NEW YORK, September 26, 2016 /PRNewswire/ --
Candy, also known as sweets, toffies or lollies, is a sweet treat or a confection made with sugar or sugar substitutes like chocolates, combined with additives like fruits, nuts, etc. or a piece of such confection. Unlike a cake or a chocolate bar or a loaf of bread, that can be shared among many people, candy is usually made in smaller pieces. The definition of candy also depends upon people on how they treat the food. Unlike sweet pastries, that are served as a dessert course at the end of the meal, candies are often eaten casually as a mouth refreshment or between meals.
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Increasing population of the country, rising disposable income coupled with innovative product offerings by major players along with aggressive product marketing and robust supply chain network with increasing penetration in rural areas are few of the major factors fueling the demand of candies in India.
Candy Market: Drivers and Restraints
India Candy market has witnessed a robust growth during the last five years and is anticipated to grow at a double digit CAGR during the next five years. Rising young population base in the country coupled with increasing preference for imported products which backed by aggressive marketing and promotional campaigns by foreign players, innovative product offerings and more than ever evolving distribution network with increasing penetration in rural areas are few of the factors aiding to the growing demand of candies in India. Candies are also treated as the replacement for expensive chocolates by consumers. This is forecast to drive the candy market in the country.
However, continuously rising raw material costs and benchmarked selling prices are the major challenges to the candy market in India as it is reducing the profit margin of the manufacturers. Increasing inclination towards imported candies is also attracting number of foreign players due to which the candy market in India is getting highly competitive.
India Candy Market: Segmentation
The India Candy Market is broadly classified on the basis of type, region and competitors.
India Candy Market, by Type
India Candy Market: By Region
North region contributed the largest share in India Candy market followed by west region which can be attributed to the presence of major candy manufacturers in the region coupled with rising urbanization, high population concentration, etc. Tier I & II cities have been the major demand generators for candies in India, however, on the back of improved distribution network, increasing penetration of major domestic and foreign players in rural region is anticipated to drive the candy market during the forecast period.
India Candy Market: Key Players
Perfetti Van Melle, Nestle, Mondelez, Parle Agro, ITC, Lotte, Mars and D.S Group are some of the major players operating in India Candy market.
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