The snacks and confectionery market encompass a wide array of savory and sweet ready-to-eat products, including sugar-rich items like chocolates, candies, and chewing gums. These products have the potential for enrichment with vitamins and the development of sugar-free or low-sugar versions.
The global confectionery market is poised for growth, with a projected CAGR of 3.45% from 2023 to 2028. This growth is particularly driven by the increasing demand for chocolates, which is propelling the expansion of the market in the Asia-Pacific region.
This region’s confectionery market is benefiting from rising disposable incomes and shifting consumer preferences, particularly the growing popularity of chocolates among consumers of all age groups. To address health concerns, manufacturers are increasingly offering reduced sugar options.
The burgeoning middle-class population in the region is also contributing to market growth. These consumers show a preference for premium-quality products and have embraced confectionery items as popular gift choices. Furthermore, the industry’s expansion is being propelled by the widespread availability of products through diverse online and offline retail channels, including grocery stores, supermarkets, hypermarkets, and online shopping platforms