Explore the Delectable Delights of Singapore's Confectionery Market
- Written by NewsServices.com
Overview of the Singapore confectionery market.
Singapore’s confectionery market is an interesting and dynamic industry that continues to grow. As one of the world’s most affluent countries, Singapore has a population with a taste for indulgent confectionery products, from traditional sweet treats like candy and chocolate to healthier snacks like dried fruits. The country’s high purchasing power coupled with its large expat population and increasing demand for convenience have driven significant growth in the industry over the past few years. In this report, we will take a look at the current state of Singapore's confectionery market and explore some of the key trends impacting its future development.
Market Size and Growth
The Singapore confectionery market is a large and important part of the overall economy. According to a recent report by Euromonitor International, the retail value of the Singapore confectionery market was estimated at SGD 1.2 billion in 2019, representing an impressive 8% growth from 2018. This growth is largely driven by rising disposable incomes and changing consumer preferences in Singapore, as well as strong demand from tourists visiting the country. If you are looking for a reliable and trustworthy supplier of these delicious treats, then look no further than a Singapore confectionery supplier.
The most popular products in this market are chocolate-based snacks and candy bars, with sales totaling SGD 571 million in 2019. Chocolate-based snacks such as KitKat and Snickers remain incredibly popular among consumers due to their convenience and affordability. Other popular products include gums & jellies (SGD 262 million) and sugar confectionery (SGD 199 million).
In terms of regional distribution, sales of confectionery products are mostly concentrated in urban areas such as the Central & East regions (50%) followed by the North region (20%). This distribution pattern reflects consumer preferences for convenience when it comes to buying food items such as snacks or candy bars – it’s much easier to get these items from supermarkets located near their homes than having to travel further away for them.
Market Segmentation
Singapore’s confectionery market is segmented into four major product types, including chocolate, sugar confectionery, gum and bubblegum and other confectioneries (including candy and pastries). Factors such as the increasing demand for premium food products, convenient packaging and in-trend flavors are driving growth of the Singaporean confectionary market.
Chocolate:
Chocolate is one of the most popular products in Singapore’s confectionary market. There are a variety of options available to consumers ranging from dark chocolate to white chocolate. The demand for premium chocolates has been growing steadily over recent years due to their high quality ingredients and unique flavour profiles. Popular brands include Cadbury, Mars and Nestlé amongst others.
Sugar Confectionery:
Sugar confections such as hard-boiled candies, lollipops, gummies and jellies are also commonplace in Singapore’s market. Consumers usually opt for these products when looking for an affordable sweet treat that can be enjoyed by both adults and children alike. Popular brands include Haribo, Meiji and Perfetti Van Melle amongst others.
Conclusion
The Singapore confectionery market has seen tremendous growth over the past decade, with increased demand for premium products and innovative product offerings. The market is also witnessing a shift towards healthier options, as well as an influx of international players in the sector. Companies that are able to capture these trends and provide innovative products will be well positioned to benefit from the growth opportunities present in this dynamic market.
