(Food-Beverage-News.Com, November 19, 2021 ) Bangladesh Candy Market size is projected to reach $399.2 million by 2026, growing at a CAGR of 7.5% over 2021-2026. Candy is referred to as confectionaries that are prepared by using sugar, honey, and other natural or artificial sweeteners. Candies are available in the form of bars, drops, or pieces and are prepared in combination with chocolate, milk, fruits, nuts, or other ingredients. Hard boiled candies are made of sugar based syrups, sucrose, liquid glucose, water, colour and flavour. Toffee candy is made by caramelizing sugar or molasses and has amazing taste. Sugar confectionaries are referred to as candies that offer a wide range of variety. Rising adoption of modern lifestyle increases the demand of healthy convenient foods, changing consumption pattern, growing availability of candies as a snack and increasing need of organic chocolates or sugar-free candies is the major factor driving the growth of Bangladesh Candy Market. In Bangladesh, the food and beverage industry are rapidly increasing owing to rising trends of consuming candies as a snack that increases the production of candies. Furthermore, rising popularity of dark chocolate and increasing disposable income among population are set to further enhance the overall market demand for Bangladesh Candy Market for the period 2021-2026.
Bangladesh Candy Segment Analysis – By Type
Based on Type Bangladesh Candy Market can be further segmented into Chocolate and Non-Chocolate. The Chocolate segment holds the major share in 2020. This is mainly owing to the increasing preference of chocolates among population owing to its attractive taste that attracts consumers for adopting chocolate candy. Moreover, owing to rising demand of chocolates among children manufacturers in the food and beverage industry are focusing on developing confectionary products with chocolate flavor that increasing the production of chocolate candy and thus driving the market growth. The Non-Chocolate segment is estimated to register the fastest CAGR of 8.1% for the period 2021-2026. This is mainly owing to rising popularity of consuming new flavors and textures of candies among consumers increases the demand of non-chocolate candy. Moreover, it is widely available in market with a cheaper rate that increases the adoption of non-chocolate among consumers which in turn boosting the growth of Bangladesh Candy Market.
Bangladesh Candy Segment Analysis – By Distribution Channel
Based on Distribution Channel Bangladesh Candy Market can be further segmented into Supermarkets/Hypermarkets, Online Retail, Convenience Stores and Others. The Supermarkets/Hypermarkets segment recorded for the highest Bangladesh Candy Market share in 2020. This is mainly owing to the availability of separate sections of chocolates in supermarkets allowing consumers to buy chocolates in easier way. Moreover, the rising preference for mass purchasing groceries among consumers increases the demand of supermarkets as it offers a wide range of products that increases the demand of supermarkets among consumers. The Online retail segment is forecasted to register the fastest CAGR of 9.2% over 2021-2026. This is mainly owing to the rising hectic and busy schedule among consumer that are rising the preference of online retail for shopping. Moreover, variety of organic chocolates available in online that rising the demand of candies owing to health conscious people that are driving the growth of Bangladesh Candy Market.
Bangladesh Candy Market Drivers
Rising Availability of Candies as Snack Among Population
Rising hectic and busy lifestyle among population increases the demand of convenience snack is a major factor that is increasing the growth of Bangladesh Candy Market. Moreover, manufacturers are also focusing on developing a wide range of chocolate snacks such as on-the-go-snacks, chocolate bar, and others that helps consumers to carry candies and bars in their bag. Recently, chocolates are mostly preferred among population that rising availability of candies as snacks which in turn boosting the growth of the Bangladesh Candy Market over 2021-2026.
Increasing Adoption of Organic and Sugar-Free Chocolates
Rising consciousness about health among population increases the demand for organic and sugar free candies that are driving the growth of Bangladesh Candy Market. Moreover, rising prevalence of obesity increases the preference of consumers towards low-calorie and sugar-free food products to eliminate such diseases that growing the adoption of organic candies among people which are propelling the growth of Bangladesh Candy Market over the period 2021-2026.
COVID-19 pandemic had greatly affected the growth of Bangladesh Candy Market. During pandemic, the sales of candies, toffee and various confectionery products decreases owing to lockdown. Moreover, the production in food and beverage industry also declined owing to less number of manpower in production that are negatively impacted the growth of Bangladesh Candy Market.
The factors that is set to impede the growth of the Bangladesh Candy Market are the rising health consciousness about health that decreases the sales of candies as it contains sugar which is not healthy for health. Moreover, increasing obesity and diabetes owing to high sugar content in candies decreases the sales of candies and are set to create hurdles for the Bangladesh Candy Market.
Bangladesh Candy Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Bangladesh Candy Market. Bangladesh Candy top 10 companies are PRAN Rfl Group, Perfetti Van Melle, Olympic Industries Limited, ACI Foods Limited, Mondelez International Inc., Mars Incorporated, The Hershey Company, THE BANG CANDY COMPANY, Quality Candy Company, and Muskoka Candy Company.
In 2020, Perfetti Van Melle launched its first soft gummy product under the Fruit-tella brand Fruit-tella Soft Gummies have real fruit puree and are made with pectin instead of gelatin and are available in Strawberry and Raspberry and Peach and Mango varieties that further enhancing the market growth.
In 2019, Perfetti Van Melle launched Center Fresh Mints that helps to expand of the business in candy and thus driving the market growth.
Growing availability of candies as a snack and increasing need of organic chocolates or sugar-free candies are some factors that are driving the growth of the Bangladesh Candy Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Bangladesh Candy Market report.
Rising health awareness among population is set to restrain the growth for the Bangladesh Candy Market.
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