India Candy Market to Grow at a robust CAGR during the forecast period
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, FY2016-FY2026’’, India
candy market is forecast
to grow at a robust CAGR during FY2016-FY2026,
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.
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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 FY2026, 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,
FY2016-FY2026” has
evaluated the future growth potential of India gift card market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in India gift card market.
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