LONDON, Nov. 10, 2016 /PRNewswire/ --
The Chinese Confectionery market has seen large and constant growth in recent years as consumers increasingly turn away from traditional sweets and instead purchase more Western-style Confectionery products such as Gum, Sugar Confectionery, and Chocolate. This is highlighted by the high market growth rates, the second highest in world behind India, with a CAGR of 5.6% during 2010-2015. This is forecast to reach a CAGR of 5.1% between 2015-2020 as consumers opt for more Confectionery products instead of traditional offerings. Rising disposable incomes and increased awareness about foreign treats are also driving the market, with volumes now standing at 1,077kg million in 2015, compared to 821.4kg million in 2010. Additionally, women consume the most Confectionery products in China due to their strong desire for indulgent treats; they account for over 30 billion consumption occasions annually compared to men, who account for 28.7 billion as of 2015.
- Women account for the most Confectionery consumption occasions at 30.4 billion, and the highest per capita consumption, at 45.8 per year as of 2015.
- The Chocolate segment is the largest in the market, accounting for a 76.7% share by volume in 2015.
- The Gum segment is forecast to grow the fastest in volume terms between 2015-2020, at a CAGR of 8.5%.
- By 2020, China will become the second biggest Confectionery market in the world, at 1,378.8 kg million in volume terms, behind only the US.
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