Asia Pacific Confectionery Market Report and Forecast 2024-2032

Asia Pacific Confectionery Market Outlook

The Asia Pacific confectionery market is being driven by the shift in consumer preferences owing to the rising disposable incomes and rapidly developing emerging economies within the region.

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The industry is being aided by the growing global confectionery market, which is projected to witness a CAGR of 3.45% over the forecast period of 2024-2032. Further, the growing demand for chocolates in the region is aiding the growth of the overall market.

Within the Asia Pacific, China has emerged as the largest market for the product, followed by Japan, Brazil, and India. Country-wise, China attained a value of around USD 16.5 billion in 2020. On the other hand, India is the fastest-growing market, owing to the thriving food and beverage companies and rising disposable incomes in the region. The country is expected to grow at a CAGR of 9.8% in the forecast period. Both China and India are witnessing a healthy growth due to the growing population and increasing consumer inclination towards western taste. Also, the demand for packaged and ready-to-eat food products is increasing in the regions with the changing consumer lifestyle. The chocolate segment, among other confectionery-types, leads the confectionery market in the Asia Pacific.

Globally, the leading players in the industry have been introducing new products and enhancing their product portfolio to satisfy the consumer demand for healthy as well as tasty food products. In February 2018, Mars Incorporated, a key player in the industry, introduced a new product lineup for DOVE® Chocolate, offering consumers their favourite DOVE® Milk or Dark Chocolate in amalgamation with almonds and cashews, further dusted with cocoa, cinnamon or sea salt for a satisfying treat. The company has decided to launch Cinnamon Dusted Dark Chocolate Almonds and Sea Salt Milk Chocolate Cashews in both slim packs and stand-up pouches while the other flavour, Cocoa Dusted Dark Chocolate Cashews will be available only in stand-up pouches. Such developments are expected to drive the industry over the forecast period.

Properties and Applications

Confectionery generally refers to food products rich in sugar and carbohydrates like chocolates, candies, chewing gums, and others. These are the delicacies having sugar as a principal ingredient, combined with colouring and flavouring substance and often fruit or nuts. These are also rich in nutritive value due to the considerable presence of carbohydrate, fat, and protein content. Nowadays, many confections are enriched with vitamins, and the sector is also focusing on producing sugar-free or low sugar versions of the products.

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Based on type, the confectionery market can be divided into:

• Chocolate
• White 
• Milk
• Dark
• Non-Chocolate
• Gum and Mints
• Others

The report by EMR gives an in-depth analysis of the various regional markets in the confectionery market in the Asia Pacific, which are China, Japan, India, South Korea, Australia, and the Association of Southeast Asian Nations (ASEAN), among others.

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Market Analysis

The Asia Pacific confectionery market is being driven by the rising disposable incomes and change in consumer preference in the region. The increased popularity of chocolates among kids as well as adults is driving the demand for the product in the region, thus, aiding in the growth of the overall confectionery market in the Asia Pacific. With the rising health concern, the demand for sugar-free or low-calorie products is on the rise, leading manufacturers to produce confectionery items with reduced sugar levels, which is expected to aid the industry growth over the forecast period. The growing consumption of dark chocolates owing to its various health benefits, including antioxidant properties and the presence of minerals, is providing further impetus to the market.

The growing middle-class population in the region is aiding the Asia Pacific confectionery market growth. The shift in consumer preference is leading to the increased consumption of premium quality products coupled with the growing trend of gifting confectionery items like chocolates and others, thus, contributing to the growth of the overall industry. Also, the innovative packaging and diversification in the product line by leading manufacturers including Mondelez International and Ferrero, who launched Lickables and Kinder respectively, with toys in their chocolate offering, is expected to grab consumers’ attention, particularly kids, which will enhance the sales of such items, and will aid the industry growth.

Further, the easy availability of products through various online and offline platforms is driving the industry forward. The expanding retail markets like grocery stores, supermarkets, and hypermarkets, along with the increased popularity of online shopping among consumers, is expected to enhance the industry growth in the future.

Competitive Landscape

The report gives an in-depth look into the following key players in the Asia Pacific confectionery market, covering their market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds:

• The Hershey Company
• Ferrero SpA
• Mars, Incorporated
• Nestlé S.A.
• Meiji Holdings Co., Ltd.
• Lotte Group
• Mondelez International, Inc.
• Chocoladefabriken Lindt & Sprüngli AG
• Others

The EMR report gives an in-depth look into the confectionery market in the Asia Pacific through an analysis of Porter’s Five Forces model. The report provides a SWOT and cost analysis. The report has also provided an overview of the global and other regional markets like Latin America, Europe, North America, and the Middle East and Africa. The report further provides historical (2018-2023) and forecast (2024-2032) price trends of confectionery, along with a global trade analysis, providing an insight into major exporting and importing countries by value and volume.

Key Highlights of the Report