China’s confectionery market will continue to boom over the next few years, thanks to the population’s increasing disposable income and interest in Western-style sweets, according to a new report.
In “Consumer and Market Insights: Confectionery in China,” research firm Canadean estimates China will see a compound annual growth rate (CAGR) of 5.1 percent between 2015-2020, second only to India. The report says growth can be attributed, in part, to greater interest in gum, chocolate and sugar confectionery items.
Canadean says the surge will also make China the second largest confectionery market by 2020, at an expected volume of 1.4 billion kilograms. That’s up from just over 1 billion kilograms in 2015 and 820 million kilograms in 2010.
Female consumers seeking indulgent treats have contributed to China’s confectionery growth. Canadean found Chinese women accounted for 30.4 billion consumption occasions in 2015, compared to 28.7 billion by men.
Similar to the United States, chocolate dominated China’s overall confectionery market at nearly 77 percent in 2015. However, the gum segment is forecast to have the fastest growth over the next few years with a CAGR of 8.5 percent.
The report also covers leading retailers and distribution channels in China, as well as the market share of leading brands and growth associated with private label manufacturing.
For more information, view Canadean’s report here.