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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