Market Forecast By Type (Sugar, Chocolate, Fine Bakery Wares, Others), By Distribution Channel (Supermarket/Hypermarket, Specialist Retailers, Online Retail Stores, Convenience Stores, Other Distribution Channels), And Competitive Landscape
Product Code: ETC018171 | Publication Date: Oct 2020 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Sri Lanka Confectionery market currently, in 2023, has witnessed an HHI of 4549, Which has increased moderately as compared to the HHI of 3002 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
Sri Lanka Confectionery Market report thoroughly covers the market by product type and by distribution channel. The Confectionery Market Outlook report provides an unbiased and detailed analysis of the ongoing Confectionery Market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Sri Lanka Confectionery Market is projected to grow during the forecast period. The growth of the confectionery market in Sri Lanka is being driven by the growing population, rising disposable incomes, and changing lifestyle patterns. Moreover, there has been a growing trend of health consciousness among consumers which has led to a shift in preference towards healthier alternatives. This trend is providing an opportunity for manufacturers to introduce a new product to cater to the needs of health-conscious consumers. The competition in the market is fragmented with the presence of both small local players and large multinational companies. With government initiatives to boost local production and increased the availability of imported products, the growth of the Sri Lanka Confectionery Industry is anticipated to be further driven by several factors.
According to 6Wresearch, the Sri Lanka Confectionery Market size is estimated to grow at a higher growth rate during 2023-2029. The growth of the confectionery market is propelled by rising disposable incomes, surging population, and changing consumer preferences as the population in Sri Lanka is projected to grow along with the increasing per capita income of the individuals. This will result in more people having the ability to spend on discretionary products. In addition to this, the changing consumer preferences is another factor driving the Sri Lanka confectionery market growth. Consumers are becoming health conscious and are looking for healthier alternatives. This has led to manufacturers introducing healthier options such as low-fat and sugar-free products. The growing popularity of Western-style sweets is another factor proliferating the market growth, as it leads to increased demand for such products. However, there are several challenges that are expected to hinder market development. For instance, the impact of the global economic recession, competition from other countries in the region, and taxes imposed by the government on confectionery products. Nevertheless, these challenges are anticipated to be overcome over the projected period owing to the rising disposable incomes among individuals and evolving consumer preferences.
The COVID-19 pandemic has had a noteworthy impact on the Confectionery Market in Sri Lanka due to implementing measures to control the epidemic. Moreover, lockdowns and travel restrictions had a negative impact on the economy as well as the confectionery industry. typically, consumers were reducing their expenses which led to decreasing demand for non-essential items, such as candies, gums, chocolates, and sweets. The pandemic has also disrupted the supply chain for the confectionery industry. Irrespective of these challenges, some confectionery manufacturers have adapted to the changing market circumstances by presenting new products and increasing their online presence.
The market is highly competitive and there are several major players in the confectionery market of Sri Lanka, including;
According to Ravi Bhandari, Research Head, 6Wresearch, the chocolate segment is anticipated to grow at the fastest growth rate and is expected to lead the Sri Lanka Confectionery Market share over the years. The sugar segment includes candies, toffees, and jellies. This segment has been growing owing to the increasing demand for convenient snacks.
By Distribution Channel, the Supermarket/Hypermarket segment has been growing due to the popularity of one-stop shopping destinations. The Specialist Retailers segment includes independent confectionery stores that offer a premium range of products. While online retail stores segment has been undergoing tremendous growth due to the rising popularity of online shopping. Also, the convenience stores segment is also growing steadily due to the increasing demand for convenient snack options.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Sri Lanka Confectionery Market Overview |
3.1 Sri Lanka Country Macro Economic Indicators |
3.2 Sri Lanka Confectionery Market Revenues & Volume, 2022 & 2029F |
3.3 Sri Lanka Confectionery Market - Industry Life Cycle |
3.4 Sri Lanka Confectionery Market - Porter's Five Forces |
3.5 Sri Lanka Confectionery Market Revenues & Volume Share, By Type, 2022 & 2029F |
3.6 Sri Lanka Confectionery Market Revenues & Volume Share, By Distribution Channel, 2022 & 2029F |
4 Sri Lanka Confectionery Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Sri Lanka Confectionery Market Trends |
6 Sri Lanka Confectionery Market, By Types |
6.1 Sri Lanka Confectionery Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 Sri Lanka Confectionery Market Revenues & Volume, By Type, 2019 - 2029F |
6.1.3 Sri Lanka Confectionery Market Revenues & Volume, By Sugar, 2019 - 2029F |
6.1.4 Sri Lanka Confectionery Market Revenues & Volume, By Chocolate, 2019 - 2029F |
6.1.5 Sri Lanka Confectionery Market Revenues & Volume, By Fine Bakery Wares, 2019 - 2029F |
6.1.6 Sri Lanka Confectionery Market Revenues & Volume, By Others, 2019 - 2029F |
6.2 Sri Lanka Confectionery Market, By Distribution Channel |
6.2.1 Overview and Analysis |
6.2.2 Sri Lanka Confectionery Market Revenues & Volume, By Supermarket/Hypermarket, 2019 - 2029F |
6.2.3 Sri Lanka Confectionery Market Revenues & Volume, By Specialist Retailers, 2019 - 2029F |
6.2.4 Sri Lanka Confectionery Market Revenues & Volume, By Online Retail Stores, 2019 - 2029F |
6.2.5 Sri Lanka Confectionery Market Revenues & Volume, By Convenience Stores, 2019 - 2029F |
6.2.6 Sri Lanka Confectionery Market Revenues & Volume, By Other Distribution Channels, 2019 - 2029F |
7 Sri Lanka Confectionery Market Import-Export Trade Statistics |
7.1 Sri Lanka Confectionery Market Export to Major Countries |
7.2 Sri Lanka Confectionery Market Imports from Major Countries |
8 Sri Lanka Confectionery Market Key Performance Indicators |
9 Sri Lanka Confectionery Market - Opportunity Assessment |
9.1 Sri Lanka Confectionery Market Opportunity Assessment, By Type, 2022 & 2029F |
9.2 Sri Lanka Confectionery Market Opportunity Assessment, By Distribution Channel, 2022 & 2029F |
10 Sri Lanka Confectionery Market - Competitive Landscape |
10.1 Sri Lanka Confectionery Market Revenue Share, By Companies, 2022 |
10.2 Sri Lanka Confectionery Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |