forecast period.
• Australia is the fastest-growing country for the sales of confectionery products in the region. In 2022, Australians spent an average of USD 133.07 per capita on chocolate products. About 49% of adult Aussies munched on candy and chocolate regularly in 2022. In the same year, 28% of Australians admitted that chocolate was their on-the-go snack, 23% had bought it as a gift for loved ones, and as many as 33% added it to their carts whenever they went grocery shopping.

Asia Pacific Confectionery Market Trends

The Australian market witnesses a strong consumption of chocolates in the region due to factors like an inclination toward sweet indulgence supported by the availability of healthy variants of chocolates

• Australia remains to be the prominent chocolate consumer in Asia-Pacific. Australians spent an average of USD 125.86 on chocolate confectionery per person in 2022. In 2021, 49% of Australian adults reported regularly snacking on candy and chocolate.
• Advertising, packaging, and attractive positioning of confectionery are the most prominent factors influencing consumer purchase. Resealable packaging has been in use and is regarded as a practical packaging option, allowing consumers to eat smaller portions.; The region's creative product introductions continue to be one of the key determinants driving confectionery purchases.
• Consumers in Asia-Pacific are becoming more interested in premium confectionary items and are choosing luxurious confectionery as a "treat" at the end of a long day or week. These customers favor "high priced," "premium packaging," handcrafted, small-batch products.
• Consumer preferences are shifting away from traditional sweets and inclining towards consuming bite-sized and better-for-you (BFY) chocolates, which are accelerating the demand for the consumption of healthy premium chocolates.

Asia Pacific Confectionery Industry Overview

The Asia Pacific Confectionery Market is fragmented, with the top five companies occupying 28.15%. The major players in this market are Ferrero International SA, Mars Incorporated, Mondelēz International Inc., Nestlé SA and Perfetti Van Melle BV (sorted alphabetically).

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