Sugar Candy Manufacturing Business. Production of Soft & Hard Boiled Candy. Business Opportunities in Confectionery Industry
Candy or Sweet is the most popular type of confectionery over the world, and there is certainly something about this unique product that holds many mysterious qualities.
Candy is made by dissolving sugar in water or milk to form a syrup, which is boiled until it reaches the desired concentration or starts to caramelize. Candy comes in a wide variety of textures, from soft and chewy to hard and brittle.
Hard boiled candies are the most common kind of sweets. Generally candies are available in fruit based flavors or Milk based flavor and sometimes with center filling also. There are so many flavors available in the market i.e. orange, pineapple, mango, mint, pan, strawberry, grapes etc. and are having good demand among the children.
Hard boiled candy are sugar confectionery which includes hard boiled candies lollipops, mints & lozenges, etc. of different flavors. Indians like to celebrate with sweets and they start relishing it at a pretty young age.
Hard candies, also known as lollipops follies, suckers, or boiled sweets, are generally made of sucrose, glucose, water, colour and flavour. Hard candies have retained their market share, especially with children, even with the proliferation of new candy varieties. Hard candy formulated with functional ingredients represents a growth opportunity for the adult consumer sector in products like lozenges and other nutraceuticals.
Candy is usually liked by all age groups of people as a confectionery. As a snack between meals - particularly at special occasions like parties or Christmas. The candy are used after meal, dinners as smooth refresher. It drives away bad smell from mouth and refreshes the breath. Sometimes it causes good sensation while chewing. It is chewed by children, young people, young girls, young ladies etc. But mostly it is consumed by children’s of age group below ten.
Candy (Confectionery) Market in India
Candy market in India is anticipated to grow at a CAGR of over 9% during 2016 - 2021, on account of rising middle class households, coupled with increasing working as well as youth population. The most dominant segment in the country's candy market is sugar candy. The sugar candy segment is expected to maintain its dominance due to continuing launch of innovative products as well as aggressive branding initiatives undertaken by leading market players.
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 2021, due to increasing disposable income of consumers, continuous launch of innovative and imported products and growing awareness among end users.
The Indian confectionery market includes sugar-boiled confectionery, hard-boiled candies, toffees and other sugar-based candies. Sugar boiled confectionery has penetrated an estimated 17% of the households only, suggesting a large potential for growth. Considering the 25% penetration in the urban market, the confectionery industry could hope to be in for more promising future.
The annual per capita consumption of branded confectionery in India is still around 100 gms. Hard-boiled candy is reserved for the small-scale sector. There are about 4500 units catering to the local markets. The big players have used a mix of franchise arrangements (with small units) and product formulations to get out of the reservation mode (the industry was reserved for small scale units).
Traditional hard-boiled candies and toffees have receded with kids preferring fancier and innovative products like chewing gums, breathe fresheners and fruit-based confectionery.
The major brands which are quite popular in the market include Alpenliebe, ChlorMint, Big Babool gum from Perfetti; Mint-O, Candyman from ITC; Lacto Plus, Big Bubble gum from Candico; Coffee Bite, Spout from Lotte; Eclairs from Cadbury; and Polo from Nestle. The Indian brands popular in the market are Maha Lacto (15,000 tonnes), Aashay (7000 tonne), Coca Naka (4000 tonnes), Dishum (3000 tonnes), Honey Fab (1500 tonnes). Another prominent brand is Giffords Dairy' Boomer.
Polo, Alpenliebe, Pan Pasand, Melody, Poppins, Hajmola, Kismi and Coffy Bite have been quite successful in the market. Each one has its USP. Ravalgaon's Pan Pasand was the first 'paan' candy. Parle's Melody is a toffee-chocolate-eclair hybrid. The same company's Poppins has a unique form and sells in a variety of colours. Dabur's Hajmola Candy tastes like a churan, a sweet and sour mixture of assorted traditional digestives. Parle's Kismi entered as a unique toffee slab. Parry's Coffy Bite came with a mixed taste of its own. Some of the successes are Nestle's Polo which is a mint with a hole. Interestingly, the hole, it is claimed, is the USP. Perfetti's Alpenliebe is a caramel candy, and is a success in urban areas. At the lower end of the market, the movement from unbranded to local brands is evident.
Global Candy Market
U.S. candy market was valued at over USD 12.73 billion in 2016 and is expected to witness an attractive growth over the forecast period. Increasing consumer spending and growing trend towards urbanization has led to huge growth of the market in the U.S. In this country, consumer expenditure has increased from USD 11,852.96 billion in the second quarter to USD 11,916.58 billion in the third quarter of 2017. With rising consumer spending, there arises huge demand for consumer goods. Growing urbanization is also a significant factor driving the growth of candy market in the country.
Non-chocolate candies held significant revenue of the market in 2016 due to the variety of flavors available in the form of hard candies, chewing gums, lollipops, gummies, caramel candies, jelly candies, and many others. Candies that are sweet and chocolate free are less prone to health hazards. Some of them include chewy candies, gummy candies, tart candies and other dairy free candies.
Children with inclination towards a sweet tooth is a major factor driving the demand of the products. Hence, this group of population is a huge contributor towards revenue generation of the market. Moreover, key players are creating appealing advertisements targeting the children and young population, thus, attracting them towards impulse purchase.
The food and beverages industry identifies candy as a part of the confectionary industry and uses the term confectionary and candy interchangeably. The candy market is considered to be a seasonal market and has skyrocketing sales during festive seasons.
Europe, Asia Pacific, and North America are likely to emerge as lucrative markets for the manufacturers of candy across the world. The growing innovations, rising disposable income, and increasing candy consumption across various age groups in these regions is likely to bode well for the market growth here.
Global Confectionery Market Overview
The global Confectionery Market is expected to reach USD 237.4 billion by 2023 at a CAGR of 3.9%, during the forecast period. The global Confectionery sale has surpassed 14,481 million Kg in 2017, registering a volume CAGR of 1.8%, during the forecast period. The volume consumption of Confectionery observed a stable growth during the past five years
Confectionery market comprises array of food products such as chocolates, raw pastes, and various sugar-based products. In addition, it includes therapeutic and dietetic confectioneries that differ in formulations from traditional confections. The preferred type of confectioneries often differ according to the geographical regions due to difference in regulatory norms and other factors such as economy and taste & preference of customers. The global confectionery market is growing at a steady pace owing to high demand from middle-class consumers.
Confectionery market is segmented on the basis of type and region. Based on type, the market is categorized into sugar, chocolate, fine bakery wares, and others. In terms of sugar confectionery, the market is divided into hard-boiled sweets, caramel & toffees, gums & jellies, medicated confectionery, mints, and others. Chocolate confectionery is sub segmented into white, milk, and dark chocolate. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
R&D activities on manufacturing confectionery products with natural ingredients and low negative health impacts promise abundant opportunities for the established as well as new entrants in the market. In addition, functional confectionery products such as cough drops, nutritional tablets and premium sweets promise rapid market growth and related opportunities for the participants.
Key confectionery market participants include Ferrero Group, Nestle SA, Hershey Food Corp, Amul, Lotte, Petra Foods, Parle Products, Cadbury Plc, Mars Inc., Lindt & Sprungli, Cupa Chups SA, Kraft Foods Co., and Perfetti Van Meller.
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