Bangladesh Candy Market- Growth, Trends and Forecasts (2020 - 2025)
Bangladesh candy market is forecasted to reach USD 366.19 million by 2024 growing at a CAGR of 7.7% during the forecast period (2019 - 2024).
- The inclusion of ingredients that provide functional benefits, such as improving digestion systems, and increasing consumer awareness about the use of natural fruit extracts are driving the market. With the high acceptance among the Bangladeshi population of new flavors, such as coffee, caramel, etc., the key players in the market are trying to come up with the new flavors, which is also expected to drive the market over the forecast period.
- The inclusion of natural ingredients in candies shows high growth potential in the next 10 years, with increasing urbanization in Bangladesh and attendant affordability of the product.
Scope of the Report
Bangladesh candy market report offers key insights into the latest developments in the market. It analyzes the recent trends, drivers, and challenges affecting the market. The report provides analysis of the Bangladesh candy market, segmented by product type and distribution channel. Product type segmentation includes fruit candy, coffee candy, milk candy, and other candies. Whereas, the distribution channel segmentation includes hypermarket/supermarket, convenience store and online retailing.
Key Market Trends
Fruit Candy Holds the Largest Share of Bangladesh Candy Market
Fruit candies are enjoyed by the children and the middle-aged population. Orange, lemon, and mango are the most common flavors in fruit candies. Whereas, apple, banana, lychee, and grape are other types of fruit candy flavorsruling the market. Fruit candies are prominent in the form of soft candies. and different colors of these candies attract children. Fruit-shaped hard candy is a common type of sugar candy, containing sugar, color, flavor, and a small amount of water. Edible gel candies are also considered in the fruit candy segment. Berry candies have been introduced in the market in order to provide a fresh taste to consumers. Candy canes come in strawberry flavor and have a distinct shape. The shape attracts children, thereby, boosting product sales. Haribo markets jelly bears, which falls under the soft candy category; these are popular among kids.
Hypermarket/Supermarket is the Fastest Growing Distribution Channel
Hypermarket/supermarket is gaining importance in the Bangladesh market, owing to the shift in consumer preference to these supermarkets. The urban population, though a lesser fraction of the population, prefers shopping from supermarkets. The convenience factor is high supermarkets are the preferred mode of shopping. The working population is busy and to save time and energy, prefers supermarket/hypermarket over convenience stores. Customers prefer supermarkets, as there, they have access to various products, in terms of flavors, price, etc., and have a choice to make among the many products. Manufacturers prefer supermarkets as it is easy to introduce their products into the market. It also gives the product a better reach to consumers.
Global brands, such as PRAN Rfl Group and Perfetti Van Melle dominate Bangladesh’s candy market. However, the domestic players Olympic Industries Ltd, Danish, JTA, and ACI which have a considerable presence in the market, enjoy a considerable share in the market. Rangpur Dairy & Food Products Limited is a domestic player that manufactures milk candies. Nestle and Parle are other companies prevalent in the market. New product development is the most preferred strategy in the candy market followed by expansion.
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