India Candy Market to Grow at CAGR 9% till 2021
Continuously increasing
population, rising disposable income leading to growing consumer spending on
lifestyle products along with increasing number of young working class age
group in the country to drive India candy market during the forecast period.
According to recently released TechSci
Research report “India
Candy Market By Type, By Organized Vs Unorganized, Competition Forecast and
Opportunities, 2011-2021’’, India
candy market is forecast to grow at a CAGR of over 9% during 2016-2021, on account of increasing awareness among consumers about foreign brands
candies due to rapid westernization and aggressive marketing and promotional
strategies by market players is driving the demand for candies in the country. Rapid
urbanization across the
country has led to the increase in brand consciousness and inclination towards
western brands leading to the emergence of premium candy segments in the
country. According to world bank, in 2015, the healthcare expenditure in India
stood at 4.90% of the India’s GDP, as compared to 4.70% in 2014. This increase
in the healthcare expenditure is attributed to rising disposable incomes.
Moreover, according to central intelligence agency, India median age by gender
in 2016 is 27.6 years with male at 26.9 years and females at 28.3 years. Due to
these reasons coupled with rising urban population share, which was over 50% in
2015, the demand for candy in the country is expected to significantly grow
during the forecast period.
Browse
13 market data Tables and 58 Figures spread through 128 Pages and an in-depth
TOC on "India
Candy Market"
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Most part of India is still poorly
developed or undeveloped. However, increase in personal disposable income and rising
standards of living due to westernization has shifted the mindset of consumers
from saving to consumption and spending on lifestyle. The spending power of
consumers in India is projected to increase due to rising middle class
households. Today, consumers are willing to entertain quality products,
irrespective of the price constraints and this is why the premium products in
candy market are picking up speed in India.
The implications of aggressive marketing and promotional
strategies are higher in Tier I and Tier II cities like Delhi/NCR, Mumbai,
Bangalore, Chennai, etc., as they are majorly affected by continuously
increasing modernization. The requirement for candy products is expected to increase
in the households due to increase in gifting culture trend in the country. The
growing demand for candies has resulted in an increasing foray of companies
into the sector. India candy market is majorly dependent on imports for premium
candies. The sugar
candy segment has dominated the India candy market in 2015, and is projected to
garner a revenue share of over 50% in India candy market by 2021, due to increasing
disposable income of consumers, continuous launch of innovative and imported
products and growing awareness among end users.
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“Increasing competition among
individuals to attain a luxurious lifestyle is also one of the primary reasons
of rising lifestyle issues such as diabetes, blood pressure, etc., in the
country. In order to overcome health problems caused due to high sugar intake,
people are shifting towards sugar-free and low calorie products to safeguard
themselves from the adverse effects of lifestyle diseases. Companies operating
in India candy market are focusing on new innovations and launching products to
cater the rising demand for sugar free products with minimal side effects and
to attract customers as well as increase their penetration in the market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“India Candy Market By Type, By Organized Vs Unorganized, Competition Forecast and
Opportunities, 2011-2021’’, has evaluated the future
growth potential of India candy market and provides statistics and information
on market structure, size, share and future growth of India candy market. The
report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyses emerging trends along with essential drivers, challenges
and opportunities in the India candy market.
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