Bangladesh Candy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bangladesh Candy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bangladesh candy market is projected to grow at a CAGR of 10.21% during the forecast period (2020 - 2025).

Key Highlights

• The inclusion of ingredients that provide functional benefits, such as improving digestion systems, and increasing consumer awareness about the use of natural fruit extracts are driving the market. With the high acceptance among the Bangladeshi population of new flavors, such as coffee, caramel, etc., the key players in the market are trying to come up with the new flavors, which is also expected to drive the market over the forecast period.
• The inclusion of natural ingredients in candies shows high growth potential in the next 10 years, with increasing urbanization in Bangladesh and attendant affordability of the product.

Key Market TrendsFruit Candy Holds the Largest Share of Bangladesh Candy Market

Fruit candies are enjoyed by the children and middle-aged population. Orange, lemon and mango are the most common flavors in fruit candies. Whereas, apple, banana, lychee and grape are other types of fruit candy flavors ruling the market. Fruit candies are prominent in the form of soft candies. and different colors of these candies attract children. Fruit-shaped hard candy is a common type of sugar candy, containing sugar, color, flavor, and a small amount of water. Edible gel candies are also considered in the fruit candy segment. Berry candies have been introduced in the market in order to provide a fresh taste to consumers. Candy canes come in strawberry flavor and have a distinct shape. The shape attracts children, thereby, boosting product sales. Haribo markets jelly bears, which falls under the soft candy category; these are popular among kids.

Hypermarket/Supermarket is the Fastest Growing Distribution Channel

Hypermarket/supermarket is gaining importance in the Bangladesh market, owing to the shift in consumer preference to these supermarkets. The urban population, though a lesser fraction of the population, prefers shopping from supermarkets. Convenience factor is high supermarkets are the preferred mode of shopping. The working population is busy and to save time and energy, prefers supermarket/hypermarket over convenience stores. Customers prefer supermarkets, as there, they have access to various products, in terms of flavors, price, etc., and have a choice to make among the many products. Manufacturers prefer supermarkets as it is easy to introduce their products into the market. It also gives the product a better reach to consumers.

Competitive Landscape

Bangladesh candy market is consolidated and global brands, such as PRAN Rfl Group and Perfetti Van Melle dominate the market. However, the domestic players Olympic Industries Ltd, Danish, JTA and ACI also have a considerable share in the market. Rangpur Dairy & Food Products Limited is a domestic player that manufactures milk candies. Nestle and Parle are other companies prevalent in the market and new product development is the most preferred strategy in the candy market followed by expansion.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

PRAN Rfl Group
Perfetti Van Melle
Olympic Industries Limited
ACI Foods Limited
Parle Products Pvt. Ltd.
Rangpur Dairy and Food Products Ltd.
Elson Foods

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